Top reasons to send money abroad

Here are several reasons why people usually transfer money abroad.

 

· To support family and friends financially

Many people send money internationally to support their loved ones financially. Reasons can be to cover expenses, pay bills, or provide financial assistance in an emergency.

 

· To make purchases or pay for services

People may send money internationally to make purchases or pay for services, such as buying property or paying for education or medical treatment.

 

· To invest in foreign markets

Some people send money to invest in foreign markets or buy assets like stocks or real estate.

 

· To pay for international travel

Travelers may send money abroad to pay for flights, accommodation, and other expenses related to international travel.

 

· To send fees to a foreign university

Indian Students who take admission in foreign university need to send course fees. They may also need continuous support from their parents during the tenure of the course.

 

· To pay for goods or services received from abroad

People may send money abroad to pay for goods or services that they have received from abroad, such as online purchases or consulting fees.

 

· To make charitable donations or gifts

Some people send money internationally to make charitable donations to organizations or causes they support.

 

· To pay off debt

Some people send money internationally to pay off debt, such as student loans or credit card balances.

 

· To transfer money between accounts

People may send money internationally to transfer money between their accounts in different countries.

 

· To facilitate international business

Businesses will choose international money transfer to pay for goods and services, to make investments, or to transfer funds between their accounts in different countries. 

Things to keep in mind while sending money Abroad

 There are several things to keep in mind while sending money abroad:

* Fees and exchange rates: Different methods of international money transfer have different fees and exchange rates. It is important to compare fees and exchange rates thoroughly

* Transfer limits: Some methods of international money transfer from India have limits on the amount of money you can send in a single transaction or over a certain period. Make sure that the method you choose allows you to send the desired amount of money.

* Recipient details: Ensure you have the correct recipient details, such as their bank account number, routing number, and other relevant information. Mistakes in these details can cause delays or even result in the money getting sent to the wrong person.

* Transfer time: Consider how long it will take for the money to get transferred. Some methods, such as bank wire transfers, can take several days, while others, such as online money transfer services, can be much faster.

* Security: Be careful to protect your personal and financial information when transferring money internationally. Use reputable providers and take steps to secure your account, such as using strong passwords and enabling two-factor authentication.

* Regulations and restrictions: Some countries have restrictions on international money transfers, and some money transfer methods may not be available in all countries. Ensure you understand any regulations or restrictions that may apply to your transfer.

* Taxes: In some cases, you may have to pay taxes on international money transfers from India. Ensure you understand any tax implications that may apply to your transfer.

Can I send money overseas from India?

 

One can definitely send money overseas from India following the guidelines under FEMA by RBI.

The rules are broadly based on the residential status of the remitter and its purpose.

Business-related transactions relating to the import and export of goods and services are restricted to be handled only by Authorised Banks.

With the introduction of Liberalised Remittance Scheme on February 4th,2004, GOI has allowed the general public to transfer money abroad for permitted current or capital account transactions.

Presently residents of India are allowed to remit money up to USD 2.5 lakhs or equivalent per financial year.

We, Orient Exchange, have been granted an AD-Cat II license and have been permitted to facilitate outward remittances for 17 specified purposes.

Send money abroad through us to your loved ones at much better rates than banks.

 Sending Money Abroad is now easy with the availability of a lot of online platforms.

People are transferring money from India to UK for various reasons:

It may be to pay University fees

To send gift money to close relatives

Hospital expenses

and more reasons are there..

What are various modes of transfer?

You can do international money transfer through RBI Authorized dealers like Orient Exchange, they provide a wire transfer facility and is the safest mode of money transfer.

You can transfer through agents likewise, western union, and others

You can also transfer money through Banks

Which is the Cheapest way?

Compare to all agents and banks, RBI Authorized dealers like Orient exchange provides the best exchange rate to send money overseas

Sending Money Abroad is now Easy with Authorized Dealers

Sending money abroad was a pretty challenging task year ago because it wasn't as easy as it is today and required so much paperwork. Today, with the help of authorized dealers, you can send money abroad to anyone without many formalities. The authorized dealers who ensure to send the money abroad are permitted by RBI itself.

The authorized dealers are eligible to send money abroad for a certain number of purposes and that too under the supervision of RBI. One of the highly authorized dealers that ensure safe and easy international money transfer is Orient Exchange. They just go through a simple process followed by certain documentation to send the money overseas.

