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.