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A Complete Guide To Transfer Money Abroad For Different Purposes

With the ever-evolving global landscape, an increasing number of individuals are embarking on journeys across continents and countries, driven by the pursuit of education, employment opportunities, or the quest for a better place to call home. If you or your family member happen to be one of these individuals, you are likely to be in search of swift and efficient methods to send money abroad for different purposes.

BookMyForex offers excellent international money transfer services for a variety of purposes like University tuition fees, medical expenses for family, maintenance money for your loved ones, and others. Within just 12-48 business hours, you can transfer money to any part of the world conveniently by using the services provided by BookMyForex. 

This guide about international money transfers will give you a clear picture about of how you can transfer money abroad and what are the prerequisites for doing the same.

1. Transfer Money to Close Relatives:

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A photocopy of your PAN card
  • Photo cum address proof of the remitter (Adhaar/Passport/voter card etc)
  • Relationship proof (Passport/marriage certificate etc) which can establish the relationship between the remitter and the beneficiary

Transfer Limit:

The amount you transfer needs to be under USD 250,000 or eqv in a financial year.

Transaction Time:

It takes 12- 48 business hours for the transfer to be completed

List of Close Relatives:

You can Transfer Money Overseas to the below-mentioned persons:

(a) Members of your Hindu undivided family.

(b) Your spouse.

(c) You are related to the beneficiary in any of the manners indicated below:

  1. Father (including stepfather).
  2. Mother (including stepmother).
  3. Son (including stepson).
  4. Son's wife.
  5. Daughter.
  6. Daughter's husband.
  7. Brother (including step-brother).
  8. Sister (including step-sister).

Eligibility:

The Remitter has to be an Indian resident and present in India. The Remitting account should be a savings account of the remitter.

There are a few situations wherein the limit of USD 250,000 or eqv/year can be exceeded.  However, For a higher international fund transfer to your close relatives, you need RBI’s approval. You can get this by submitting all the necessary documents proving the need for extra monetary assistance.

2. Overseas Education

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A photocopy of your PAN card
  • Photo cum address proof of the remitter(Adhaar/Passport/voter card etc)
  • Admission letter given by the college or university abroad
  • Student’s valid passport if the remitter is a close relative of the student
  • Other KYC documents if requested by the service provider

Transfer Limit:

The amount you transfer needs to be under USD 250,000 or eqv in a financial year.

Transaction Time:

It takes 12 - 48 business hours for the transfer to be completed

Eligibility:

  • The individual who sends the money needs to be the student or a close relative of the student. 
  • The student receiving the amount needs to be currently studying or already enrolled in a college or university abroad.

Under special cases, if you wish to increase the limit of the amount per year, you will need to submit a formal request from the concerned university. When you submit the request, ensure that you have included all the relevant details including the Name of the Student, Student ID, and reference number of Admission.

3.Foreign Investment

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A copy of your PAN card
  • 1 year Bank statement or Income Tax Return

Transfer Limit:

The transfer limit of funds for foreign investment is USD 250,000 or eqv per financial year.

Transaction Time:

It takes 12- 48 business hours for the transfer to be completed

Eligibility:

The remitter needs to be an Indian Resident. The remitting account should be a savings account of the remitter.

Although foreign investments can be made by individuals, it is generally an endeavor pursued by corporations or companies who have substantial assets and are on the lookout to extend their reach.

More often than not, foreign investments would require you to submit additional documents apart from the ones mentioned above. If you or your company haven’t had an account with a particular bank for more than a year, you may be required to submit the following documents additionally.

  • An income tax assessment order copy
  • Bank statement copy of the balance period from the previous bank

4. For Emigration

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A copy of your PAN card
  • Photo cum address proof of the remitter(Adhaar/Passport etc)
  • Valid emigration visa

Transfer Limit:

You can transfer up to USD 250,000 or eqv in total in a financial year for emigration.

Transaction Time:

It takes 12- 48 business hours for the transfer to be completed

Eligibility:

If any individual is required to transfer more than the limit of USD 250,000, a proof of estimate needs to be submitted to the RBI for approval

5. For Medical Treatment

Documents Required:

  • A2 cum LRS declaration form - Retail outward remittance application
  • A copy of your PAN card
  • Medical Institute Invoice
  • Photo cum address proof of the remitter(Adhaar/Voter card etc)
  • Patients’ valid passport

Transfer Limit:

For medical treatment, the overall limit for international fund transfer is USD 250,000 or eqv in a financial year

Transaction Time:

It takes 12 - 48 business hours for the transfer to be completed

Eligibility:

The remitter needs to be a Resident Indian. The Remitting account should be a savings account of the remitter.

If an amount greater than USD 250,000 is required to be transferred, you will need to provide a letter from the concerned doctor in India or abroad detailing the estimate of the total cost of the medical treatment

Benefits of using BookMyForex for Outward Remittance:

Best Exchange Rates: The transfer rates displayed 24/7 on BookMyForex are live. You can even lock in the best rate for 3 days using our Book Now & Pay Later feature. BookMyForex also provides the service of notifying you whenever your desired exchange rates are available.

Quick Transfer Speed: Once the documents and funds are received, the transfers take only 12-48 working hours. With absolutely no extra cost, the beneficiary abroad can receive the funds without any delay.

Online Booking Option: The entire remittance process is very convenient when done through BookMyForex as you can easily carry it out online. You no longer have to visit your local bank or any other financial institution when you choose BookMyForex for fund transfer, you can do it from the comfort of your home.

Zero Transfer Fees: All the transfer charges for processing wire transfers are waived off completely when you transfer funds using BookMyForex. Typically, banks may charge around INR 2500 for such transfers, which is not the case with BookMyForex.

Safe & Secure Process: BookMyForex only processes transactions through our reputed partner banks. The platform also adheres to strict regulatory guidelines and uses cutting-edge encryption technology to protect transactions.