With more and more people travelling/studying/migrating/seeking medical treatment abroad, there is an ever-increasing need to send money transfer from India. If you are looking for ways to transfer money abroad, here are some important points that will help you:
Ways to transfer money
You can either send money transfer from India through a wire transfer or settle for a demand draft. Though wire transfer is a quick and secure way to remit funds from India it is expensive as compared to a Demand Draft because other than the remittance charges that you pay to the home bank you also have to pay a fee of USD 10 to USD 40 to the foreign bank. This exorbitant fee is not payable in case of demand drafts. However, with demand drafts there can be a time lag of upto 10 days for the recipient to receive the funds.
Money transfer can be done if you need to send money to a close relative settled abroad, pay the college fee of your child or do a business transaction requiring you to send money transfer from India. You may also want to remit funds from India for medical expenses, or if you have taken up a job in a foreign land. The philanthropic Indian may also want to send a donation to an organization abroad through wire transfer from India.
The RBI entitles Indians to remit funds from India (per annum) up to:
- US$ 100,000 for education
- US$ 100,000 for a medical patient and US$ 25,000 for any accompanying attendant
- USD 125,000 as gifts/donations
- USD 100,000 for maintenance of a close relative abroad
First of all, it’s is important to note if you decide to send a wire transfer from India through a bank, you will need to have an account there as a prerequisite. Moreover, not all branches of banks are forex branches so finding one in your vicinity may not be easy.
On the other hand, since we are an online forex company, you can place an order with us anytime irrespective of your location. Also, if you choose us to send a wire transfer from India you don’t have to worry about having a bank account with our partner banks. Your order will be processed anyway!
Not just this, we offer the guaranteed best ‘live rates’ (2%-5% better than ‘daily rates’ offered by competitors). Our remittance charges are also the lowest you can get (Rs. 200 viz. a viz. Rs. 1,000-1,500 charged by others). We even complete your wire transfer from India within 24 hours!
The documents required to send money transfer from India are clearly mentioned on our website to minimize any ambiguity or delay.
Additionally, if you have any sort of confusing regarding best instrument to send money transfer to your son/daughter studying abroad or if you are immigrating and are confused on how to carry your money, do seek advise from us. Our Forex Experts will be happy to help…Just call @ +91-9212219191. BookMyForex.com will be your best bet for money remittance from India!
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