Top Wise Alternatives for NRIs: Honest Comparison (2026)

A member in our Singapore WhatsApp group posted something last month that sparked a huge conversation.

“I’ve been using Wise for three years. Love it. But I just tried Instarem for a $5,000 transfer and saved Rs 2,100. Should I switch?”

The replies poured in.

People sharing their own comparisons. Screenshots of rates side by side. Stories of services that worked great for small transfers but fell apart for large ones.

Here’s what I’ve learned after years of watching our community compare notes: there is no single best service.

The best service depends on how much you’re sending, how fast you need it, and where you’re sending from.

Wise is excellent. I use it myself.

But it’s not always the cheapest option for every transfer. And there are situations where other services genuinely beat it.

Let me walk you through the alternatives I trust – based on what our community of 20,000+ NRIs actually uses.

First: Why Wise Became the Default

Before we talk alternatives, let’s be honest about why Wise is so popular with NRIs.

Mid-market exchange rate.

Wise uses the real exchange rate you see on Google. No hidden markup. This alone sets it apart from most banks and traditional services.

Transparent fees.

You see exactly what you’ll pay before you confirm. The fee is typically 0.4-0.6% for USD to INR transfers, shown upfront.

Speed.

Most transfers reach India in 1-2 business days. Many arrive the same day.

Volume discounts.

Send more than $25,000 in a calendar month? Wise automatically reduces your fee percentage. The more you send, the cheaper it gets.

Limits.

Up to $1,000,000 per wire transfer. That’s more than most NRIs ever need for a single transfer.

So what’s the catch? A few things.

For smaller transfers (under $500), the fixed component of Wise’s fee can make it relatively expensive per dollar sent. Some alternatives offer better deals for small, frequent transfers.

For certain corridors (like UAE to India), other services sometimes beat Wise’s rate on a given day.

And Wise doesn’t offer cash pickup, UPI delivery, or some of the flexibility that other services do.

That’s where alternatives come in.

The Alternatives: Honest Reviews

1. Remitly – Best for Regular Small-Medium Transfers

Remitly has become one of the most popular transfer services among NRIs in our community, especially for monthly family support.

What’s good:

• Express transfers that arrive in minutes (not days)
• Economy option (3-5 business days) with slightly better rates
• No fee for transfers over $1,000
• $3.99 flat fee for transfers under $1,000
• Up to $100,000 per transfer
• Clean, easy-to-use app

What to watch out for:

The promotional rate you see when you sign up? That’s only for your first transfer (up to $10,000). After that, Remitly’s regular exchange rate includes a 0.4-1.4% markup over the mid-market rate.

This is how Remitly makes money. The “no fee” on larger transfers doesn’t mean “no cost.” The cost is baked into the exchange rate.

When Remitly beats Wise:

For express transfers under $1,000 when speed matters most. And their first-time promotional rate is genuinely excellent – take advantage of it.

When Wise beats Remitly:

For larger transfers where the mid-market rate makes a bigger difference. On a $10,000 transfer, even a 0.5% rate difference means Rs 4,000-4,500 less in your recipient’s account.

For our detailed review, see our Remitly review.

And for a head-to-head comparison, check out our Remitly vs Wise guide.

2. Instarem – Best for Multi-Country NRIs

Instarem (now part of fintech unicorn Nium) has quietly become a favorite in our UK, Singapore, and Australia groups.

What’s good:

• Competitive exchange rates, often within 0.3-0.5% of mid-market
• Supports UPI delivery in India (you can send directly to a UPI ID)
• InstaPoints rewards program – earn points on every transfer, redeem for discounts
• Fee as low as 0.4% of transfer amount
• Sends from US, UK, Singapore, Australia, Canada, and many more countries
• First transfer is often fee-free

What to watch out for:

Rates can vary by payment method. ACH/bank transfer is cheapest. Debit card costs more. Credit card costs the most.

Transfer limits vary by country and payment method.

