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Best Ways to Transfer Money from India to USA in 2023

The U.S.A. has a population of over 4 million Indians, according to the U.S. Census Bureau. They include immigrants, naturalized citizens, or those born in the U.S. to Indian parents. There’s also the cohort of students that travel from India to study in the U.S. 

Either way, it implies that there are a lot of familial and business ties between people in both countries, and one of their biggest needs is sending money from India to the U.S. This article will show you how to do that easily. 

Ways to Send Money to the U.S. from India

People residing in India can send funds to U.S. residents in various ways, including:

  • Online money transfer services;
  • Bank transfer;
  • Foreign currency demand draft.

Each of these methods has its advantages and disadvantages compared to the others. Let’s dive deeper into them. 

Online Money Transfer Service Providers

Many platforms have popped up to capitalize on the growing need to send funds internationally, especially between large economies like the U.S. and India. These platforms specialize in foreign exchange and eliminate the stress of sending or receiving cash. You can sign up on one, deposit the amount you want to send, and input the details of the person you intend to send it to. The platform will take care of the foreign exchange, and send and collect a fee for its service. 

With an online provider, you don’t need to visit a physical bank branch to send cash. You can do that from the convenience of your home, office, or any other place.

Bank Transfer

A bank or wire transfer is another alternative for people who don’t want to use online platforms. Most banks are connected to the SWIFT network, which stands for Society for Worldwide Interbank Financial Telecommunication. It’s a messaging system that banks use to transmit information and instructions between themselves.

You can use the SWIFT system to send funds from your bank account in India to one in the U.S. You’ll just need to fill out a form to provide details like the recipient’s account number, bank address, and the unique SWIFT code assigned to their bank. 

The disadvantage of using this method is that the fees can be steep, especially for small amounts.

Foreign Currency Demand Draft

A foreign currency demand draft is a financial statement that banks use to facilitate payments. You can ask your Indian bank to prepare a demand draft and send it to the recipient’s U.S. bank. Once the recipient’s bank receives and acknowledges it, your own bank will deduct the amount stated on the draft and credit it to the recipient’s account. 

Using this method incurs a lower cost than a wire transfer. However, it takes more time to process than it.

Factors to Consider When Sending Money From India to the U.S.A. 

There are key factors to look out for when sending cash from India to the U.S.A. or any other country. They include:

Transfer Speed

This refers to the time taken to debit the money from your account and credit it to the recipient’s account. International wire transfers can take anywhere from 1 to 5 working days because the funds may pass through several intermediary banks to get to the final recipient. Online transfer services are faster (less than 24 hours) and work on the weekends when banks are closed. Foreign drafts can take 2 to 7 days to settle. 

Exchange Rate

Exchange rates between Indian rupees and U.S. dollars can differ between different banks and online service providers. The final amount the recipient will collect won’t be the same for different providers, so you can shop around for which providers offer the lowest exchange rates for your local currency.


Money exchange is the foundation of globalization and has made international trade flourish. In 2021 alone, India received $87 billion in remittances, with the U.S. accounting for over 20% of the funds. Money sent the other way round (from India to the U.S.) isn’t as large as that figure but is growing as trade between both countries expands. 

We’ve shown you the best ways to send funds from India to the U.S. and the factors to consider. What’s of utmost importance is to pick a suitable service provider, e.g., Silverbird, which lets you hold, receive, and send foreign currencies seamlessly. 

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