Q1. What are the money transferring options that are not best for Indians?

Foreign Currency Demand Draft/Cheque: Cheque/Demand Draft is the slowest method for sending money abroad or even within a country. The Demand Draft or Cheque will travel for days and even weeks before the recipient is able to receive it or cash it. You can try this method if you have unlimited time in your hand. Though this is one of the safest money transferring methods. Money exchangers: They are fast but very expensive and not entirely reliable or secure.

Q2. What are the money transferring ways that are best for Indians?

Online Forex Companies like BookMyForex: Fast, safe, reliable, and secure. Zero charges, no hidden costs, and better rates than anyone else. Wire Transfer via banks: Wire transfers are direct bank to bank transfers where money from an Indian bank account is directly transferred to your beneficiary’s bank account abroad. Wire transfers from India are the best and most convenient way to transfer money abroad.

Q3. Can I use a money exchanger to Transfer Money Abroad?

No, you should not because of following reasons: Fees: these services can be fast, but expensive especially high for smaller amounts They are not as safe as Banks or online forex platforms like BookMyForex

Q4. What is the cost to Transfer Money Abroad?

The costs are in three parts: Foreign exchange rates What the company will charge you for sending money abroad. The receiving Bank’s charges. Companies like BookMyForex give you guaranteed best rates. If you find a better rate quote, we promise to beat that rate.

Q5. What documents or details do you need to transfer money via bank?

You need the following documents and details: Recipient’s International Bank Account Number (IBAN) and Bank Identifier Code (BIC) IBAN and BIC from your own bank account. You have to present a valid identification document (passport, voter ID card, driver’s license or proof of possession of Aadhaar number) along with your PAN card

Q6. What documents or details do you need to transfer money via Bookmyforex?

You need the following documents and details: Original and valid passport Valid visa for the country of travel (except where VISA on arrival applies) Confirmed ticket-showing travel within 60 days of taking foreign exchange PAN (Form 60/61 in case PAN missing) Apart from this KYC of sponsoring company would be required as per RBI guidelines

Q7. What are the Alternative ways to Transfer Money Abroad?

For many purchases and payments, buying a Forex Card from BookMyForex is a convenient alternative to money transfers. You get following benefits: Best rates (If you can find a better rate, BookMyForex promises to beat that rate) Best customer support, available 24×7 on every medium (FB/Twitter/Call/Email) There are no foreign transaction fees, There are no charges or fees In a case of an emergency, BookMyForex will arrange for an emergency cash

Bhawna Nijhawan, Author at Blog-Best Foreign Exchange

Bhawna Nijhawan

Bhawna Nijhawan is the Content Manager at BookMyForex and the go-to person for creating engaging, informative content that resonates with the platform’s diverse audience. With over 8 years of experience in content writing and more than 4 years in the forex industry, she knows exactly how to simplify complex forex topics into something everyone can relate to.