When Instarem beats Wise:

For NRIs in Singapore and Australia, Instarem often offers better rates on the SGD-INR and AUD-INR corridors. The UPI delivery option is also a plus if your family uses UPI heavily.

When Wise beats Instarem:

For US-based NRIs sending large amounts. Wise’s volume discounts and $1M limit make it stronger for big transfers.

3. Xe – Best for “No Fee” Simplicity

Xe has been around forever as a currency information website. Their money transfer service is solid and straightforward.

What’s good:

• No explicit transfer fee for most transactions
• Up to $500,000 per online transfer from the US
• Available from most NRI countries
• Established, trusted brand
• Rate alerts – get notified when your target rate is hit

What to watch out for:

Xe doesn’t charge a visible fee, but they make money on the exchange rate margin. The rate you get is slightly below mid-market. This margin varies but is typically 0.5-1%.

So “no fee” doesn’t mean “no cost.” It just means the cost is entirely in the exchange rate.

When Xe beats Wise:

For NRIs who hate seeing fees and prefer a clean, simple “send this amount, receive that amount” experience. Also good for very large transfers where Xe’s relationship managers can negotiate rates.

When Wise beats Xe:

When you want the actual mid-market rate with a clearly separated fee. Wise’s transparency makes it easier to know exactly what you’re paying.

4. OFX – Best for Large Transfers ($10,000+)

OFX is less known among casual users but very popular with NRIs moving large sums – property purchases, savings repatriation, or returning to India.

What’s good:

• No transfer fees
• No maximum transfer limit
• Dedicated relationship managers for large transfers
• Can negotiate rates on big amounts
• Available from US, UK, Australia, Canada, Singapore
• Phone support with actual humans who understand forex

What to watch out for:

OFX isn’t great for small transfers. Their exchange rate margin can be 0.5-1% for standard transfers. For small amounts, this eats into your savings.

The platform is less “app-friendly” than Wise or Remitly. It feels more like a business tool.

When OFX beats Wise:

For transfers over $10,000-$20,000, OFX’s negotiable rates and no maximum limit make it competitive. If you’re sending $100,000+, call them and negotiate – the rate they first offer is never their best.

A community member transferring $250,000 when moving back to India got a significantly better deal through OFX after negotiating, compared to Wise’s automatic pricing.

When Wise beats OFX:

For transfers under $10,000 and for NRIs who prefer a quick, digital-first experience.

5. Revolut – Best Multi-Currency Account

Revolut has become hugely popular in the UK and is growing in the US, Australia, and Singapore.

What’s good:

• Multi-currency account holds 28+ currencies
• Exchange currency when rates are favorable, send later
• Premium plans offer better exchange rates for larger amounts
• Apple Pay and Google Pay integration
• Budgeting and expense tracking features
• Travel-friendly with airport lounge access on premium plans

What to watch out for:

Free plan has limited fee-free currency exchange (around GBP 1,000/month or equivalent). After that, a fee applies.

Premium and Metal plans ($9.99-$16.99/month) unlock higher exchange limits and better rates, but the monthly cost only makes sense if you transfer frequently.

Not all features are available in all countries. US Revolut users have fewer features than UK users.

When Revolut beats Wise:

If you transfer money to India frequently and also travel internationally. The multi-currency account is genuinely useful for NRIs who move between countries. Also great for UK-based NRIs.

When Wise beats Revolut:

For pure India transfers, especially from the US. Wise’s India corridor is better optimized with direct bank deposit, NRE/NRO account support, and UPI delivery.

6. Indian Bank Services – Best for Existing Customers

If you already have an NRI account with a major Indian bank, their remittance services can be surprisingly competitive.

