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 of how you can transfer money abroad and what the prerequisites are 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 (Aadhaar/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 equivalent 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:
- Father (including stepfather)
- Mother (including stepmother)
- Son (including stepson)
- Son's wife
- Daughter
- Daughter's husband
- Brother (including step-brother)
- 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 equivalent per year can be exceeded. However, for a higher international fund transfer to your close relatives, you need the 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 (Aadhaar/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 equivalent 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 equivalent 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 endeavour 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 (Aadhaar/Passport etc.)
- Valid emigration visa
Transfer Limit:
You can transfer up to USD 250,000 or equivalent 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 (Aadhaar/Voter card etc.)
- Patient's valid passport
Transfer Limit:
For medical treatment, the overall limit for international fund transfer is USD 250,000 or equivalent 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.