Since the arrival of the digital age, banking services have become far more convenient than ever. You can transfer money by visiting your bank or through online channels to Indian and foreign bank accounts. However, sending funds from India to a foreign country typically involves several government restrictions. There is also a tighter control when it comes to foreign exchange. This is why it is important to be aware of the rules and restrictions laid down by the government with regards to international fund transfers.
How to transfer money abroad?
There are 4 different ways in which you can make international money transfers from India. You need to select any one of the below mentioned remittance methods to transfer funds:
- Visit your bank and fill the fund transfer application form
Visit the bank with which you have an existing bank account and fill the money remittance application form. You can transfer funds abroad even if you don’t have an account with a particular bank. You must choose the wire transfer or the foreign currency demand draft method of transferring funds from India. Whether or not you have an account with the bank, you need to show some important documents to authenticate the transaction. These include your passport, beneficiary information and account number for transferring funds, purpose for remittance (for instance, school fees for children) along with the invoice. Finally, you must provide details of the account from which you wish to make the fund transfer.
- Select an online banking service
Today, most banks allow you to send money online; whether it is to accounts in Indian or foreign banks. If your bank, offers this service, you can easily send funds abroad. All you have to do is log into your internet banking account and look for the “remittance” or “transfer” tab. You need to enter the beneficiary’s information in your online account and set up the beneficiary account. You must enter the beneficiary’s account number, bank name, bank branch, IFSC code etc. Even in case of online transfers, you may be required to provide purpose of remittance and the invoice details.
- Transfer funds via third-party services
Apart from banking services, you can also consider third-party transfer services to send funds abroad. You can choose from a wide range of third-party options to transfer funds from India but the most popular ones include PayPal, Western Union Money Transfer, Money2World and Book My Forex. If you don’t have an account with a specific bank and wish to send funds abroad; your chosen bank serves as the third party service provider. However, you can only transfer a maximum of USD $25,000 per month. You must provide your identity and nationality proof document i.e. your passport and beneficiary details as mentioned above. However, if you opt for third-party services, you may have to wait for 24 hours to make the international money transfer.
- Send funds in international currencies
You can also opt to send money in international currencies like Pounds, Euros and dollars since outward remittances in INR are subject to several restrictions as compared to foreign currencies. You can get international currency from banks as well as foreign exchange (forex) service providers and send money online through wire transfers or through cheques. Once again, you need to provide all the necessary information such as beneficiary account details, purpose of remittance, etc.
So, whether you need to send money for your children’s school fees, mortgage payments overseas, buying or selling property or paying bills, you can make international money transfers using any of the above mentioned methods.