ICICI Money2India:

• No fee for transfers over $1,000
• Deposits directly to any Indian bank account
• Requires ICICI NRI Account
• Power Transfer option for larger amounts
• Exchange rate includes 0.5-1% margin over mid-market

SBI RemitMoney (SWIFT):

• Uses the SBI network (largest in India)
• Direct credit to any SBI account
• Competitive for large transfers
• Available from US, UK, UAE

HDFC QuickRemit:

• Fast transfers to HDFC accounts
• Good mobile app experience
• Competitive rates for HDFC account holders

When bank services beat Wise:

If you need the transfer to go specifically to your NRI account with that bank, the integration is seamless. No beneficiary setup, no SWIFT codes to enter. Also useful if you have relationship banking perks (lower rates for premium account holders).

For NRI banking comparisons, see our NRI banking comparison guide.

When Wise beats bank services:

Almost always on exchange rates. Bank margins of 0.5-1% add up quickly. On a $10,000 transfer, that’s Rs 4,000-8,500 more than you’d lose with Wise.

7. Western Union / Xoom – Best for Cash Pickup

Sometimes your recipient needs cash, not a bank transfer.

Western Union:

• 200+ countries and territories
• Cash pickup at agent locations across India
• Online, app, or in-person sending
• Trusted brand with decades of track record

Xoom (PayPal):

• Integrates with your PayPal account
• Cash pickup, bank deposit, or mobile reload
• Fast delivery to India
• 3-level verification system (higher limits need more documents)

When these beat Wise:

When your recipient needs physical cash. Wise only does bank deposits and UPI.

If your parents don’t have easy bank access or you need emergency cash delivered to a small town, Western Union’s agent network is unmatched.

When Wise beats these:

On cost. Western Union and Xoom both add significant exchange rate margins (1-3%). For regular bank-to-bank transfers, they’re almost always more expensive than Wise.

Quick Comparison: $1,000 Transfer from US to India

Here’s an approximate comparison for a $1,000 transfer. These rates fluctuate daily, so use this as a directional guide, not exact pricing.

Service	Approx. Fee	Rate Type	Approx. INR Received
Wise	~$4-6	Mid-market	~Rs 85,200
Remitly (Express)	$3.99	Marked up 0.4-1.4%	~Rs 84,500-85,000
Instarem	~$4-5	Competitive	~Rs 84,800-85,100

Service	Approx. Fee	Rate Type	Approx. INR Received
Xe	$0 (in rate)	Marked up 0.5-1%	~Rs 84,300-84,800
OFX	$0 (in rate)	Marked up 0.5-1%	~Rs 84,300-84,800
Bank wire	$25-50	Marked up 2-4%	~Rs 81,000-83,500

Note: Rates are illustrative based on typical mid-2025 spreads. Always check live rates before transferring.

The difference on $1,000 seems small. But scale that to $10,000 or $50,000 and the gap becomes significant.

For our complete cost comparison on larger amounts, see our guide on sending large amounts to India.

The 2026 Factor: US Remittance Tax

If you’re in the US on an H1B, L1, or green card (not yet a citizen), you need to know about the new 1% remittance excise tax that took effect January 1, 2026.

The good news: it only applies to transfers funded by physical instruments – cash, money orders, cashier’s checks.

Online bank transfers, ACH payments, debit cards, and credit cards are exempt.

So if you’re using Wise, Remitly, Instarem, or any digital service funded from your bank account, this tax does not apply to you.

This is actually another reason to use digital transfer services over walking into a Western Union or MoneyGram office with cash.

US citizens are completely exempt regardless of the method.

What I Actually Recommend: The Multi-Service Approach

After watching thousands of NRIs compare services in our groups, here’s the pattern I see among the smartest savers:

Keep accounts with 2-3 services.

It takes 10 minutes to set up each one. Having options means you can always pick the best rate on any given day.

For regular monthly transfers ($500-$5,000): Compare Wise and Remitly before each transfer. One is often 0.2-0.3% better than the other on any given day.

For large one-time transfers ($10,000+): Use Wise for its volume discounts, or call OFX/Xe and negotiate. Don’t just accept the first rate you see.

For emergency transfers: Remitly Express. Money arrives in minutes.

