I’m an NRI living in the USA and regularly send money to India for family expenses and savings. I currently have an Indian bank account, but I’m considering opening or switching to an NRE account with a bank that has good facilities for international transfers.
I’m mainly comparing SBI, HDFC Bank, ICICI Bank and Axis Bank.
My priorities are:
I don't necessarily want the "biggest" bank. I’m more interested in how convenient the actual money-transfer process is.
For people who regularly send money from the USA, which bank has worked well for you? Also, is it better to send directly to an NRE account or use a separate remittance service and then credit the Indian account?
I know exchange rates and fees can change, so I'm interested in recent experiences rather than recommendations from several years ago.
I have used HDFC for NRI transfers and found the online options convenient. HDFC currently lists several ways to transfer money to India, including wire/SWIFT transfers and country-specific remittance services.
They also have UPI facilities for eligible NRI customers, although that's more useful for spending or transferring money within India than for sending your initial overseas remittance.
That doesn't mean HDFC is automatically the right choice for everyone. Your country, sending bank, transfer amount, and exchange rate can make a big difference.
I'd compare the final INR received, not just the advertised transfer fee.
I use an NRE account for receiving money from the US and haven't had major problems with the basic process.
One thing I would compare isn't just the bank's advertised transfer fee. Look at the actual INR credited after currency conversion. A bank can advertise low or zero remittance fees but still have a different FX rate.
Also check whether your US bank charges an outgoing wire fee or whether an intermediary bank is involved.
For regular transfers, online remittance can be more convenient than sending a traditional SWIFT transfer every time.
I would shortlist two or three banks and do a small test transfer before moving a large amount. That gives you an idea of the actual processing time, exchange rate and documentation requirements.
Share Your Thoughts and Connect with Others.
I am an NRI and currently maintain both NRE and NRO accounts in India. I want to understand the rules for sending money from these accounts back to my overseas...
I have been living outside India for several years, but I still have bank accounts, investments and property in India. Recently I started hearing about FEMA rules and realised that...
I am an NRI living outside India and want to send money to my family and maintain funds in my Indian bank account. I currently have an account with Indian...
I recently became a non-resident and am looking at Indian banks for managing my Indian income and overseas earnings. I came across Indian Bank and wanted to know whether it...
I recently opened an NRE/NRO account and live outside India, so visiting the bank branch regularly isn't practical for me. I wanted to know whether NRI account holders can use...
I’m an NRI and currently looking at different Indian banks for an NRE/NRO account. One of my main priorities is having reliable customer support from overseas. For those who already...
I recently became an NRI and I'm trying to understand whether I should open an NRE account, an NRO account, or both. Most of my money comes from my salary...
I’m a US citizen and OCI cardholder living in California, and I’m trying to decide between SBI and ICICI for my NRI banking in India. I currently have an old...
I’m an NRI currently living in the UAE and planning to open NRI bank accounts in India. I’m mainly comparing HDFC Bank and Axis Bank because both seem to offer...
I’m planning to open an NRI bank account in India after moving abroad, and I’m confused about which bank has the easiest account-opening process. I’ve been looking at SBI, HDFC...
Let Savetaxs guide you to the perfect solution for all your queries.
I've used different banks over the years, and I agree that there isn't one bank that will necessarily be best for every NRI.
For someone sending money regularly, I'd compare:
Also check whether the money is going into an NRE or NRO account. RBI rules treat the two accounts differently. For example, NRE accounts have specific permitted credits, including inward remittances from outside India, while NRO accounts can receive legitimate dues in India.