International Money Transfer Service FAQs

Start an international money transfer order online, choose the destination currency and amount, and select the purpose of your remittance. Upload the documents required for that purpose and complete the payment from your own Indian bank account. Once your payment and documents are verified, the wire transfer is processed and you can track the status from your BookMyForex account. 

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

• Cash(same-day utilization)
• TOM (To be utilized next working day from the date of booking)
• 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.  

Upon placing an order on bookmyforex.com or on any of our referral partners, such as tripmoney.com or makemytrip.com, you will receive a confirmation email from BookMyForex on the email address you provided during order placement, informing you that your order is confirmed.  

In this email, you will be provided with a "Unique Order Reference Number" along with your order details including the documents you’ll need to submit to complete the order. You can also reach out to our customer support team to get answers to any queries you may have concerning your order.  

Yes. Your order status is visible in your BookMyForex account, and you are notified by email as the transfer moves through document verification and processing. If you need the wire details after the remittance has been sent, our support team can share them against your order reference number. 

The following documents are required: 

• Relationship proof with the beneficiary.
• Identity Proof Govt. issued valid ID with photo & address. Eg: Passport, Driving License, Voters ID
• 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: 

• Only self-declaration is needed if the amount is restricted to USD 5000.
• 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
• Other Related documents Bank statements for one year / IT returns etc
• PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available
• Banks may also seek other 'mandatory' information

The following documents are required: 

• Related documents and self-declaration for investment in real estate/stock
• LRS application-cum-Declaration Form
• Identity Proof Govt. issued valid ID with photo & address. Eg: Passport, Driving License, Voters ID
• Related documents Bank statement for one year / IT returns etc as mentioned above
• PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available
• Banks may also seek other 'mandatory' information

The following documents are required: 

• Confirmed one-way Air ticket
• Original Passport along with the Student Visa
• Prospectus/Offer Letter/Admission Letter in original, thereof giving full details of the course of study, tuition fees payable, etc.
• In case of a person traveling to the USA Form I-20 is required.
• PAN copy for all forex transactions
• The above documents are not required for sending application fees, only a copy of the relevant page of the brochure is needed.

A PAN copy is required for forex transactions where the total value exceeds INR 25,000. Where a PAN is not available, Form 60 or Form 61 may be submitted instead. 

The following are considered to be close relatives: 

• Members of HUF (Hindu Undivided family)
• Husband & Wife
• Father (Provided that the term "Father" includes step-father)
• Mother (Provided that the term "Mother" includes the step-mother)
• Son (Provided that the term "Son" includes the step-son)
• Son's wife
• Daughter
• Daughter's husband
• Brother (Provided that the term "Brother" includes the step-brother)
• Sister (Provided that the term "Sister" includes the step-sister)

" An Indian Resident" is defined in Section 2(v) of FEMA, 1999 as:  

A person residing in India for more than one hundred and eighty-two days during the preceding financial year but does not include:  

1. A person who has gone out of India or who stays outside India, in either case - 

• For taking up employment outside India
• For carrying on outside India a business or vocation
• For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period

2. A person who has come to or stays in India, in either case, except: 

• For taking up employment in India
• For carrying on in India a business or vocation in India
• For any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period
• Any person or body corporate registered or incorporated in India
• An office, branch, or agency in India owned or controlled by a person resident outside India
• An office, branch, or agency outside India owned or controlled by a person resident in India

Under the Liberalised Remittance Scheme, resident individuals including minors can freely remit up to USD 250,000 per financial year (April to March) for any permissible current or capital account transaction, or a combination of both. Anything already remitted under the scheme during that year is deducted from the limit. 

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.  

The scheme does not permit remittances for purposes prohibited under Schedule I or restricted under Schedule II of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, such as lottery tickets, sweepstakes or proscribed magazines. Also barred are margins or margin calls to overseas exchanges or counterparties, the purchase of FCCBs issued by Indian companies in the overseas secondary market, trading in foreign exchange abroad, setting up a company abroad, and remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan, to countries identified by the FATF as non-cooperative, or to individuals and entities flagged by the Reserve Bank as posing a significant risk of terrorism. 

Leisure Travel/ Personal Visit 

This scheme covers travel for vacation, meeting family/ friends, etc.  

Business Travel 

This scheme allows you to buy forex for: 

• International business travel sponsored by firms/companies/organizations in India.
• Participation in International conferences/ seminars that are of a scientific, technical, or educational nature.
• Specialized training/study tours sponsored by institutions or undertaken by professionals like Doctors.

Emigration 

This scheme allows you to buy/ remit forex for permanent relocation overseas  

Education 

This scheme allows you to buy/ remit forex for tuition fees, boarding, maintenance expenses, books, etc.  

