Why is it that every time you have to transfer money from India to USA you end up feeling stressed? That’s because whether you opt for wire transfer (SWIFT transfer) or demand draft, most often the process or documentation required is not clear and banks & money changers can unnecessarily make you go back and forth for the same. Charges also vary significantly between different currency exchanger and banks, so a thorough research is required if you want good exchange rates and save money when you send money from India to USA.
Here are some useful tips to transfer money abroad from India to USA the safe and easy way:-
- Forex companies offer better exchange rates than banks – To send money from India to USA it makes sense to opt for a reliable forex company rather than going directly to the bank (the actual transaction is done by the bank) since forex companies get preferential rates from banks for money transfer.
- Some online forex companies offer the best exchange rates – Companies like BookMyForex offer the guaranteed best exchange rates to transfer money from India to USA. We openly claim that if you get better exchange rates from elsewhere, all you have to do is submit a proof of the same with us, so we can make a better offer!
- Freeze the rate online (when it is low) and save big – With BookMyForex you can book an order to send money from India to USA at live rates or freeze the rate that you find suitable for your transaction. You need not visit our website endlessly to know if your desired rate is available. You can simply subscribe to our instant SMS/Call/ Email alerts by clicking on the “Set a Rate Alert” feature and will be intimated when your desired rate is available on the website, so you can freeze it for your transaction.
- Save on remittance charges – Just like the currency exchange rates, remittance charges of banks and different forex companies vary significantly from Rs. 250 to a whopping Rs. 1,500. Only BookMyForex offers the lowest remittance charges of Rs. 200 every time you want to send money from India to USA.
- Corresponding bank charges – In case of a wire transfer most foreign banks that receive the money charge a foreign correspondent fee ranging from USD 10 to USD 40 (roughly INR 600 -2,400), which makes wire transfers an expensive proposition. So unless you need the money to be delivered to the recipient urgently, you can opt for foreign currency demand draft where this fee is not payable. However, it can take upto 10 days for the money to reach the recipient.
Also, as per the recent amendment in the Service Tax Rules, 1994 in the Union Budget 2012, service tax is chargeable at the following rates on the gross amount of foreign currency exchanged with effect from 1st April, 2012 :-
a) 0.1236% of the gross amount of currency exchanged for an amount upto Rs 100,000, subject to the minimum amount of Rs 30.90; and
b) Rs 123.60 and 0.0618% of the gross amount of currency exchanged for an amount of rupees exceeding Rs 100,000 and upto Rs 10,00,000; and
c) Rs 679.80 and 0.01236% of the gross amount of currency exchanged for an amount of rupees exceeding Rs 10,00,000, subject to maximum amount of Rs 6180
We hope these tips come handy the next time you need to transfer money abroad. For further details on how to send money from India to USA, please login @ BookMyForex.com or call @ ☎ 9212219191.