Transfer Money Abroad – Step by Step Guide from India 2017!
Transferring money abroad from India is now easy. There was not much clarity among the common masses on how to transfer money abroad. Should they do it online or visit a branch of their bank?
Since 2015, when RBI revised the LRS guidelines, a fierce competition started among banks and money exchangers to provide seamless processes on outward remittance. BookMyForex had started the process of outward remittance through online in 2012. With BookMyForex, you can Transfer Money Abroad from India for educational expenses, maintenance of loved ones, medical treatment of family members, foreign investments or as a gift or donation. You can do this online from the comforts of your home.
There are many ways to send money abroad either through banks, money exchangers or online marketplaces for foreign exchange like BookMyForex.
Below is the step wise guide to help you choose the best option to Transfer Money Abroad:
Step 1 – Look at your options
There are two main options to Transfer Money Abroad:
—Wire Transfer– 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.
—Foreign Currency Demand Draft- A secure and hassle-free way of transferring money. Foreign currency demand drafts are physical paper drafts that can be carried physically internationally or couriered/mailed to a beneficiary abroad. Demand drafts are perfect for things such as applications to colleges, tenders, school fees among other things
Step 2- Through which Company
—Banks: Banks are safe and convenient but the charges are high.
—Money exchangers: They are fast but very expensive and not entirely reliable or secure.
—Online Forex Companies like BookMyForex- Fast, safe, reliable, and secure. Zero charges, no hidden costs, and better rates than anyone else.
Step 3 – How much will it 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.
Step 4 – Confirm all the details
You will need to confirm whether the Bank or Money Exchanger you are transferring money abroad through can handle the amount you want to transfer and in the time frame you want. When you transfer a lot of money abroad, it’s good to know you’re protected. Always confirm whether RBI has authorized the money exchanger to carry out your money transfer. Make sure you keep all the paperwork and receipts in case something goes wrong. If possible, make sure you get this in writing (by post or email).
To get more details on your other options for international money transfers read our guide below.
Using your bank to Transfer Money Abroad
Your bank is always able to transfer money and is a safe and convenient way to send money overseas.
Pros and cons
—Easy to arrange – your bank will guide you through the process and you might even be able to make transfers from your mobile phone.
—Convenient – Banks have their branches in every city and town.
—Safe and secure.
—You may not get the desired foreign exchange rate.
—Banks charge a fee which can be up to 5% at times.
—Not the fastest option, takes 4-6 business days.
What you’ll need
—Recipient’s International Bank Account Number (IBAN) and Bank Identifier Code (BIC)
—IBAN and BIC from your own bank account.
Using a money exchanger to Transfer Money Abroad
Some have high street branches, many offer online services
Pros and cons
—The range of services – some offer instant cash for your recipient, others can transfer money directly into a bank account.
—Easy set-up – you don’t usually need an account. For smaller amounts, you might not even need identification.
—Fees: these services can be fast, but expensive especially high for smaller amounts
—The exchange rates can vary daily and according to currency, so make sure you compare costs on the day you plan to send the money. You can often do this online.
—They are not as safe as Banks.
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.
Get the Guaranteed best exchang rates to transfer Money Abroad with BookMyForex