International money transfer:
An international fund transfer is a service that allows us to send money for different purposes. There
are many reasons for sending money abroad.
AD I (Bank) are allowed to do both current and capital account
remittances, but ADII (like Orient
Exchange) are permitted to do remittance to Foreign Countries only for 17
purposes under LRS, which are listed below. The outward remittance transactions
can be either a Telegraphic
Transfer or Demand Draft. ADII has arrangements
with different banks for processing the wire transfer Transactions. The transactions are processed on the
verification of KYC of the remitter.
The purposes permitted by RBI under AD-II
a. Private Visits,
b. Remittance by tour operators /&travel agents to overseas
agents or principals or hotels,
c. Business Travel,
d. Fee for participation in global conferences and
specialized training sector
e. Remittance towards participation in international
events, competitions (towards training sponsorship and prize money),
f.
Film Shooting
expenses
g. Medical Treatments abroad,
h. Disbursement of Crew Wages,
i.
Overseas
Education,
j.
Remittance of the scheme under educational tie-up arrangements with universities abroad,
k. Remittance under fee for examinations held in India
and also abroad and additional score sheets for GRE, TOEFL, etc.,
l.
Employment,
processing assessment fees for overseas job applications,
m. Emigration and emigration consultancy fees,
n. Skills/credentials assessment fees for intending
migrants,
o. Visa Fees,
p. Processing fees for registration of documents as
required by Portuguese / other governments.
Registration or subscription or membership fees to international
organizations.
Why People Transfer Money Internationally
Generally, people transfer money for different purposes. Here we will
give common reasons for transferring
money. Many of them choose wire transfer through AD-II for a better rate as
compared to banks.
1)
Remitting for ‘Overseas
tuition fees/university fee’ - for children’s education
2)
Friends and
family - as maintenance or
gift.
3) Paying bills - Like school fees or utility, expenses bills need to paid abroad.
4) Property
buy/sell
There are lump sum amount of money transfer /receive when you are planning to buy property abroad or selling a property in abroad. You need to ensure that fees and exchange rate not paid much while transferring
5) Pension
transfer
People that paid in the US, but stay/live or taken
extended holidays abroad need to do an outward money transfer.
6) Salary
transfers
If you work overseas you need to send money through
international payment. Also if you sit in a home country and work for foreign the country then the company has to do an international money transfer.
7) Overseas
mortgage payments.
8) Buying or
selling big-ticket assets
9) Emigration
If have planning to move from other countries, some
amount of property sale or limited amount in saving bank account to be transfer
10) Paying for
wedding abroad
11) Paying accommodation or luxury holidays overseas
12)Paying investment or Divestments
13) Topping up a foreign bank account
Tips for saving money while transferring
international payments.
-
If you plan
for sending money then get’ best deal’
-
When you
transfer money, it includes fee and
exchange rate. Whether you transfer a large amount of money or small, charges
and the exchange rate cost added up. You need to find solutions for reducing
charges and get better
exchange rate.
-
Watch on
companies that claim on offer- fee-free fund transfers as they often manage the
exchange rate to make a profit.
-
The actual
cost of the transfer is nobody knows & it hidden, so the customer should ask how
much FX getting in hand like EUR/JPY, GBP/AED, etc…
-
If you go to banks,
they are expensive and a lot of documentation and procedures to follow. Try with
FX broker or money changer who deal in online and offline forex services.
Send Money Abroad to your Loved Ones in COVID-19 Pandemic
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