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
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