Can I send Money Overseas from India?

 

One can definitely send money Overseas from India following the guidelines under FEMA by RBI. The rules are broadly based on the residential status of the remitter and its purpose. Business-related transactions relating to the import and export of goods and services are restricted to be handled only by Authorized Banks. With the introduction of Liberalized Remittance Scheme on February 4th,2004, GOI has allowed the general public to transfer money internationally for permitted current or capital account transactions. Presently residents of India are allowed to remit money up to USD 2.5 lakh or equivalent per financial year.

Making Global remittance fast, cost-effective and accessible

 

Small economies all across the world have been supported by international money transfer services. In a technical sense, it's a transfer of funds from one party to another. It is extremely straightforward to send the money, even though it is not as simple as just pulling out your wallet and handing them a note. With the help of a foreign money transfer, you may effortlessly send money to cover your child's schooling, living costs, or even college travels.

                Foreign remittance includes outward and inward remittance. Outward remittances' top benefits include being rapid, dependable, and safe. The low likelihood of fraud or theft is due to the fact that transactions are performed over a secure banking network. Transferring money overseas can be done safely using this method. An outward remittance is an excellent approach to guarantee that all the invoices are paid back home if you run a multinational firm. Additionally, it can assist a person in receiving medical care or furthering their education in another nation.

               To Send money Overseas, senders set aside a percentage of their salary. Finally, they send the funds. International wire transfers or money transfer services are typically used to send payments. The recipient then employs the funds to pay for food, clothing, and other household expenditures. You can transfer money utilizing a provider that focuses on both domestic and international transactions. Make sure the money transfer service you're thinking about is registered with the appropriate financial authorities in the nation where it operates and that it uses secure encryption techniques to protect your money.

             A majority of RBI-authorized businesses that are based on the FEMA Act provide the best money exchange services for the benefit of their clients. Their app enables you to remit money to another nation. These electronic services transfer money swiftly, frequently in less than a day. You have to consider other factors also like hidden fees, transaction limits, etc. Moreover, money exchangers provide the fastest and safest methods of payment to send money overseas. Feel free to make use of them.

Living Cost of Studying in the UK for Indian Students

 

The monthly living expenditure in the UK for Indian students is approximately range between 1000 GBP to 1500GBP depending on the place of an individual and other factors.

The living cost can be divided as follow

 Accommodation

Most of the Universities in the UK offer on-campus residence to students and there is much private housing available for students with no on-campus facility.

 University Accommodation – For Indian and other international students, these types of accommodation facilities are known as Halls of Residence with options of self-catering or full board options.

Halls are known to minimize the cost of living in the UK for Indian students as they are more cost-effective and affordable than other housing options.

Cost for Halls of Residence – GBP 400 – GBP 600 per month

Private Accommodation – An individual has the option of renting a room or opting for a paid guest facility. The university’s accommodation office can help you find accommodation if you are having trouble finding one yourself.

 The cost of private accommodations substantially varies depending on whether the accommodation is in London or outside the city, as London is the most expensive city in the United Kingdom.

Private apartments – GBP 800 – GBP 1000 per month.

 How to receive an amount from India?

The Digital era has created much more convenient modes to send money overseas from India.

Among them, wire transfer is the best way of transfer money from India to the UK.

Wire Transfer to send money to Canada from India

 

Wire transfer is a method of transferring electronic money from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office.

 How to use a wire transfer to send money to Canada?

To transfer money from India to Canada, one needs to get GIC(Guaranteed Investment Certificate) Account.

 Wire transfer Cost?

Wire transfer is chargeable, the sender and receiver both will have to pay some amount depending on the banks or financial institution.

Orient Exchange offers a safe and fastest mode of wire transfer to send money abroad.

What is the limit for outward remittance from India to US for an NRI?

Outward Remittance basically means sending money abroad with specified rules mentioned in FEMA. Knowing the limit for outward remittance completely depends on to whom you are sending money. 

Whether you are remitting from an NRO account or to an NRE account. From the NRE account, there is no limit on repatriation and the whole balance can be repatriated. 

From an NRO account, an NRO can send up to 1 million USD from India to the USA or outside Inda. There are certain procedures are involving while transferring money from India to USA. 

