Skip to content
SmartFigure

Sending money to India

1 US dollar is ₹95.78 and 1 UAE dirham is ₹26.08 at the reference rate for 12 October 2026. Here is what the main currencies buy in rupees today, how much the bank's margin costs you, and how the money is treated once it lands.

ShareWhatsApp

Rupee rates today (12 Oct 2026)

Currency1 unit1,000 units
USD US dollar₹95.78₹95,775
AED UAE dirham₹26.08₹26,079
GBP British pound₹126.76₹1,26,762
SAR Saudi riyal₹25.54₹25,540
CAD Canadian dollar₹67.16₹67,155
AUD Australian dollar₹66.80₹66,795
SGD Singapore dollar₹74.81₹74,812
QAR Qatari riyal₹26.31₹26,312
OMR Omani rial₹249.09₹2,49,090
EUR Euro₹107.09₹1,07,086
NZD New Zealand dollar₹53.63₹53,629

Mid-market reference rates, worked out from the European Central Bank's daily rates; the Gulf currencies follow their fixed pegs to the US dollar. The Kuwaiti dinar is not listed: it follows an undisclosed basket of currencies, so we cannot work out a reliable rate for it. Convert any amount with the currency converter.

What the exchange margin really costs

The reference rate is the midpoint between buying and selling. Banks, exchange houses and transfer apps pay you less than that and keep the difference, often without calling it a fee. On US$1,000:

  • At the reference rate: ₹95,775
  • With a 1% margin: ₹94,817, so the margin costs ₹958
  • With a 3% margin: ₹92,902, so the margin costs ₹2,873

Before each transfer, compare what will reach the account in rupees after every fee, with today's reference rate in the table above. A service with no fee and a wide margin can cost more than one that charges a fee.

Ways to send money home

  • Your bank's international transfer to an NRE or NRO account in India. Reliable, but bank margins and fees on both ends can add up.
  • The Indian bank's own remittance service. Many Indian banks have tie-ups with banks and exchange houses abroad, especially in the Gulf, for quicker and cheaper transfers into their own NRE accounts.
  • Exchange houses in the Gulf countries, used by many workers there to send cash or bank transfers home.
  • Online money transfer services and apps, which often show the margin and fee upfront.

Whatever you use, send to an account in your own name or a family member's through a regulated channel. Informal routes such as hawala are illegal under FEMA and leave you with no record of where the money came from.

NRE or NRO: where the money should land

Money earned abroad can go into either, but an NRE account is usually better: its interest is tax-free in India and you can send it back out in full whenever you like. Use NRO for income that arises in India, such as rent or dividends, which cannot go into an NRE account. Compare deposit rates on the NRE, NRO and FCNR rates page, and the return after tax with the NRI FD calculator.

Tax when the money arrives

  • Your own money: not taxed in India when it arrives. It is income you have already earned abroad.
  • Money for parents, a spouse, children or siblings: gifts between relatives are not taxed for the receiver.
  • What it earns in India is taxed: NRO interest, rent, dividends and capital gains. See income tax for NRIs.
  • Your home country generally does not tax money you send out of it, but check gift rules if you send large amounts to others.

Frequently asked questions

What is the best rate I can get to send money to India?

Close to the reference rate: today ₹95.78 for a US dollar and ₹26.08 for a UAE dirham. Every bank and transfer service pays somewhat less than that, and some also charge a fee. Compare the rupees that will arrive, after the fee, not the rate on its own.

Is money I send to India taxed?

No. Money you earned abroad and send to your own NRE or NRO account is not income in India, so it is not taxed when it arrives. Only what it earns in India, such as NRO interest, is taxed.

Is there a limit on how much an NRI can send to India?

There is no limit on sending your own money to India through banking channels. The US$2,50,000 a year limit you may have heard of is the Liberalised Remittance Scheme, which is for residents of India sending money out, not for NRIs sending money in.

Is money I send to my parents taxed for them?

Gifts from a relative, such as a son or daughter to a parent, are not taxed for the person receiving them, whatever the amount. Gifts from someone who is not a relative are taxed for the receiver if they add up to more than ₹50,000 in a year.

Can I send money back out of India?

Money in an NRE account can be sent abroad at any time, in full. From an NRO account you can send up to US$1 million a financial year, after tax, with a declaration in Form 145 and, for larger taxable amounts, a chartered accountant’s certificate in Form 146 (Forms 15CA and 15CB before April 2026).

Sources

Last checked on 12 October 2026. Reference rates are for information only; the rate you get from a bank or transfer service includes its margin.