For multi-currency needs: Revolut or Wise multi-currency account.

Set rate alerts.

Both Wise and Xe let you set target rates. When USD-INR hits your number, you get notified. I’ve seen members save Rs 50,000-60,000 on $50,000 transfers just by waiting for the right day.

Never use just your bank.

I can’t stress this enough. The exchange rate markup alone on a bank wire costs you 2-4% more than any of the services listed here. On $50,000, that’s Rs 80,000-1,70,000 you’re throwing away.

For more on protecting yourself from money transfer scams while using these services, check our dedicated guide.

Which Account Type Should You Send To?

This matters just as much as which service you use.

NRE Account: For your foreign earnings. Interest is tax-free. Fully repatriable. Always send foreign salary/savings here.

NRO Account: For Indian income (rent, dividends, etc.). Interest is taxable at ~30%. Don’t accidentally send foreign earnings here.

RFC Account: For returning NRIs who want to hold foreign currency in India. Convert to INR in batches.

Most transfer services (Wise, Remitly, Instarem, OFX) support transfers to both NRE and NRO accounts. Just make sure you enter the right account number.

For account setup guidance, see our NRI account guide and our NRE/NRO conversion guide.

Frequently Asked Questions

Q: Which service gives the best exchange rate for USD to INR?

On any given day, it varies. Wise consistently offers the mid-market rate with a separate fee. Remitly and Instarem sometimes beat Wise’s total cost on specific amounts. Compare 2-3 services before every large transfer.

Q: Is Wise safe?

Yes. Wise is regulated by multiple financial authorities worldwide, including FinCEN in the US, FCA in the UK, and MAS in Singapore. Your money is held in safeguarded accounts.

Q: Can I send money to my NRE account with Remitly?

Yes. Remitly supports transfers to NRE, NRO, and regular savings accounts in India. Make sure you select the correct account type.

Q: Which service is best for sending money from UAE to India?

For UAE-based NRIs, Instarem, Wise, and Xe are all strong options. Exchange houses like Al Ansari and UAE Exchange are also competitive for the AED-INR corridor. For UAE-specific guidance, check our return to India from UAE guide.

Q: What about Google Pay for international transfers?

Google Pay supports international transfers in some corridors, but rates and availability vary. It’s convenient for small amounts but not competitive for large transfers. See our Google Pay international transfer guide.

Q: How do I avoid the 1% US remittance tax?

Use any digital service (Wise, Remitly, Instarem, bank online transfer) funded from your bank account. The tax only applies to physical instruments like cash and money orders. If you’re a US citizen, the tax doesn’t apply to you at all.

Q: Can I use Wise to send from India to abroad?

Yes. Wise is now authorized to operate in India under the LRS (Liberalised Remittance Scheme). You can send up to $250,000 per financial year abroad. TCS rules apply for amounts above Rs 10 lakh. See our TCS on remittances guide.

Q: Which service should I use when returning to India permanently?

For moving your savings, use Wise or OFX for the bulk transfers to your NRE/RFC account. Remitly works well for smaller, ongoing transfers after you’ve moved. Read our full financial checklist for returning NRIs.

The Bottom Line

There’s no single “Wise killer” out there. Wise remains one of the best options for most NRIs, especially for its transparency and mid-market rate.

But the smartest NRIs in our community don’t rely on a single service. They compare. They negotiate. They set alerts. And they save thousands of rupees a year doing it.

10 minutes of comparison before a large transfer can save you Rs 10,000-50,000. That’s a pretty good hourly rate.

Disclaimer: This guide is for informational purposes only. Exchange rates and fees change daily. Always verify current rates directly on each service’s website or app before transferring. We are not affiliated with any money transfer service mentioned in this article.

Sources: Wise, Remitly, Instarem, Xe, OFX, Revolut, ICICI Bank, SBI, HDFC Bank official websites, IRS guidance on remittance tax, and real experiences from BacktoIndia community members.

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