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Top 3 Money Transfer Providers for Kuwait to India

Provider Amount Received Fee Exchange Rate Speed
Global Reach (formerly FC Exchange) Global Reach (formerly FC Exchange) INR 2,403,994.39 No Fee 240.3994 1-3 days more...
Moneycorp Moneycorp INR 2,390,894.93 No Fee 239.0895 1-3 days more...
Smart Currency Exchange Smart Currency Exchange INR 2,405,207.31 No Fee 240.5207 1-3 days more...
FXcompared Country Guides
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KUWAIT
The Kuwaiti dinar (KWD) is a fully convertible currency, and money can be transferred to Kuwait and transferred from Kuwait with relatively few restrictions Read More
INDIA
There are few restrictions on transferring money to India, but the Reserve Bank of India (RBI) has begun enforcing an existing Foreign Exchange Management Act (FEMA) article that prohibits rupees from being taken out of India Read More
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Top 4 Money Transfer Providers

Latest prices for transferring money from Kuwait to India
Exchange Rates as of 3 July 2020, 07:15

Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More InfoLess Info
Amount Received
INR 2,403,994.39
KWD 293.55
saved vs. banks

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More InfoLess Info
Amount Received
INR 2,390,894.93
KWD 239.55
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Amount Received
INR 2,405,207.31
KWD 298.55
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More InfoLess Info
Amount Received
INR 2,406,177.64
KWD 302.55
saved vs. banks

How to Transfer Money from Kuwait to India

What is in this guide

Kuwait to India Guide

Summary

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.

Visa and immigration

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.

Banking and Money

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.

Taxation

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.

Trade with India

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.

Investment in India

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.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from Kuwait to India. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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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.