Whether you are an NRI looking to send money back home or want to park your savings in India, transferring funds from the US to Indian accounts can be easy and convenient. This article provides a step-by-step guide on how to send money from US to India.
Getting Started
The first step is to open an NRE or FCNR deposit account with any leading Indian bank offering dedicated NRI services. You can open these accounts without visiting India, as most banks offer account opening online or via email/phone. Ensure you have the required KYC documents handy before applying for account opening.
Making Transfers
Once your NRE/FCNR account is opened, you can easily transfer money from your US bank account directly to the Indian account. Here is the process:
- Visit your US bank branch and fill out a wire transfer or remittance request form.
- Furnish these details:
- Your name, account number, address
- Name, account number and address of the NRE/FCNR account holder
- Details of the beneficiary Indian bank such as SWIFT code, IFSC code, etc.
- Remittance amount and purpose of transfer
- Submit the form along with the transfer processing fee charged by the US bank. This will ensure the full amount is credited directly without any deductions.
- The US bank will route the transfer request via its correspondent bank to the Indian bank.
- Once the Indian bank receives the funds, it will credit the NRE or FCNR account within 1-2 working days.
That’s it! The funds from your US bank account will now be available in your Indian NRE/FCNR account, ready for investments or expenses back home.
Additional Tips
Here are some additional tips to make your funds transfer process smooth:
- Always keep all your India and US bank account details handy
- Opt for direct account transfers instead of intermediaries to avoid extra charges/delays
- Track the transfer status online to ensure timely credit
- Notify your Indian bank once you initiate the transfer from your US bank
- Provide accurate beneficiary details to avoid delays or rejected transactions
- Consider transfer mode options like NEFT, RTGS, and IMPS for quick turnaround of smaller amounts
Charges
While Indian banks generally do not charge for incoming remittances to NRE/FCNR accounts, your US bank may levy a transfer fee depending on the amount. There could also be correspondent bank charges.
There is no limit on inbound transfers to NRE/FCNR accounts, so you can remit any amount based on your requirements. Once the forex conversion happens, GST may apply to the INR amount.
The Bottom Line
Sending money from the US to Indian NRE and FCNR accounts is simple and convenient for NRIs. By following some easy steps and tips around account opening, transfer processes, tracking, and applicable charges, you can securely remit funds from the US to India as per your needs.
