Friday, May 20, 2016

10 Ways to Send Money to NRE account in India

One of the frequently asked question from NRIs, who has just open an NRE (Non Resident External) account is how to fund their NRE accounts? Since you cannot transfer Indian rupees from your normal saving account in India to your NRE account, this question is common to arise. Simplest way to deposit money in your NRE account is remittance i.e. by sending money from your overseas bank account, but that's not the only way to transfer money to your NRE account.

In this article, I am going to show you 10 ways to transfer funds to your NRE accounts. You can use any of these methods to deposit money in your NRE account based upon applicability and your convenience.  Each of the methods has their own advantage and disadvantage but in terms of convenience online money transfer to India is the best. You don't need to go anywhere, just send money from the comfort of your office and home.

10 Ways to fund your NRE account in India

For the purpose of funding, augmenting, or replenishing your existing NRE account or depositing money on your new NRE account, you may choose any one or more of the following modes of remittances as per your convenience

1) Foreign currency Cash or Travellers Cheques
You can deposit money into your NRE account during your personal visit to India. At that time, you can tender foreign currency cash and / or Travellers cheques. As per Reserve Bank rules, you are permitted to carry to India without Customs declaration amounts in Cash component up to USD 5000/-(or equivalent in other foreign currencies) along with travellers cheques with the sum total of the two aggregating USD 10,000/-. These limits are for each NRI visiting India. On the other hand, you may bring in any amount after declaring the same at the customs counter and obtaining a Currency Declaration Form (CDF) signed by Customs Official.

2) Swift Remittance
This is the modern mode of transferring money instantaneously across the world. For detailed information please be in touch with your banker or nearest branch of your bank for enabling SWIFT remittance. Please log on to our Bank’s website to view the SWIFT codes of our various foreign Exchange branches all over India.

3) Money Transfer Service - Money2India
You can also use many money transfer service both online e.g. Money2India, HDFC QuickRemit, DBS India Remit, Times money Remit2India, Axis bank etc or offline money transfer service such as Western union which is facilitated through more than 2 lakh agent locations well spread in over 200 countries. However, credit to NRE account is not permitted if you use the Western Union

4) Foreign Currency Demand Draft
The fourth way to deposit money to your Non Resident External account is via a demand draft drawn in foreign currency say, US Dollars, Singapore Dollars or Great Britain Pound (GBP) or Euro, preferably drawn on New York, London, Brussels, or Singapore.

5) Foreign Currency Cheques
One of the easier ways to credit funds in your NRE account is by depositing your personal cheque in foreign currency drawn on your overseas account. This is also the preferred mode to transfer seed amount or initial fund when you open NRE account online with Indian banks like HDFC Bank, Kotak Mahindra Bank, YESBANK, and others. If you are not sure, which is the best bank to open NRE account, check out suggestions and discussion given here?

6) Direct deposit on foreign branches of Indian bank
You can also replenish your existing NRE account by depositing demand drafts, Mail / Electronic Transfers from any of our foreign branches drawn on our Indian branches either in Rupees or foreign currency

7) Indian currency Draft from RBI authorised Exchange houses
One of the rare ways to fund your NRE account is by depositing drafts drawn abroad in Indian Rupees by Reserve Bank of India authorised Exchange Houses. This is mostly popular in the Middle East countries like Oman, Kuwait, UAE etc.

8) Foreign Currency Money orders
You can also remit fund to your NRE account by sending International Money Orders in foreign currency. I know that Money orders are things of gone days but you know it still exists. Though, I have hardly heard anyone using it on my circle. It's the online money transfer to India which rules nowadays.

9) Transfer from existing FCNR or NRE accounts with any bank
It's perfectly legal to transfer money from your existing FCNR  or Non-Resident External Rupee Accounts with any bank to your new NRE account. Since the source of money is always overseas fund, this is allowed and the most convenient way if you happen to have NRE account of your own or with your wife or friends. See here for more details.

10) Rapid funds2 India
An easy and hassle-free money transfer service to India from Bank of Baroda’s 6 branches in UAE and 3 branches in Oman

Here is nice slide of all 10 ways to transfer money to your NRE account from overseas or depositing amount into your NRI account:

10 ways to transfer money to NRE account NRI

That's all about 10 ways to transfer money to your NRE account in India. You can use any of these way to transfer money to your NRE account from abroad. Each of them has their own advantage and disadvantages, but if you ask me  the best way, well I would always nothing beats online money transfer services like Money2India, HDFC QuickRemit, Remit2India, and others. You can transfer money from the convenience of your office or home at any time.


  1. What is the best way to transfer money to India from USA?

  2. Can I transfer money to my nre account using remitly

    1. why not, I think yes because it's like any other remittance service. NRE account just need the source of fund is outside India, which is fine because you are remitting money.

    2. So the target currency would be INR or dollars?

    3. A problem I found was if you use these services, the address for the recipient should be an Indian address. But for the NRE accounts, the address is an US/foreign address. What address should we use?

  3. Which is the best way to transfer Euro to NRE account as Euro'? It is for FCNR deposit.

    1. when you do FCNR, there is always a currency conversion if I am not wrong, you can directly remit the money into your FCNR deposit account, may be your relationship manager can guide you better, depending upon which bank account you hold.