Where to transfer Money? 

There are many online platforms available to Transfer money from India to USA. 

You can choose the Orient Exchange platform to Send Money Abroad for convenient transfer of money  

How to make GIC payment/ transfer to GIC account

 

  Canada currently ranks first among students from India who wish to study abroad. Canada's straightforward immigration regulations, friendly native population, and friendly government are the main contributors to this.

After completing a degree program in Canada, there are many opportunities to pursue a successful career in a developed country. Students looking to study in Canada have long questioned GIC payments. To resolve the conflict, many people are looking for mediators and other tools.

You absolutely must educate yourself on the Canada GIC and how it operates before making a hurried choice to Send Money Abroad. Utilize all of your resources to conduct a little online study so you may advance with confidence and learn more.

           To make a money transfer to a Canadian account the student must open a GIC Account through a Canadian bank and deposit the necessary funds to meet their living expenses for a whole year. This account functions more like savings account with a fixed balance that is available to anyone who meets the requirements. Each month, the student would receive a sum equal to their proportionate share of living and educational expenses, interest included.

           The whole process could be done by making contact with one of the leading service providers that provide reliable services close to your area, but make sure the agent is allowed to give this service by the Reserve Bank of India. Send an international money transfer request to Canada for GIC payments then submit all of your required KYC documents to start the money transfer. You can immediately transfer the money once the KYC has been confirmed.

Your money is now being wired. The credit will be applied to your GIC account during the next 48 business hours. Before moving forward, examine exchange rates and select the most advantageous one using their web platform.

How to send money to Foreign university bank accounts in India.

 

The most exciting experience in life is studying abroad. The majority of Indian parents take great pride in the idea of sending their child to a prestigious overseas university, and they take great care in preparing and budgeting for this.

Finances are a key component of studying abroad, in addition to achieving a high grade and being capable of handling the pressure of being among some of the brightest students on the planet.

To have a flawless experience while studying abroad, foreign payments for tuition, boarding, and accommodation, as well as other costs, are essential.

                It's no longer difficult to send money abroad for your loved ones living in abroad. Remittance of overseas university fees is carried out through demand draught, a wire transfer, forex card in just a few minutes thanks to the development of new-age technology-supported currency exchange marketplaces.

 To send money overseas for paying university fees, use a wire transfer.  It is simple,  secure and one of the most widely used ways for students to pay their tuition.

You must pay a fee when making wire transfers, but if you use money exchangers, the fee may be significantly lower, resulting in significant cost savings.

Before transferring money, it is best to double-check the fluctuation of currency rates with your service provider. Use their online portal to view the live exchange rates in your locality.

               Create a rate goal for yourself, then transfer when you achieve it. This will ensure that you always get the greatest deals. It can be completed in as little as 24 hours, which is a major benefit of a Wire transfer.

 If the university accepts this method of payment, you can rapidly pay the fees because the process is safe. Both the sender and the recipient should be unconcerned because the entire process is transparent and clear.

3 Ways to transfer money to abroad from India

Traveling across the world and exploring abroad education made Outward remittance or sending money abroad becomes common practice in India.

People transfer money abroad from India for several reasons may it be buying or renting a property, paying tuition or college fees, booking a vacation abroad, or gift support money to friends and relatives.

But how to transfer money abroad from India?

Depending on purposes the mode of transferring money may vary.

Here is a simple guide to transferring money from India to any other country:

Bank Draft and Cashier Check:

  This method is an ideal way to send money abroad. Bank Draft or Demand Draft is easily available at all banks.

The drafts and cheques are traceable in case of theft or lost in abroad and make one of the most reliable money transfers internationally from India.

Online Money Transfer:

In the modern era, online money transfer makes the easiest and most convenient way to transfer money internationally.

 The majority of Indians use this mode of transfer to transfer money.

Wire transfer:

This has emerged as the latest mode of Money transfer. Many Financial institutions available in the market opted for online wire transfers to send money overseas.

 Among them one of the most trusted online platforms is Orient Exchange, here you can buy or sell currency, send money abroad or you can purchase travel/Forex cards at a reasonable exchange rate.

End Note:

In today’s world with emerging technologies there is no longer limited options available to you to make money transfer internationally.

Choosing suitable mode and verifying the details is key to the successful transfer of money abroad.