How to receive money from abroad in India without charges?

Receiving money from abroad in India without hidden charges is best achieved through specialized digital platforms like Skydo, Wise, or Payoneer, which provide local virtual accounts, saving on exchange rate markups. Forbank transfers, use SWIFT through reputed banks (e.g., ICICI, Axis, HDFC) to minimize fees, although some exchange rate spread may apply.

How to receive international payments in India without charges?

1. PayPal. PayPal has long been in the global money transfers market. ...
2. Instamojo. Instamojo offers seamless payment links and a payment gateway for your online business, with no annual fee, maintenance fee or commitment. ...
3. Xoom. ...
4. SBI. ...
5. HDFC bank. ...
6. ICICI bank. ...
7. Axis bank.

Can I receive money from abroad in my bank account in India?

Foreign Currency Cheque (FCC)/Foreign Currency Demand Draft (FCDD): You can send an FCC/FCDD from your overseas bank to the beneficiary in India. The beneficiary can then present the FCC/FCDD to their bank and receive the remittance or have it deposited into their account.

Can I transfer money from the UK to India without charges?

Transferring money from the UK involves various fees and charges that can impact the total amount received. Understanding these costs is crucial for making informed decisions and ensuring a smooth and cost-effective transfer process.

How to receive payment from the UK to India?

Telegraphic/Wire Transfer

1. Send Money from the UK to India through Telegraphic/Wire Transfers.
2. Transfer funds from your UK Bank directly to the beneficiary's HDFC Bank Account in India using our telegraphic/wire transfer service.

How to Get Money from Abroad | How to Receive International Payments in India

How to bring money from India to the UK without charges?

DBS Bank Remit Now provides you with secure money transfer options to 200 countries. Pay zero fees to send money to UK. It's rapid, paperless and hassle-free.

How to avoid transfer fees?

Ask the Bank to Waive the Fee

1. Use Multi-Currency Accounts.
2. Make Cross-Border Payments.
3. There's No Reason to Pay Wire Transfer Fees.

Which is better, Xoom or Wise?

Xoom charges exchange rate markups, and Wise doesn't, so Wise can often end up being less expensive. With Wise, you can send up to 1,000,000 USD per wire transaction to 140+ countries, with the mid-market exchange rate and low, transparent fees.

Do I need to pay tax if I transfer money from the UK to India?

Are there any Tax Implications to Sending Money Abroad from the UK? People choose to transfer money overseas due to many reasons, such as paying or receiving wages, transferring funds to a new bank account abroad or purchasing property in another country. There is no tax imposed on international payments from the UK.

Does Remitly have hidden fees?

Send money online from the United States with Remitly. Transfer money internationally across 100+ currencies with no hidden fees.

Do I have to pay tax on money received from overseas in India?

Receiving Money: When someone in India receives money from abroad, there is no direct tax on the money received. However, if the amount received is large, especially if it's a gift, the recipient must declare it to the Indian tax authorities.

Which bank account is best for receiving money from abroad?

For Customers Receiving Money from Abroad

Meezan Digital Remittance Account can be opened digitally through an easy and hassle-free process without physically visiting the branch. This initiative also helps in directing the influx of remittances towards the formal banking sector.

How do I avoid 20% tcs on foreign remittance?

To avoid the 20% TCS on foreign remittances, make sure your total remittances do not exceed Rs. 10,00,000 in a financial year. Also, choose the correct transfer purpose code, as some categories like education funded by specified loans and medical treatments have lower TCS rates (5% or nil).

Do I have to Pay tax if I receive money from abroad?

Key takeaways: You're not taxed just because money comes from abroad: Tax liability depends on the purpose of the funds, not the bank transfer itself.

Which bank is best for receiving money from abroad?

5 Best Banks to Receive International Payments in India

• HDFC Bank. HDFC Bank allows foreign remittances in 19–22 major currencies, including USD, EUR, GBP, CAD, AUD, SGD, AED, etc. ...
• ICICI Bank. ...
• Axis Bank. ...
• Indian Overseas Bank (IOB) ...
• State Bank of India (SBI)

Can Gpay receive international payments?

To receive foreign inward remittances, tap the account you want. Tap Manage international payments. Turn on Receive international payments. To provide consent to share masked name and bank account information with International Remittance Partners, tap Continue.

How much money can we transfer from India to the UK tax-free?

How much money can I send from India to the UK? USD 2,50,000 or its equivalent in one financial year. From NRO Account: USD 10,00,000 and equivalent per financial year (no limit for current income).

How to avoid 20% tcs?

5 Legal & Smart Ways to Avoid Paying 20% TCS on Foreign Remittances in 2025

1. Keep Remittances Under ₹10 Lakh Limit. ...
2. Finance Abroad Education with Education Loan. ...
3. Accurate Purpose Code Selection. ...
4. Leverage Credit Card Exemptions. ...
5. NRI Remittances.

Do banks notify HMRC of large transfers?

No, UK banks don't automatically tell HMRC about every large transfer, but they must report suspicious activity under Anti-Money Laundering (AML) rules, triggering potential HMRC investigation, especially for unexplained or unusual large sums that don't match declared income. While there's no specific £X threshold for automatic reporting to HMRC, banks monitor transactions, and HMRC can request data using Financial Institution Notices (FINs) if they suspect tax evasion or undeclared income, using powerful data tools to spot discrepancies. 

How risky is Wise?

We make your login safe

Every time you log in, and every time you make a transfer, we'll ask you to verify that it's you by text message, fingerprint, or face recognition. This way no one else can access your account or make payments on your behalf.

Is Remitly better than Xoom?

Is Remitly or Xoom faster for money transfers? Both offer options for fast delivery, but speeds will depend on the chosen service and delivery method. Remitly's Express option typically transfers in minutes, while Xoom often completes transfers in a similar timeframe for higher fees.

Does Xoom charge a fee?

Its fee structure is comparable to MoneyGram's. On a $100 transfer, Xoom charges no fee if the money comes from a bank account, PayPal balance, or PayPal USD regardless of whether the money is received by a debit card, bank account, mobile wallet, or picked up as cash.

What is a 0% transfer fee?

With a 0% balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, but at 0% interest. A card will have a 0% period, during which you pay no interest – for example, 25 months – and in return you'll usually pay a small transfer fee.

Which bank has no transfer fee?

Transfers between GoTyme Bank accounts are completely free — forever; no hidden charges and no fees.