Sending money from Europe to India: what you need to know
India is one of the world's largest remittance recipients — annual inflows are 129 billion (2024). While we don't have a dedicated guide for Europe senders yet, the providers above are licensed for outbound transfers from Europe to India.
How recipients in India receive funds
Your recipient in India can receive INR in several ways. The fastest method depends on whether they have a bank account, a mobile wallet, or need cash:
- UPI / IMPS — Instant 24/7 transfers to any UPI-linked bank account. Most popular for fast delivery.
- NEFT / RTGS — Bank-to-bank transfers. NEFT processes in 30-minute batches; RTGS is for large amounts above ₹2 lakh.
- Bank Account Deposit — Standard SWIFT-based wire transfer to any Indian bank. Typically 1–3 days.
- Cash Pickup — Available through Western Union, MoneyGram, and local agents at thousands of locations across India.
Confirm the delivery method with your recipient before you send. Most providers let you choose the method during checkout, but the fee and speed can vary — bank transfers are typically cheapest, cash pickup is typically fastest.
Which EUR → INR provider is best for you?
There is no single 'best' provider — the right choice depends on whether you prioritise the recipient amount, the fee, the speed, or the institution type.
- If you want the most for your money: Western Union delivered the highest recipient amount in our most recent live snapshot.
- If you want zero fees: Instarem charges no upfront fee — just check the exchange rate margin in the table to see what you actually receive.
- If you'd rather use a bank: State Bank of India is one of the licensed bank options in this corridor — slower (typically 1–3 days) and usually more expensive than money-transfer operators, but some senders prefer the familiarity.
Recommendations refresh with the live data above. The provider that wins today may not win tomorrow — always check the live table immediately before sending.
Receiving foreign currency in India
India's rules around inbound foreign currency are usually permissive for personal remittance, but it's worth knowing the framework:
- FEMA — India's Foreign Exchange Management Act governs inbound remittances. There is no limit on receiving foreign money for personal use.
- RBI Guidelines — The Reserve Bank of India oversees all inbound foreign currency transfers. Banks must convert foreign currency to INR at prevailing exchange rates.
- TCS on Remittances — Tax Collected at Source (TCS) of 5–20% applies to outbound transfers from India under LRS. This does not affect inbound remittances to India.
The hidden cost: rate margin vs upfront fee
The single biggest mistake in international transfers is comparing fees instead of comparing the recipient amount. Many providers advertise "no fee" but build a 2–4% margin into the exchange rate they offer you. On a €1,000 transfer, a 3% rate margin costs you €30 of value — invisible unless you check the rate against the mid-market.
The mid-market rate right now is approximately 1 EUR = 109.56 INR. That's the rate banks use among themselves — providers add a margin on top, which is why the table above ranks by recipient amount rather than by headline fee.
When comparing options, always look at the "Recipient gets" column in the table above. That number already includes both the upfront fee and any rate margin — it's the only honest measure of cost.