International Money Transfer from India tips:

Indian nationals can send money abroad within the ambit of laws made by RBI such Foreign Exchange Management Act [1999].

Where I can transfer money internationally?

RBI has given licenses to a few financial organizations to carry out money transfer activities and these organizations made money transfer easy by giving online modes of money transfer.

One can easily send money overseas by visiting a physical store or their website.

What is the limit?

One can send 2.5 lacks USD or the equivalent of any other currency from India to any other nation.

For which purposes one can transfer money abroad?

One can transfer money abroad for the following purposes:

Education: students who are studying abroad can take advantage of online platforms to pay their university fees/tuition fees.

Medical: One can send money abroad for the treatment of relatives or friends.

Family Maintenance: Large number People of in India are settled in other countries, and family members in India can send money to their relatives for maintenance.

Visa fee: Indian nationals who are staying abroad need visa renewal, they can take advantage of online platforms like orient exchange o receive money from India.

What to look for while transferring money abroad?

Exchange Rate: Always research live exchange rates while transferring money abroad, and look for the best exchange rate in the market.

Secured: Look for secured payment systems such as wire transfer or convera payment which is offered by a few companies like Orient Exchange

Other offers: Look for great deals with money transfer agencies.

For example, Orient Exchange gives options to freeze the rate for 48 hours by paying 2% advance payment and Zero Inter Bank rate.

Conclusion:

Forex Purchase and International Money transfer usually looks complex, but Money changers like orient exchange made it easy by giving secured payment, digital transfer, well infrastructure, and many more

 

Know about Remittance and Currency Exchange

What is Remittance?

Sending or receiving money from one country to another country, within the specific laws.

For instance, If you are in India, there are laws for remittance such as Foreign Exchange Management Act 1999 in which RBI gives guidelines for sending/receiving money.

There are two types of remittance:

Inward Remittance: Here Indian nationals can receive money from other countries.

Outward Remittance: Here Indian nationals can send money abroad.

But

RBI put a limit on International money transfer from India by introducing a scheme called LRS[Liberalized Remittance scheme] in which individuals can transfer money up to 2.5L USD.

Let me come to the point..!

How are Remittance and currency exchange carried out and how?

RBI gives 2 types of licenses such as AD1 and AD2 for banks and other financial institutions.

Banks mainly carry out remittance, whereas Financial Institutions carry out both Remittance and currency exchange.

Banks will have a large sum of forex in order to carry out these services and other end financial institutions bring large sums of foreign exchange from other countries.

Let me clarify in detail.

I will take financial institutions such as Orient exchange, which carries out Currency exchange, Remittance, and forex cards.

How carry out these services?

They have Physical offices across India, and one can directly visit to their office with the proper documents for their service.

Another Option is you can book online by uploading all the documents to get the service.

All these operations are carried out in a secure way with proper care taken.

How to transfer money from India to USA Safely

Want to send money to the USA faster?

Here are some tips:

What to know before sending Money Abroad?

Before sending money abroad, you must know what is the purpose and to whom you are sending money.

If you want to send money through a remittance agency, you must have the documents needed by that agency

Then What are the purposes?

There are various purposes given by RBI for International Money Transfer from India, such as Education, medical expenses, visa fee, film shooting, family maintenance, etc.

Where i can find a Fast and secure International Money transfer from India to USA?

Wire transfer is the facility where you can transfer money internationally faster and most secure way.

RBI has given licenses to only a few financial organizations to carry out wire transfer.

One of the organization I trusted is Orient Exchange..!

Where you can get best exchange rate, you can freeze the rate for 2 days, and also this organization provides a VKYC facility where the verification of your documents is done through video call.

Here is the link you can Send Money Abroad from Orient Exchange..!