How to send money to and from India safely and legally, the NRI bank accounts you can use, business payment providers in the UK, UAE, USA, Canada and Australia, and the limits and taxes to know about.
NRI bank accounts
Under India’s Foreign Exchange Management Act (FEMA), once you become a non-resident you should convert your ordinary savings accounts to NRO accounts. There are three main types of account:
| Account | What it is for | Tax in India | Sending money back abroad |
|---|---|---|---|
| NRE (Non-Resident External) | Money earned abroad, held in rupees | Interest is tax-free | Fully repatriable |
| NRO (Non-Resident Ordinary) | Income earned in India, such as rent, dividends or pension | Interest is taxable, with tax deducted at source | Up to USD 1 million per financial year, after tax, usually with Forms 15CA and 15CB |
| FCNR(B) (Foreign Currency Non-Resident) | Fixed deposits in a foreign currency such as USD, GBP or AED | Interest is tax-free | Fully repatriable, with no rupee exchange-rate risk |
NRIs in many countries, including the UK, UAE, USA, Canada, Australia, Singapore, Saudi Arabia, Qatar, Oman and Hong Kong, can use UPI with their NRE or NRO account and an international mobile number. Ask your bank whether its app supports it.
Sending money to India
- There is no limit on how much you can send to India through proper banking channels.
- Your main options are a bank transfer (SWIFT), a regulated money transfer service, or your bank’s own remittance service. Compare the exchange rate as well as the fee: a poor rate often costs more than the fee. Compare the rate you’re offered with the mid-market rate.
- Use only providers that are licensed where you live. In the UK, check the FCA register. In the UAE, use banks and exchange houses licensed by the Central Bank of the UAE.
- Keep records of large transfers, such as statements and the purpose of payment, especially for property, investment or business payments.
Business payment providers
If your company pays suppliers, receives export income or moves money between group companies, a business (B2B) payment provider is usually cheaper than a standard bank transfer and can offer currency accounts, bulk payments and tools to fix exchange rates in advance. The providers below serve businesses in each country and offer payments to India. Check the details for your own route.
- Compare quotes on your real amounts. Most business providers price the exchange rate by volume, so ask for the margin over the mid-market rate as well as any fees.
- Check the INR route. Ask whether payments reach India as a local rupee payment or a SWIFT transfer, how long they take, and whether intermediary bank fees apply.
- Use the right purpose code. Indian banks need to know why the money is being sent, for example payment for services or goods. Tell the provider the purpose so your Indian partner’s bank can process it.
- Exporters in India should ask their bank for a Foreign Inward Remittance Certificate (FIRC or FIRA) for each payment. It is used as proof of export income, for example for GST.
- Hedging: forward contracts can fix a rate for future payments, but they are financial products. Make sure you understand them before you sign up.
UK
| Provider | What it offers | Website |
|---|---|---|
| Airwallex | Business accounts in many currencies, international transfers and corporate cards. Started in Australia. | airwallex.com |
| Convera | International payments and currency risk management for businesses. Formerly Western Union Business Solutions. | convera.com |
| Corpay Cross-Border | Payments and FX hedging, mainly for mid-sized and larger businesses. Formerly Cambridge Global Payments. | corpay.com |
| Ebury | International payments, FX hedging and trade finance for small and mid-sized businesses. | ebury.com |
| Equals Money | Business accounts, international payments and expense cards. | equalsmoney.com |
| iBanFirst | International payments and FX for small and mid-sized businesses. | ibanfirst.com |
| Moneycorp | Business payments, currency accounts and hedging. | moneycorp.com |
| OFX | Business transfers, multi-currency accounts and forward contracts. Started in Australia in 1998. | ofx.com |
| Revolut Business | Business account with multi-currency balances and international transfers. | revolut.com |
| Wise Business | Multi-currency business account, with transfers at the mid-market rate plus a stated fee. | wise.com |
| WorldFirst | Business accounts for importers, exporters and online sellers. | worldfirst.com |
Check the licence: Check the firm on the FCA Financial Services Register. Firms authorised as payment or e-money institutions must safeguard your money, but it is not covered by the FSCS unless the firm is a bank.
UAE
| Provider | What it offers | Website |
|---|---|---|
| Al Ansari Exchange (corporate) | Corporate remittances through its eExchange corporate portal and large UAE branch network. | alansariexchange.com |
| Ebury | International payments, FX hedging and trade finance for small and mid-sized businesses. | ebury.com |
| LuLu Exchange (corporate) | Trade remittances, FX and payroll services for UAE companies, with relationship managers. | luluexchange.com |
| Wise Business | Multi-currency business account, with transfers at the mid-market rate plus a stated fee. | wise.com |
Check the licence: Use banks, exchange houses and payment firms licensed by the Central Bank of the UAE. Your own UAE bank’s corporate remittance service is another option. Airwallex has in-principle UAE approval but had not fully launched there when we checked.
