Whether you’re supporting your family, investing in property, or paying for your parents' healthcare, sending money to India is an essential part of life for many Non-Resident Indians (NRIs). But how exactly does the remittance process work? What should you know before making a transfer? And how can you ensure that your money reaches your loved ones quickly, safely, and with minimal cost?
This blog explains the complete remittance process in simple terms, so you can make informed decisions, avoid common mistakes, and choose the right service for your needs.
What is Remittance?
A remittance is the transfer of money by someone living abroad to someone back home—usually to support family, manage household expenses, or invest in India.
There are two main types of remittances:
Inward remittance: When money is sent to India from another country (e.g., UK to India).
Outward remittance: When money is sent from India to a foreign country.
In this blog, we’re focusing on inward remittances to India—specifically how NRIs can send money from countries like the US, UK, or Canada to Indian bank accounts.
Step-by-Step Guide to the Remittance Process
Let’s walk through the typical remittance journey from start to finish:
1. Choose a Remittance Service Provider
The first step is selecting a platform that allows you to send money to India. Options include:
Banks (e.g., ICICI Bank’s Money2India)
Online transfer services
Currency exchange companies
Mobile apps
Choose one that is trusted, regulated, and transparent about fees and exchange rates. Look for:
Good transfer speed
Secure processing
Convenient options for repeat transfers
2. Register and Verify Your Identity
To comply with international banking regulations and anti-money laundering laws, you’ll need to:
Create an account with your chosen provider
Submit KYC documents like passport, visa, or proof of address
Sometimes verify your bank account or phone number
This is usually a one-time process and helps ensure your money is sent safely and legally.
3. Enter Transfer Details
Once registered, you can log in and initiate a transfer by:
Entering the amount you want to send
Providing recipient’s bank account details in India (name, account number, IFSC code)
Selecting the delivery method (bank transfer, UPI, etc.)
Reviewing the exchange rate and fees
Some platforms like Money2India also allow you to:
Schedule future transfers
Save beneficiary details for faster repeats
Lock in the exchange rate at the time of transfer
4. Make the Payment
Depending on your location and the provider, you can fund your transfer using:
Bank account (ACH or wire transfer)
Debit card or credit card
Online wallet
This step completes the “sending” part of the process. Now, the provider processes your request.
5. Transfer Processing and Currency Conversion
Once your payment is confirmed, the remittance provider:
Converts your foreign currency (USD, GBP, CAD) into Indian Rupees (INR)
Routes the funds through secure banking channels
Sends the amount to the recipient’s Indian bank account
Processing time can vary:
Instant or same-day for digital platforms like Money2India
1–3 business days for traditional bank transfers
6. Delivery to Recipient in India
The final step is crediting the funds to the recipient. This could happen via:
Direct bank deposit
UPI transfer
Cash pickup (less common today)
Once credited, both sender and recipient receive notifications confirming the transfer. If anything goes wrong, customer service teams are available to resolve it.
What Influences the Remittance Process?
Several factors can affect how smooth or cost-effective your remittance is:
1. Exchange Rates
The exchange rate determines how many rupees your family receives for every dollar or pound you send. Even small fluctuations can make a difference.
Tools like the Money2India currency converter let you track live rates and plan transfers accordingly.
2. Transfer Fees
Some providers charge flat fees, while others charge a percentage. Look out for:
Hidden charges
Markups on exchange rates
Additional fees on card payments
Platforms like Money2India are transparent with their fees and offer competitive rates.
3. Transfer Speed
Speed depends on:
Your funding method (bank transfer vs card)
Time of day and business hours
Weekends or public holidays
Many digital-first services now offer real-time or same-day transfers to most Indian banks.
4. Compliance and Documentation
Transfers above certain thresholds may require:
Additional ID verification
Source of funds declaration
Purpose of remittance (e.g., family maintenance, education)
Following the rules ensures your money reaches India without delays or rejection.
Tips to Make the Remittance Process Easier
Save frequent beneficiaries to avoid retyping details
Enable rate alerts so you transfer at a favourable exchange rate
Use providers like Money2India that offer rate locking to avoid sudden drops
Double-check recipient account details before every transfer
Schedule recurring transfers to automate your monthly remittances
Why Many NRIs Trust Money2India
ICICI Bank’s Money2India platform has become a preferred choice for NRIs because it offers:
Live and competitive exchange rates
Zero hidden charges
24x7 transfer access via website and app
Fast and secure transfers to all major Indian banks
Customer support for every step of the process
It’s designed to make international transfers safe, reliable, and stress-free, especially for those sending money regularly for family support.
Final Thoughts
Understanding the remittance process can help you avoid unnecessary fees, delays, and confusion. With the right tools and a reliable provider, sending money to India becomes simple and secure.
Whether you send monthly for household support or occasionally for special occasions, make sure you:
Track exchange rates
Know the costs
Choose a trusted platform
Stay informed about documentation needs
This way, your money reaches your loved ones quickly, efficiently, and with full value.