Medical Procedure/ Medical Expenses 

This scheme allows you to buy/ remit forex for: 

• Resident Indian going abroad for Medical Treatment/Check Up.
• Resident Indian fell sick after proceeding abroad
• Attendant accompanying patient

Maintenance of a Close Relative Abroad 

This scheme allows you to buy/ remit forex to support a close relative staying abroad.  

Purchase of Real Estate Abroad 

This scheme allows you to buy/ remit forex to purchase property abroad  

Investment in stocks/ Other foreign investments 

This scheme allows you to buy/ remit forex to open a brokerage/ bank account abroad to invest in foreign equities or other financial instruments traded abroad  

Send a Gift or Donation 

This scheme allows you to buy/ remit forex to send a gift abroad or make a donation to an organization abroad  

Personal Transfer to own bank account abroad 

This scheme allows you to transfer money from your Indian bank account to a foreign bank account that is in your name  

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.  

As stipulated by the Government of India, any conversion from one currency to another - sale, encashment & remittance will be charged a GST/SGST on the gross amount of currency exchanged as per the following slabs:  

- 0.18% of the gross amount of currency exchanged for an amount up to Rs 100,000, subject to the minimum amount of Rs 45  

- Rs 180 and 0.09% of the gross amount of currency exchanged for an amount of rupees exceeding Rs 100,000 and up to Rs 10,00,000  

- Rs 990 and 0.018 % of the gross amount of currency exchanged for an amount of rupees exceeding Rs 10,00,000, subject to a maximum of Rs.10,800/-  

Yes, most certainly. Unlike TDS, Tax Collected at Source (TCS) can be adjusted while filing tax returns. Any TCS collected by the service provider will be reflected in Form 26AS. You can view your Form 26AS after logging into the Income Tax portal using your login credentials.  

Yes, if you are an individual taxpayer, you can claim TCS and have it adjusted as an advance tax payment. You can also adjust it against your total income tax liability while filing returns. BookMyForex will share an automated TCS certificate with the customers on their registered email ID, so salaried individuals may be able to adjust the Tax Collected at Source (TCS) from TDS deductions. This is however subject to the employer’s perception of genuine TCS paid and if the same can be verified on the income tax portal.  

Rates of certain products such as currency notes are heavily dependent on demand and supply in the local market. Other products such as forex cards, wire transfers, and demand drafts do not have a physical footprint and therefore they are not dependent on demand and supply in the local market.  

The demand for foreign currency in India generally exceeds the supply and as a result, foreign currency notes are often available at much worse rates than alternatives such as forex cards. At times these products are not available at all. Apart from this, the rates of different products vary since our channel partners provide us with different rates for different products.  

For orders valued up to Rs. 50,000 per traveler, you have the option to pay using the below payment methods as well as cash. If the Order total exceeds Rs. 50,000, you are allowed to use one of the following payment methods only:  

• Online Net-banking, UPI, Debit or Credit card (Subject to availability of respective bank, and any additional charges applicable will be displayed while making order payment)
• NEFT/RTGS/IMPS from own savings account in India (subject to clearance; rates may change in this case)

Orders on www.bookmyforex.com require an advance deposit of 2% of the total order value to freeze the rate for 3 working days. On the last step of order placement, you will be required to make this payment through our secured payment gateway using credit/debit cards or net banking.  

BookMyForex offers the option to lock in the live rates you see on the site for up to three working days and place an order at a fixed rate. This feature allows you to secure your order when you believe the rates are favorable.  

To fix the rates, you will need to either make a full payment while booking the order itself or provide a Rate Guarantee Deposit of 2% of the order value. The deposit will be refunded to the source account once the order is completed. If the order doesn't get completed due to any reason specified in the Cancellation Policy, the cancellation charges will be deducted from the deposit or the full amount paid, whichever is the minimum value of 2% of the order total. You can place a fixed-rate order 24x7.  

"No obligation" means you don't have to pay a single rupee to book the order. However, note that you are also exposing yourself to market fluctuations because, in the case of no-obligation orders, live rates are applied if the rates move more than 0.1% at the time/day of order execution.  

Your online transaction on BookMyForex.com is processed over a secure HTTPS connection and secured with the highest levels of encryption available. All credit card and debit card payments on BookMyForex.com are processed through a secure and trusted payment gateway and your credit card/ debit card/ net-banking info is never stored on our servers.  

Forex orders, where neither the full payment nor the refundable rate guarantee deposit has been paid, can be canceled without any charge. In case a refundable rate guarantee deposit has been received against a forex order to hold the forex rates, canceling the order would result in the forfeiture of the refundable rate guarantee deposit. In case a Forex order is canceled after the full payment against the same is received, BookMyForex would refund the total amount paid after the cancellation fee amounting to 2% of the order total.  

"Pay on Delivery" means you don't have to make any payments until you have received your Forex products. You can choose the "no-obligation order" option on the BookMyForex.com website to opt for pay-on-delivery.