Send money from India to United States(INR → USD)

Based on our comparison data, Wise and BookMyForex consistently offer the best INR to USD exchange rates. Wise uses the real mid-market rate with a transparent fee of around 0.6–1%, making it significantly cheaper than banks which mark up the rate by 1.5–3.5%. BookMyForex offers competitive interbank rates with low fees and is popular for larger education-related transfers. For an INR 50,000 transfer, choosing Wise over a bank can save INR 1,000–2,500 in exchange rate markup alone. Instarem is another strong option, particularly for recurring transfers. Traditional banks like SBI and HDFC are the most expensive option due to high SWIFT fees and wide exchange rate spreads.

Under the Reserve Bank of India's Liberalised Remittance Scheme (LRS), Indian residents can remit up to $250,000 (approximately INR 2.1 crore) per financial year for permitted purposes. These include education abroad, medical treatment, family maintenance, gifts, travel, and investment in foreign shares or property. The $250,000 limit is cumulative across all purposes and all authorized dealers during the financial year (April to March). You must obtain a Permanent Account Number (PAN) and submit Form A2 declaring the purpose of remittance. Banks and authorized dealers report all LRS transactions to the RBI. If you need to remit more than $250,000, you must obtain special RBI approval, which is granted only in exceptional circumstances.

Tax Collected at Source (TCS) is a tax collected by banks and authorized dealers at the time of processing outbound remittances under LRS. For non-education remittances, TCS of 5% applies on amounts exceeding INR 7 lakh per financial year. For education remittances funded by an education loan, TCS is 0.5% above INR 7 lakh. For education remittances from own funds, TCS is 5% above INR 7 lakh. The first INR 7 lakh is exempt from TCS regardless of purpose. TCS is not an additional tax — it is an advance tax that can be claimed as a credit when filing your income tax return (ITR). If your total tax liability is less than the TCS collected, you will receive a refund.

Yes, Wise operates in India as an authorized dealer and supports outbound transfers from India to the USA under the LRS framework. Wise offers the real mid-market INR to USD exchange rate with a transparent fee, making it one of the cheapest options for this corridor. You can fund your transfer via NEFT, RTGS, or IMPS from any Indian bank account. Wise handles the Form A2 declaration and RBI compliance requirements digitally, simplifying the process compared to visiting a bank branch. Transfer limits on Wise from India align with LRS regulations. Delivery to US bank accounts typically takes 1–2 business days. For first-time users, identity verification requires PAN card and Aadhaar details.

All outbound remittances from India require specific documentation under RBI regulations. You must have a valid Permanent Account Number (PAN card) — this is mandatory for any LRS transaction. You will need to fill out Form A2, which declares the purpose of remittance and confirms compliance with FEMA (Foreign Exchange Management Act) regulations. For education payments, an admission letter or fee invoice from the foreign institution is required. For family maintenance, a declaration of relationship with the recipient is needed. Banks may also require Form 15CA/15CB for tax compliance if the remittance is potentially subject to TCS. Digital providers like Wise and Instarem have streamlined much of this documentation process through their apps, but the underlying regulatory requirements remain the same.