5 Smart Ways To Send Money Overseas Without Losing Value

For many Indian families, sending money abroad has become a part of regular chores, whether it is to pay for a child's education, help relatives settle in a new country, or cover travel costs. According to the Reserve Bank of India data, Indians sent over 29.5 billion dollars overseas in FY25 under the Liberalised Remittance Scheme.

But if you have ever made a transfer, you will know the struggle; the hidden charges, poor exchange rates, and delays can eat into the amount you send. Here are five smart ways to keep more money in your loved ones' hands.

1. Pick Banks That Offer Good Exchange Rates

Banks are a safe option, but they often charge more. Apart from a fixed fee, most banks add a 2 to 4 per cent margin on exchange rates. If you are sending a big amount or using the same bank regularly, ask for better rates. Comparing charges online before sending money can help you save a lot.

2. Use Online Money Transfer Services

Platforms such as such as Wise or Remitly tend to be cheaper than banks. Their fees are typically between 0.5 and 1.5 per cent of the sent amount. These services also indicate to you precisely how much the recipient will receive, so it's all transparent and easy to plan.

3. Try UPI for Small Payments Abroad

Unified Payments Interface (UPI) is expanding globally, allowing Indian users to make real-time payments abroad. UPI is no longer limited to India; it now works in countries like Singapore, the UAE, Nepal, Sri Lanka, Bhutan, France, and Mauritius through partnerships with local payment systems.

On July 17, 2025, UPI-PayNow onboarded 13 more banks, taking the total number of banks to 19, for cross-border transactions with Singapore, enabling instant low-cost transfers between bank accounts in the two countries. While this currently suits small-value payments, such as travel expenses, future tie-ups may make UPI an affordable alternative for remittances compared to wire transfers.

4. Send Money When Rates Are Better

Exchange rates rise and fall every day. If you are not under a time crunch, timing your transfer can make a difference. Many apps allow you to set alerts or lock in a good rate for later. For example, if the rupee is getting stronger, waiting a few days could help you save. It may not sound like much, but on big amounts like college fees, even a 1 per cent difference matters.

5. Use Forex Cards for Students and Travellers

If you are sending money for education or travel, a prepaid forex card is a good option. You can load foreign currency at a fixed rate, and the card can be used abroad like a debit card. This avoids extra charges and protects you from changes in exchange rates.

Most banks charge a one-time issuance fee of around Rs 300 to Rs 500, and reloading the card costs about 0.5 to 1 per cent of the amount added. These costs are still lower than using international debit or credit cards, which often add a 3 to 4 per cent markup on every transaction. For students, this can mean big savings over a year.

Sending money overseas does not have to be costly. Banks are safe but often expensive, while online platforms are cheaper and faster. UPI and forex cards are also good options. By comparing charges, checking rates, and planning ahead, you can make sure your money goes further.