How To Do A Money Transfer From India to USA? All Explained here…
Transfer Money from India to the USA under RBI guidelines
Since RBI updated the outward remittance laws which come under the “Liberalised Remittance Scheme” laws have made it easier. The laws are very strict. RBI, India’s central bank, and regulatory authority likes to keep a close check on inflation and other factors that affect the country’s economy. The RBI also helps to keep a check on any illegal money transfer from India. RBI has to be aware that when anyone does a transfer money from India to the USA it is not black money being parked abroad or ‘hawala’ channels being used for illegal activities.
In such a situation, how can you fulfill the monetary requirements of your family or friends living abroad and transfer money from India to the USA? Most people who want to transfer money from India to the USA for the first time and may need to do so in the future are of the opinion that they can use the services of Western Union, when the need arises. You can use the Western Union and MoneyGram to transfer money from other countries to India and NOT to transfer money from India to the USA.
Wire Money Transfer From India to USA
You can always approach your bank, which is the right way. You can use the services that banks offer like
–Wire Transfer (Swift Transfers)
–Demand Drafts (money orders)
In fact, these are the only legitimate ways to transfer money from India to the USA.
Wire-transfer is the easiest and best way to transfer money from India to the USA. Though wire transfers are actually done by banks, it is cheaper to use the services of companies since like BookMyForex. These online marketplaces will get you a better rate than banks. However, wire-transfers can be expensive. As Banks in India charge anywhere from Rs. 500 to Rs. 1000 to process it. Moreover, most foreign banks that receive the money also charge a foreign correspondent fee ranging from USD 10 to USD 40.
Challenges at Banks for Customers
Banks have their own rules when it comes to doing wire-transfers to transfer money from India to the USA. Most banks process foreign remittances and wire transfers from very few branches. Most of these branches turn away customers unless they have an account with the bank. Much to the customer’s plight, the staff at most banks is not adequately trained on how to do wire-transfers and many banks don’t even have the necessary systems in place. Even basic knowledge regarding the documentation required is lacking. Different branches of a single bank lack the consistency regarding rules of wire transfer. Things couldn’t be worse than this.
Demand Drafts to Transfer Money from India to the USA
You can send money to the US through foreign currency demand drafts. Demand Drafts are physical paper drafts, issued in a specific foreign currency instead of a sending to a specific recipient. Demand drafts are much cheaper than wire-transfers. You have to pay just the demand draft fee to your bank or service provider. There is no need to pay any fee to the foreign bank receiving the money. This helps you save a lot.
However, the problem with demand drafts is that the process takes much longer to transfer money. It can take longer for the recipient to receive the money because you have to mail the demand draft physically. Once they receive it, it takes few days to en-cash the demand draft. The total number of days combined creates a large gap (maximum up to 10 days) in actually receiving the funds. So demand drafts work out better if there is no emergency. If you need to transfer money from India to the USA on a planned basis with sufficient notice, use demand drafts.
Using an online money transfer service to Transfer Money Abroad like BookMyForex
BookMyForex.com allows you to book an international money transfer order online. A quick 5-minute order booking process is all it takes to book an order to transfer money from India to another country. Whether you need to send money from India for educational expenses abroad, maintenance of loved ones, medical treatment of family members, foreign investments or as a gift or donation, BookMyForex will fit your need.
Pros & Cons
—Extremely competitive rates – If you can find a better rate, we promise to beat it
—There are no hidden charges.
—Using an Online Service like BookMyForex is 100% safe, secure and reliable.
—Fast- It takes 12-48 business hours for the funds to reflect in beneficiary’s account
—Visit online from anywhere, anytime
Alternative ways to Transfer Money Abroad:
For many purchases and payments, Forex Card is a convenient alternative to money transfers. You get:
→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)
→Free monthly 3 ATM withdrawals,
→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.
The BookMyForex Advantage
Smarter, Faster & Most Trusted Way to Transfer Money from India
No Hidden Fees. No Add On Charges. Lowest Rates, Guaranteed!
Send Money Abroad from India at the lowest possible rates.
Best Rate Guarantee – Find us a BETTER RATE & we’ll beat it.
Fastest Transfers – Book your order online and have your transfer processed in the next 12 – 48 business hours.
Book At Live Market Rates
Live and transparent transfer rates displayed 24×7. Options to lock-in your rate for as much as 3 days. Rate alerts to notify you when your desired rates are available.
Fastest Transfer Processing Times
All transfers are processed within 24 working hours after receipt of the funds & documents. Funds received by the beneficiary abroad within 24 hours at no extra cost.
Doorstep Document Pick Up
Book your order online and schedule a document pick up. We will pick up the documents from your home/ office at absolutely zero cost. Alternatively, you can visit a bank branch to submit your documents.
Zero Transfer Charges
BookMyForex waives off all sending charges associated with processing wire transfers. While banks typically charge between Rs. 500 – Rs. 2,500, with BookMyForex you pay absolutely ZERO.
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