| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Smart Currency Exchange | KWD 10,000.00 | No Fee | 268.1519 | 1-3 days | more... |
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Corpay^ | KWD 10,000.00 | No Fee | 268.0167 | 1-3 days | more... |
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Moneycorp | KWD 10,000.00 | No Fee | 265.3663 | 1-3 days | more... |
Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers
One-off payments | Regular payments | Great rates | Safeguarded customer funds
Kuwait and India have traditionally had strong bilateral relations, which continue to be strengthened by trade links and important migration flows between the two countries. Kuwait and India’s trade relationship dates back several centuries, and in fact, Kuwait used the rupee as its national currency until 1961. The Kuwaiti dinar (KWD) is easily convertible to the Indian rupee (INR), and there are no restrictions to transfer money from Kuwait to India.
Nationals of Kuwait must have a passport with at least six months’ remaining validity in order to travel to India. Applying for an Indian visa can be fairly complex, as visa requirements can be somewhat complex, and there are several categories from which to choose. Before applying, you must make sure that you identify the correct visa for your particular situation, which may include work visas, tourist visas, employment visas and business visas.
You must apply for the visa from the local Indian consulate or through a private visa agency before arrival. In general, visas can be processed between five and seven business days. If you intend to remain in India for longer than 182 days, you will have to get a residence permit. In order to do this, you are required to register with the Foreigner Regional Registration Office (FRRO). Its main offices are located in Delhi, Amritsar, Kolkata and Mumbai. Outside of these cities, you may register with the Superintendent of Police. For more information on obtaining a visa for India, visit the website of the Indian Consulate.
India’s banking sector has expanded rapidly in the last decade, apace with economic growth. There are a variety of public, private and international banks to choose from when looking to establish a banking relationship in the country. In total, there are roughly 126,000 bank branches nationwide, with 22,300 ATM machines currently available.
Despite the fact that expats opt for internationally based banks for their familiarity, both public and private banks offer comparable services and products. However, international banks sometimes have higher service charges. The leading local banks are HDFC Bank and ICICI Bank. Global banks with a presence in India include Barclays, Royal Bank of Scotland, Citibank and HSBC. In addition, there are a few branches of the Bank of Bahrain and Kuwait in major Indian cities such as Delhi. Kuwaiti nationals may choose to open a bank account before travelling to India as this may make it more efficient to transfer money from Kuwait to India.
Expats from Kuwait should be able to open a non-resident savings or checking account if they are earning income in India. The benefits you receive from the particular bank you choose will vary. However, as a minimum, you may receive ATM cards, cheque books, and access to telephone and internet banking. In order to open an account, you will be required to provide proof of identity, a copy of travel documents, proof of address in India, and a copy of your Indian residency permit. Some companies may open bank accounts on behalf of their expatriate employees.
Kuwaiti nationals who want to send money home are legally allowed to transfer a maximum of US$1m for each financial year. Several remittance agencies are present, such as Western Union and MoneyGram, as well as independent forex brokers, who typically offer the same service at a lower cost.
Kuwaiti nationals working and earning income in India are subject to the same taxes as Indian nationals. You will pay taxes on any income gained in India. Personal taxes can be as much as 30%. The tax year in India runs from 1 April to 31 March of the following year.
India remains one of Kuwait’s top ten trading partners. In turn, Kuwait is the third-largest supplier of crude oil to India. In 2017, trade between both countries amounted to more than US$2.5bn, with India having imports of more than US$700m and exports of more than US$1.7bn. India’s major exports to Kuwait include textiles, garments, food items, jewellery, machinery, iron, and other mechanical and metal products.
Kuwaiti investments in India are one of the primary factors driving money transfers to India. Several organisations in Kuwait are invested in India, whether through foreign direct investment (FDI) or through routing through countries such as Mauritius, which provide tax breaks. Many investments are made through institutions such as the Kuwait Investment Authority (KIA). Today, the KIA maintains investments worth an estimated US$2.7bn in India.
Kuwaiti businesses also have a strong presence in India, another key driver of overseas money transfers. These include Noor Investment, Kuwait Finance House and KGA Group. Several investment funds have been established by Kuwait, such as the India Infrastructure Fund and the Kuwaiti Indian Holding Company.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
