What are the best banking options in India for expats?
Getting your finances set up in India is easier than you think — if you know which banks welcome expats and what documents to bring.
Banking Overview in India
| Feature | Details |
|---|---|
| Currency | Indian rupee (INR) ₹ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in India
Foreigners can open bank accounts in India. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in India. While you may be able to send money to India, full local account features may not be available. Check their website for the latest on India-specific services.
N26
N26 is not currently available in India. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from India, consider these factors:
- Exchange rate: The currency is INR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in India is approximately €570 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
Additional Practical Information
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to India:
- Punjab National Bank
- Bank Punjab National Bank Bank
- Union Bank Online Bank
- NRO accounts may be opened in the form of current, savings, recurring or fixed deposit accounts. However, it is important to note that rate of interest applicable to these accounts and guidelines for opening, operating and maintenance of such accounts shall be in accordance with directives issued by Reserve Bank (DBOD).
- It is advisable to check and compare services offered by different banks, such as the required minimum deposit, as well as the charges and interest rates. Banks can be contacted by telephone, email or you can walk into your nearest branch.
- Generally, banks send their representative to a new account holder's home or office with an application form to collect the required paperwork. The representative will guide you while filling the form. Note that it takes a day or two for the account to be active, after which an ATM card and PIN code is provided.
- There are strict controls when it comes to identification. You should make sure all documents acting as proof of identity are properly managed. In fact, even your signature must match exactly with the one on your passport. Moreover, cash deposits are also strictly regulated. It is better to make your first deposit via a cheque with the help of a friend or contact on the spot.
- Once you have opened your bank account, you will receive a cheque book along with the debit card. Use your cheques with caution as any irregularities and bounced cheques are liable to penalties.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Can I get a credit card as an expat in India?
Credit card availability for expats in India depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Start with a debit card and apply for credit later.
Does Wise (TransferWise) work in India?
Wise has limited functionality in India. You may need to rely on traditional banks for transfers.
What are the best banks for expats in India?
For expats in India, options depend on your needs. NRI account available. HDFC and ICICI most accessible. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
How do international money transfers work from India?
You can transfer money from India via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
How do ATM withdrawals work in India?
ATMs are widely available in India. Your bank's ATM network is usually free; out-of-network ATMs may charge ₹1-5 per withdrawal. International cards may incur additional fees.
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