International Money Transfer Service FAQs

BookMyForex does not charge anything other than a bank fee of Rs. 225 + GST. Every now and then, the platform rolls out promotional offers and waives off the transfer fees. Foreign banks may apply additional charges to receive the remittance in the beneficiary account. 

These charges are generally charged by Intermediary & beneficiary banks and are referred to as Intermediary charges or NOSTRO Charges. The quantum of these charges cannot be determined at the time of sending the remittance and may also vary based on the transaction size. Please do contact our support center for additional details.

Remittances have specific utilization restrictions. You can book your remittances/DD under the following categories: 

1. Cash(same-day utilization)

2. TOM (To be utilized next working day from the date of booking) 

3. SPOT(To be utilized on 3rd working day from the date of booking) 

If a deal is booked under any of the above categories, you need to complete all formalities within this period & preferably before the utilization date. Please note that the utilization date can't be changed once remittance/DD is booked. Any change requested may lead to cancellation.

In general, as a reliable and recognized forex service provider, BookMyForex strives to facilitate a prompt and efficient transfer, which can take time up to 12 to 48 hours.

The following documents are required: 

1. Relationship proof with the beneficiary.

2. Identity Proof Govt. issued valid ID with photo & address. Eg: Passport, Driving License, Voters ID

3. PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available

The following documents are required: 

1. Only self-declaration is needed if the amount is restricted to USD 5000. 

2. Beyond that amount, an LRS application-cum-Declaration Form, Govt. issued valid ID along with photo & address proof may be required. Eg: Passport, Driving License, Voter ID

3. Other Related documents Bank statements for one year / IT returns etc 

4. PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available

5. Banks may also seek other 'mandatory' information

The following documents are required: 

1. Related documents and self-declaration for investment in real estate/stock

2. LRS application-cum-Declaration Form

3. Identity Proof Govt. issued valid ID with photo & address. Eg: Passport, Driving License, Voters ID

4. Related documents Bank statement for one year / IT returns etc as mentioned above

5. PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available

6. Banks may also seek other 'mandatory' information

Residents Indians are allowed to remit up to USD 2,50,000 per annum. If an individual remits any amount under the Liberalized Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.

Yes, Under the Liberalized  Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April to March) for any permissible current or capital account transaction or a combination of both that includes investment in overseas stocks, shares, and property. 

Under the Scheme, resident individuals can acquire and hold immovable property or shares, debt instruments, or any other assets outside India, without prior approval of the Reserve Bank. Individuals can also open, maintain, and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the Scheme. 

However, the following items are prohibited under the Scheme:

i) Remittance for any purpose specifically prohibited under Schedule I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000;

ii) Remittance from India for margins or margin calls to overseas exchanges / overseas counter-party

iii) Remittances for the purchase of FCCBs issued by Indian companies in the overseas secondary market

iv) Remittance for trading in foreign exchange abroad

v) Remittance by a resident individual for setting up a company abroad

vi) Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan

vii) Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as non-co-operative countries and territories, from time to time

viii) Remittances directly or indirectly to those individuals and entities identified as posing a significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.

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