How to Send Money Abroad?

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How to transfer money from India?

In India to transfer money abroad is very tranquil but one needs to follow the rules of the Reserve Bank of India. There are different purposes that are categorized by the Reserve Bank of India according to the general citizen’s need to send money abroad.

Some of the outward remittances can be done only through ADI-categorized entities such as Banks and other purpose transactions, mostly current account transactions similar to Education, Immigration Fees, Medical Maintenance fees, Application Fees, and Visa Fees can be done through ADII-categorized entities such as Foreign Exchange Company and through Bank also.

After deciding the purpose of the remittance you need to check from where you can process the transaction. Here are comparison details that will help you to decide on selecting the vehicle for remitting money abroad.

Remittance Directly through Bank: 

• 
  In Bank you need to open an account; without opening an account you cannot transfer money to abroad
•      A bank is safe and secure
  
• A bank is enormous where you won't get Individual attention and guidance about the remittance
  
• You need to stick on to the Foreign Exchange rate given by them you cannot bargain with Bank
  
•  Bank charges are high
• 
  

  Process flow in the Bank for outward remittance is quite dawdling 

Remittance from Authorised dealer Category II:

·  No need to open an account just transfer the amount from the Individual saving account to the Foreign Exchange company’s account

· Authorised Dealer Cat II and RBI regulated and is safe, secure, and trustworthy

· Here you will get Individual attention and proper guidance about the remittance

·   You will get the best ongoing live rates. You have an option of comparing the rates with other ADII players and banks

·    There are no hidden charges and charges are reasonable

·    Services will be given at the doorstep.

From India two options to transfer the money with different methods of the process.

1.   Swift Transfer: It is unlike a Money transfer from one Bank to an abroad bank. It is a method of Electronic fund transfer which is one of the expedient ways of remitting funds from India to abroad. It is eligible for all resident individuals. The LSR limit to send money abroad for Individuals is USD 250000 for the financial year. While sending through Swift transfer you need to give full details of the Beneficiary account with the Swift code of the Beneficiary Bank 

2.  Pre-signed Foreign Currency Demand Draft: It is a paper draft pre-signed by the Bank official which can be physically carried anywhere. It is available in the following currencies USD, GBP, SGD, EUR, CAD, and AUD. In India most, people use the Demand draft for Immigration, Visa Fees, and Education. The validity of DD is approximately 3 months from the date of issue.

Frequently Asked Questions

1.      Can I send money abroad from the HUF account?

 

From the Hindu Undivided account, one cannot remit money abroad by using the services of AD II. Money can be transferred through a savings account only.

2.      Can I send the money from India to a foreign Individual account?

Answer: Yes, you can send money under Gift remittance up to the equivalent of USD 5000

3.      Is PAN Card being mandatory to send money abroad?

 Answer: Yes, a Pan card copy is mandatory for Individuals as per RBI

4.      What are the major purposes for which money is sent?

·         Overseas University payment

·         Immigration Fees

·         Employment Fees

·         Individual Private Visits

·         Medical treatment

·         Living expenses of close relatives in abroad

·         Gift to a friend

While sending money abroad the important fragments required in the Bank details of the Beneficiary are as follows depending upon the country where the remittances happen:

1.      Beneficiary Account Name: As per the Foreign Bank, the account name should be filled in while giving the details to the Bank or Foreign Exchange

company. It should not vary, if not there will be a chance for the return of remittance which in turn may attract bank charges.

2.      Beneficiary Bank Swift code: Bank swift code varies from bank to bank. So fill in the correct swift code or BIC code 

3.      Beneficiary IBAN Number: Some countries such as Saudi Arabia, United Arab, Europe and Sweden, and the United Kingdom required IBAN without that they cannot process the transaction. It is a Unique International Bank account number