Sending Money from New York to India
How NRIs in New York can send USD to INR. Bank options, fees, limits, regulatory notes, and the easiest way to transfer with Root.
Indian-Americans in New York are part of one of the largest NRI communities in the U.S., frequently sending money to family and investments in India. This guide covers everything you need to know about transferring USD to INR safely and affordably using Root. We highlight key details like fees, timelines, regulatory requirements, and best practices tailored for NRIs in New York. Whether you're sending for family support, property payments, or gifting, this guide ensures a smooth remittance experience.
New York, particularly the NYC metro area, is a major hub for Indian professionals in finance, technology, healthcare, and academia. Institutions like Columbia University, NYU, and Wall Street firms employ a large number of skilled Indian-Americans. The city's strong Indian diaspora and cultural networks make it a central node for USD to INR remittances in the U.S.
Quick Facts
Transfer Fee
$0 — Root charges zero fees
Exchange Rate
CHECK_LIVE (interbank rate)
Transfer Time
1-4 business days
State Regulation
Root is licensed as a Money Transmitter in New York
How to Send — Step by Step
Download Root and Verify Your Identity
Sign up on the Root app and complete identity verification using your U.S. passport or green card and New York-issued driver's license or ID. Verification is required by U.S. and Indian financial regulations.
Pro tip: Have your documents ready to speed up the process — most verifications are completed within minutes.
Link Your U.S. Bank Account or Debit Card
Connect your U.S. bank account (via ACH) or debit card to fund your transfer. Root supports major banks based in New York like Chase, Citibank, and Bank of America.
Pro tip: ACH transfers are free and secure, while debit card funding may incur a processing fee from your card issuer.
Enter Transfer Amount and Recipient Details
Input the USD amount you want to send. Provide the recipient’s full name, Indian bank name, IFSC code, and account number. Confirm it's an NRO or savings account (NRE support coming soon).
Pro tip: Double-check the IFSC code using your recipient’s bank website or online IFSC lookup tools to avoid failed transfers.
Review Exchange Rate and Confirm Transfer
View the live interbank exchange rate and the INR amount the recipient will receive. Confirm the transfer — Root locks in the rate for 30 seconds.
Pro tip: For large amounts over $8,400 (approx. ₹7 lakh), remember that 5% TCS may apply in India — consult your recipient’s bank or tax advisor.
Track and Receive Delivery Confirmation
Monitor your transfer in real time through the Root app. Once credited, you’ll get a notification. Recipients typically get funds in 1-4 business days.
Pro tip: Delays are rare but can occur due to Indian bank holidays or incorrect details — ensure all information is accurate.
Rules & Regulations
TCS on Large Remittances
Under Indian tax rules, 5% Tax Collected at Source (TCS) applies to cumulative remittances exceeding ₹7,00,000 (~$8,400) in a financial year (April–March) under the LRS. While NRIs aren’t bound by LRS limits, Indian banks may still apply TCS tracking. The recipient may need to file for a refund if eligible — consult a tax professional.
Account Type Support
Root currently supports transfers to NRO and regular savings/current accounts in India. NRE account support is under development. Avoid sending to NRI accounts not yet supported to prevent reversal delays.
Prohibited Uses Under FEMA
FEMA regulations prohibit remittances for purposes like gambling, lottery, or real estate speculation by non-residents. Ensure your transfer aligns with permitted purposes such as family maintenance, gift, or investment.
Send Money from New York to India with Root
Zero fees, interbank rate, and fast delivery. Built for NRIs in New York.
Get StartedFrequently Asked Questions
Do I need to pay extra taxes in New York when sending money to India?
No, there is no state tax or fee for sending money from New York to India. The proposed U.S. Excise Tax on international transfers (1%) was not enacted as of early 2026. However, Indian recipients may face 5% TCS on remittances over ₹7,00,000 in a financial year.
Can I send money from my NYC bank account using Root?
Yes, Root works seamlessly with major New York banks like Chase, Citibank, Bank of America, and Capital One. Simply link your account via ACH or use a debit card to fund your transfer.
Why is the IFSC code important for my transfer to India?
The 11-character IFSC code identifies the recipient’s exact bank branch in India. An incorrect IFSC can cause failed or misrouted transfers, delays, or return of funds. Always verify the code through your recipient’s passbook or the bank’s official website.
Is there a limit on how much I can send from New York to India?
As an NRI, you’re not restricted by India’s LRS limit of USD 250,000 per year. However, Root may apply internal limits during initial usage. For transfers over $8,400 (~₹7 lakh/year), 5% TCS applies in India — inform your recipient to handle compliance.
Does Root support NRE accounts for Indian recipients?
Root currently supports NRO and regular savings accounts. NRE account support is coming soon. Until then, ensure your recipient provides an NRO or standard INR account to avoid failed transfers.