Cheapest way of moving founds between INR and GBP/EUR


I’ll be moving to India for (at least) one year in July and I was wondering the best way of managing money since I will be paid in INR. The idea is two find the cheapest way possible to the transfer the INR balance into GBP/EUR.

I see two solutions:

  • Open a bank account in India and then transfer the money on Revolut, exchanging it either in GBP or EUR: this should cost me 2% commission plus the spread.

  • Use the Revolute bank account in INR and get paid straight away there, but I guess commissions will be higher since it seems a normal international bank account (by Lloyd’s).

Sounds to me the first option requires a little bit of effort, but is cheaper. Am I correct?


You would still have the fees for the international SWIFT transfer from your Indian account to your Revolut account with option 1, or am I missing something?

Hi Frank,

I should be able to deposit transfer the money from my Indian account to my INR Revolut wallet, which shouldn’t have any cost attached.

Am I wrong?

Hey adopsio

If you send money from india to your Revolut account, then you will do a SWIFT transfer (international). SWIFT transfers will most likely have fees associated with it. These fees can be to a intermediary bank or your indian bank.

There is a good article explaining it here:

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Hi Henrik,

Thanks for the clarification.

Let’s say I will open a bank account in India, connect it to Apple Pay and deposit on Revolut in INR using Apple Pay.

Why is different from a GBP deposit, where if I deposit 50£ I get 50£ on Revolut account? Is this related to the fact all currency wallets on Revolut are based on a UK account (Lloyd’s)?

Well, that’s different. It’s the first time that you’re mentioning your preferred way to top up.

Right now, top ups via Apple Pay are limited to the following countries. Looks like cards issued in India aren’t supported, unfortunately. (Also, I believe top ups via Apple Pay might have the same fees as international cards. But I am not sure about this.)

From the Help Center:

You can only top up by Apple Pay with cards issued in the following countries: AT, BE, BG, CY, CZ, DE, DK, EE, ES, FI, FR, GB, GG, GI, GR, HR, HU, IE, IM, IS, IT, JE, LI, LT, LU, LV, MT, NL, NO, PL, PT, RO, SE, SI, and SK. More countries are added soon.

Hey @adopsio ,

The cheapest way to do that is to use Instarem. They are the only company to allow money transfer from India via bank transfer. You just need to transfer INR from your INR account to their INR account(local transfer-free) so that they can transfer GBP/EUR to your GBP/EUR account(Local transfer-free).(Similar to Transferwise).

Right now they are the cheapest and fastest. Let me know if it helps.