USA
| Provider | What it offers | Website |
|---|---|---|
| Airwallex | Business accounts in many currencies, international transfers and corporate cards. Started in Australia. | airwallex.com |
| Convera | International payments and currency risk management for businesses. Formerly Western Union Business Solutions. | convera.com |
| Corpay Cross-Border | Payments and FX hedging, mainly for mid-sized and larger businesses. Formerly Cambridge Global Payments. | corpay.com |
| Moneycorp | Business payments, currency accounts and hedging. | moneycorp.com |
| OFX | Business transfers, multi-currency accounts and forward contracts. Started in Australia in 1998. | ofx.com |
| Revolut Business | Business account with multi-currency balances and international transfers. | revolut.com |
| Wise Business | Multi-currency business account, with transfers at the mid-market rate plus a stated fee. | wise.com |
Check the licence: Money transmitters must register with FinCEN and hold licences in the states where they operate. Check with the FinCEN MSB search and your state regulator.
Canada
| Provider | What it offers | Website |
|---|---|---|
| Airwallex | Business accounts in many currencies, international transfers and corporate cards. Started in Australia. | airwallex.com |
| Convera | International payments and currency risk management for businesses. Formerly Western Union Business Solutions. | convera.com |
| Corpay Cross-Border | Payments and FX hedging, mainly for mid-sized and larger businesses. Formerly Cambridge Global Payments. | corpay.com |
| Ebury | International payments, FX hedging and trade finance for small and mid-sized businesses. | ebury.com |
| Moneycorp | Business payments, currency accounts and hedging. | moneycorp.com |
| OFX | Business transfers, multi-currency accounts and forward contracts. Started in Australia in 1998. | ofx.com |
| Wise Business | Multi-currency business account, with transfers at the mid-market rate plus a stated fee. | wise.com |
Check the licence: Money services businesses must register with FINTRAC. Check the FINTRAC MSB Registry. In Quebec, they must also hold an AMF licence.
Australia
| Provider | What it offers | Website |
|---|---|---|
| Airwallex | Business accounts in many currencies, international transfers and corporate cards. Started in Australia. | airwallex.com |
| Convera | International payments and currency risk management for businesses. Formerly Western Union Business Solutions. | convera.com |
| Corpay Cross-Border | Payments and FX hedging, mainly for mid-sized and larger businesses. Formerly Cambridge Global Payments. | corpay.com |
| Ebury | International payments, FX hedging and trade finance for small and mid-sized businesses. | ebury.com |
| OFX | Business transfers, multi-currency accounts and forward contracts. Started in Australia in 1998. | ofx.com |
| Revolut Business | Business account with multi-currency balances and international transfers. | revolut.com |
| Wise Business | Multi-currency business account, with transfers at the mid-market rate plus a stated fee. | wise.com |
| WorldFirst | Business accounts for importers, exporters and online sellers. | worldfirst.com |
Check the licence: Remittance providers must be registered with AUSTRAC, and firms offering FX products such as forward contracts need an Australian Financial Services Licence. Check on ASIC’s registers.
Providers are listed alphabetically. India Grows has no commercial relationship with any of them, and a listing is not a recommendation. Services, licences and prices change, so check with the provider before you sign up. If you would like a provider added, email [email protected].
Sending money out of India
- Residents can send up to USD 250,000 per financial year abroad under the RBI’s Liberalised Remittance Scheme (LRS), for example for education, travel, gifts or investment.
- TCS (tax collected at source) applies to LRS remittances above ₹10 lakh in a financial year: 20% for most purposes, and 2% for education and medical costs (cut from 5% from 1 April 2026). Education paid for with an eligible education loan has no TCS. TCS isn’t an extra tax: it can be claimed back or set off when you file your income tax return.
- NRIs can send up to USD 1 million per financial year from their NRO account, for example from rent or the sale of property. You usually need Form 15CA, and for larger amounts a chartered accountant’s certificate on Form 15CB.
Tax points to know
- Gifts: money received from close relatives is not taxed in India. Gifts from non-relatives of more than ₹50,000 in a year are taxable for the person who receives them.
- Income in India: NRIs may need to file an Indian income tax return if they have taxable income in India, such as NRO interest, rent or capital gains. File on the Income Tax e-filing portal.
- Double taxation: India’s tax treaties (DTAAs) with countries such as the UK, UAE and USA can stop you paying tax twice on the same income. You may need a Tax Residency Certificate from your country of residence.
- Your country of residence may tax your Indian income too, or ask you to declare foreign accounts. Check the rules where you live.
Stay safe
- Never use hawala or other informal transfer networks. They are illegal under FEMA, and the money can be frozen or lost.
- Beware of anyone offering an exchange rate far better than the market rate, or asking you to pay into a personal account.
- Never send money, deposits or bank details to someone you haven’t independently verified. This includes members you meet online, on India Grows too.
- The Reserve Bank of India publishes FAQs on NRI accounts, LRS and remittances.