Send Money from India to USA – INR to USD Remittance Guide
Thousands of Indians send money to the United States each year — for education fees, supporting family members, investments, or professional payments. This guide covers the key things to know before making an outward remittance from India.
💡 India's Liberalised Remittance Scheme (LRS) allows individuals to remit up to USD 250,000 per financial year for permitted purposes.
1. Methods to Send Money from India to USA
- 🏦 Indian Banks (SBI, HDFC, ICICI, Axis) – Secure and widely trusted. SWIFT transfers available.
- 💸 Online Platforms (Wise, Instarem, BookMyForex) – Better rates and lower fees.
- 💳 Forex Cards – Useful for students travelling to the US.
2. Typical Fees When Sending INR to USD
| Cost Type | Typical Range |
|---|
| Bank transfer fee | ₹500 – ₹1,500 |
| GST on bank charges | 18% of fee |
| SWIFT/correspondent bank fee | $10–$30 |
| Exchange rate markup | 1%–4% |
3. Transfer Times
- Bank SWIFT transfer: 1–3 business days
- Online platforms: A few hours to 1 business day
4. Documents Required for Outward Remittance from India
- PAN Card (mandatory for all LRS transactions)
- Valid ID proof: Aadhaar or Passport
- Bank account details of the US recipient
- Purpose code as required by the RBI
- Form A2 (foreign exchange declaration, provided by the bank)
5. Tax Collected at Source (TCS) Note
As per Indian tax rules, TCS (Tax Collected at Source) applies to outward remittances above ₹7 lakh under LRS. The applicable rate depends on the purpose of the remittance. TCS is not an extra cost — it is credited to your PAN and adjusted against your income tax liability. Consult your bank or a tax advisor for details.
Disclaimer: Tax and regulatory rules change. Always verify current LRS limits, TCS rates, and documentation requirements with your bank or a financial advisor.