Looking to Remit to India? Here are the alternatives to the now-closed Andhra Bank

Andhra Bank was a public sector and consumer bank that was merged into Union Bank. So if you are looking for services, like remittances or money transfers, you will have to use Union Bank facilities or use alternate money transfers providers such as Wise.¹

🔎 Learn more about Union Bank transfers with our guide Union Bank of India International Money Transfers.

International money transfers are often called remittances, and India is a popular destination as many people send money home to family. In addition to family support, remittances can be sent for:

• Personal savings or investments.
• Opening and maintaining NRE or NRO accounts.
• Medical procedures.
• Tuition.
• Gifts.

If you are a Non-Resident Indian (NRI) and are looking to send money to India, here are options to consider- including the fast, low-cost and simple way to send money online with Wise.

Looking to Remit to India? Meet Wise.

Send money directly to local bank accounts in India with Wise. Transfers can be deposited within a few minutes on popular routes to India.

Wise uses smart tech to make transfers secure and cheap. You only have to pay a low upfront fee when you send a transfer, and your money will be converted at the mid-market exchange rate. That means no exchange rate fee or extra markups.

You can send money to India right from your computer or mobile with the award-winning Wise app. Sign up today and see how much you can save on your next transfer to India.

Other Ways to Send Money to India

There are multiple ways to send money to India, and each has its own delivery time, fees and exchange rate. Compare different options and find the solution that works best for you - whether online or in-person - and your budget.

Wire Transfer

Wire transfers are a way to send money from one bank account to another internationally. Most banks around the globe are part of the SWIFT network, which allows for bank-to-bank transfers.

You should be able to send a wire transfer from your bank’s online banking or by heading to a bank branch. You will be asked to provide your recipient’s bank account details and you may be asked for your recipient’s bank’s SWIFT code.

Wire transfers can take around five business days to deposit once the request has been processed.

Wire transfers can generally be more expensive than more modern options. Banks charge a transfer or service fee and can add a mark-up to the exchange rate you get. This addition to the exchange rate acts like a fee by taking a cut of the amount you send. It can seem small, but the exchange rate fee can make a big difference. ²

Foreign Currency Cheque

A foreign currency cheque is another way to get money in India, but the process can be very long and has a risk that others don’t.

First, a foreign currency cheque is a cheque you write from your local overseas bank that you then cash at a bank in India. The bank in India processes the check, charges a fee and exchanges the money at the bank’s exchange rate. The money is then pulled from your overseas account and deposited in the Indian account of your choice.

Since it is a physical cheque, it needs to either be sent with instructions by mail to your bank branch in India or it has to be given physically to someone who can deposit it. Both methods carry the risk of the cheque getting lost.

The total processing time of a foreign currency cheque can be several weeks. Plus, the Indian bank is likely to charge a fee for cashing the cheque and will convert the money at its own exchange rate, which can mean an additional markup. ³

Remittance through exchange houses

Exchange houses are a common way to send money from the Middle East to India. These are often individual physical shops that help facilitate money transfers to bank accounts abroad. Make sure you have all your recipient’s bank account information when using an exchange house.

An exchange house will set its own exchange rate and transfer fees. Some exchange houses may be able to deposit funds in an Indian bank account faster than a bank, but they can be more expensive too. ⁴

Save with Wise when you remit to India

You can save money on your next transfer to India by keeping an eye on the exchange rate you get. The mid-market rate is the exchange rate you see on Google. Many banks add a markup to the exchange rate making the conversion from dollar or pound or euro to Indian rupee more expensive. This can leave your recipients with less than you expected.

Wise uses the mid-market exchange rate on every transfer, so you don’t lose money to an exchange rate fee. Instead, you get to see upfront exactly how much your recipients are getting and how much the transfer costs.

Check out the Wise comparison calculator to see how much you can save with just one transfer fee and the mid-market exchange rate on your next transfer to India.

Send money to India with Wise 👉

And if you're living abroad, check out the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.