Send Money to the USA from India | Money Transfer to the USA from India - Wise, formerly TransferWise (2024)

FAQs

Can I send money through Wise from India to USA? ›

Send money to the USA from India with the Wise app

Sending money is easy with Wise app. Cheaper transfers abroad - free from hidden fees and exchange rate markups.

Wire transfer or online wire transfer from India to USA is the easiest and best way to transfer money. Though online wire transfers are done by banks, it is cheaper to use online platforms like BookMyForex as Banks in India charge anywhere from Rs. 500 to Rs.

The Union Budget 2023 brought positive changes but increased foreign remittance tax rates to 20%. Exemptions apply for educational and medical expenses. NRIs can transfer $1 million from India to the USA tax-free. No tax exemptions are allowed for money transfers from the USA to India.

Like your bank, Wise is a regulated financial institution. To comply with local regulations (the USA Patriot Act) and our banking partner agreements, we need to verify the identity of any of our customers who want to order a debit card in the US.

Wise has a number of features to keep customer money safe, including thorough account verification, and 24/7 anti-fraud controls. In India Wise works with local banking partners to deliver money transfer services, with the approval of the Reserve Bank of India.

The money sent from India to the US is not taxable. However, you must declare it to the IRS by submitting Form 3520 if it exceeds US $100,000 for any given year. There are no taxes due on this form; it is merely informational. However, gift taxes in the US can be imposed if the funds are given as a gift.

NRIs are allowed to repatriate or bring their sale proceeds of property sold in India to the US. However, the limit to the amount brought from India is $1 million per calendar year, including all other capital account transactions.

So, you can send an international wire of as much as you like, provided that it's within the maximum wire transfer limits set by your bank. However, you should be aware that transfers over $10,000 will automatically be reported to the IRS.

There's not usually any US tax implication if you're sending money from the sale of a property you own in India to the US. However, depending on the amounts involved you may need to report this transfer using IRS Form 3520.

How to bring inheritance money from India to the USA? ›

You need to write the inheritance to the IRS and submit Form 3520, with your annual tax return details. According to U.S. regulations, if you are gaining or making a profit from the inherited property, including capital gains, dividends, or interests, you will need to pay tax on such inherited income.

The key figure to remember is USD 10,000. According to the U.S. Customs and Border Protection (CBP), any individual entering the United States is required to declare if they are carrying currency or monetary instruments (like travelers' checks, money orders, etc.) valued at more than USD 10,000.

You don't pay any fee to receive funds in 8 currencies to your Wise account, using the local bank details that come with your account. If someone sends you a USD wire payment, there's a 4.14 USD charge. However, you can get a USD payment for free if it's sent using an ACH instead.

If you earned 10 or more USD in the 2023 calendar year across your interest-earning balances we'll provide you with a 1099-INT to comply with standard IRS tax procedures. To download your 1099: Select your profile icon (top left in the app or top right on the website) Select Statements and Reports.