Send Money From India to Sri Lanka With Bookmyforex
Are you looking for a hassle-free way to transfer money from India to Sri Lanka? Then you are in the right place. Bookmyforex is India’s first and largest forex marketplace for all kinds of forex requirements like wire transfers, currency notes, prepaid travel cards, traveller’s cheques and demand drafts. Moreover, it is authorized and regulated by the RBI.
With Bookmyforex, there is absolutely no need to visit in person to carry out the formalities to transfer money to Sri Lanka. You only have to go to the website or download the mobile app, fill in the details and rest assured to receive a call from our forex specialists. The experts will then guide you step by step through the process of transferring money.
It only takes 12 to 48 business hours for the money transfer process. You will always be paying way less than what you would have to pay if you visit a bank for the same. Not to forget, Bookmyforex offers full transparency with no hidden charges so you will be able to see the payment details at each step. One of the best features is that you can freeze currency rates to escape market volatility.
To understand in detail the process of transferring money, you will first need to know about remittance. When a money transfer is done between two different individuals or parties using a money exchange, bank or an online platform like Bookmyforex, it is called remittance.
Remittance can be either inward or outward. Inward remittance is when you send money to India from any foreign country and outward is when you send money from India to another country.
Ways to send money from India to Sri Lanka
There are two ways by which you can send money abroad.
Wire transfer:
Wire transfers or swift transfers are the easiest and simplest way to transfer money from India to Sri Lanka. In wire transfer, money is sent directly from your bank account to the beneficiary's international bank account. Indian banks charge anything from INR 500 to 1000 to process these transactions. Similarly, you will have to pay commissions to their foreign counterparts which can be approx US$10 to US$40.
When you choose Bookmyforex for wire transfers, you will be charged comparatively lower transfer fees. Bookmyforex is an online platform that is 24*7 open for bookings, so you can transfer money anytime.
Demand drafts:
Demand drafts are physical paper drafts that are issued in a specific currency. You can carry the demand draft in foreign currency and encash it at your local bank in Sri Lanka.
Demand draft reduces the effects of volatile exchange rates and bank routing delays making it an efficient and reasonable option to transfer money.
How to transfer money from India to Sri Lanka?
You can either use the Bookmyforex website or mobile app for money transfers
Wire transfer through the website
Step 1: After logging in to the website, first, select your city and the country where you would like to send the money. Also, enter the amount that you would like to transfer and click on the 'book my order' button to proceed further.
Step 2: In the next step, validate the remitter's details through an Aadhar card & PAN card. Also, enter the reason for transferring money and check your eligibility.
Step 3: Now, you will be required to upload the necessary documents like the remitter's photo com address proof which can be a valid Aadhar card or passport or voter ID card. You may be required to give some additional documents depending on the purpose of the money transfer.
Step 4: Next, you will need to enter the beneficiary details such as name, address, bank name, account number, SWIFT number and routing number. Now the funds can be transferred from the remitter's savings account.
Step 5: A declaration page will be displayed, and you will have to give your consent for the same. Also, you will have to enter the OTP received on your registered mobile number and email address.
Step 6: Before proceeding to the payments page, review your order details carefully. You can now make the payment using Net Banking or NEFT/RTGS.
Step 7: You will receive the order confirmation summary in your email. Now, the only thing you have to do is to digitally send us the remittance application form that you have received on your registered email address.
You will get a SWIFT acknowledgement as soon as the partner bank processes the remittance.
Please note that it only takes about 12 to 48 business hours for the complete process to transfer money from India to Sri Lanka. Also, the whole transaction can be done fully online.
Money transfer through Mobile App
BookMyForex app is very user-friendly, and it makes the remittance process pretty simple. Here are the details.
Step 1: After downloading the app on your mobile, you will first have to sign up using your email and phone number. You can also sign up through Google or Facebook account.
Step 2: Next, you will have to click on international money transfer. Select your city and the country to which you are looking to transfer money. Then fill in the amount that you want to send and click on the 'book this order button to continue.
Step 3: Now, you will be asked to verify the remitter's details
Step 4: In the next step, you will need to enter the purpose of your remittance and verify the eligibility for the same.
Step 5: After that, you will have to upload the documents for photo and address proof. You can upload a valid Aadhar card or voter ID card or passport. Some additional documents may be required depending on the purpose of remittance.
Step 6: Then you will be required to enter the beneficiary details like name, address, bank name, account number, SWIFT code and routing number. Use any reputed online tool to find beneficiary swift code. The amount is ready to be transferred from the remitter's savings account.
Step 7: Select your location to process your order
Step 8: Before moving to the payments, review your order details thoroughly. You can proceed to the payments now by using Net Banking or NEFT/RTGS.
Step 9: You will receive the order confirmation summary through email. Now, you will have to go through the remittance application form that you have received in the registration email and submit it digitally.
After the remittance is processed by our partner bank, you will receive a SWIFT acknowledgement.
An important point to note is that you will be receiving real-time alerts and notifications through the BookMyForex app at every step and also when the process is complete.
Our forex experts will be there to guide you at each step and make the whole experience a smooth one.
Benefits of choosing a fully online remittance process on BookMyForex?
As you know Bookmyforex is a complete online portal so you get to avail the full remittance process from anywhere anytime. Here is a list of other noteworthy advantages.
Guaranteed savings on every transaction:
You save approx 2% more than what you will be paying to the banks for the same services. Not to forget, you are assisted by our forex experts at every step.
Book now & pay later:
Other than live exchange rates, you can also avail ‘Book Now, Pay Later option where you can lock an exchange rate that will be valid for up to 3 days. You can avail this option by paying a 2% refundable deposit. This feature is extremely beneficial in the current volatile currency market.
Simple and easy remittance process:
The whole remittance process is simple and easy, so you don’t have to burden yourself with a lot of paperwork. Just upload a few general documents and you are good to go.
100% trustworthy platform:
Bookmyforex has partnered with trusted banks for the remittance process and you will be getting updates at every step till the beneficiary receives the money in Sri Lanka.
Attractive student discount:
Students studying abroad can avail great discounts and offers under our 'Bookmyforex Student Offer'. This option makes it really easy for students to pay their tuition fees in a foreign country.
Fastest money transfer:
Bookmyforex processes all money transfers within 12 to 48 business hours. This is the most simple, easy and fast way to transfer funds from India to Sri Lanka.
Round-the-clock booking facility:
Bookmyforex displays live exchange rates 24x7 so you can book your order anytime at your convenience. Our customer support team is always available to assist you and provide answers to all your queries. You will also get a notification when your desired rates become available.
Transfer money to 150+ countries:
You can transfer money to more than 150 countries around the world with Bookmyforex
Factors to consider when sending money from India to Sri Lanka
There are a few factors to consider when you are sending money to a foreign country like Sri Lanka
1) You should carefully choose a platform with transparent rates and trusted bank collaborations. At Bookmyforex, you will find great discounts on the remittance process. We only tie up with RBI-approved banks for the same.
2) The transfer fee charged can be fixed or a percentage of the total amount transferred. At Bookmyforex, you will be charged just Rs225 + GST as a transfer fee for sending money to Sri Lanka. In addition to this, you will have to pay 5% TCS only if the total remittance amount exceeds 7 lakhs in a financial year.
3) The exchange rate will vary for forex service platforms, banks, and money exchange portals. Make sure to choose the one with the least transfer charges and no hidden costs. With Bookmyforex, you can send money to more than 150 countries at live exchange rates.
4) Other than charges, you should also look for a portal that offers round-the-clock customer support via calls, emails and chats. Bookmyforex offers 24×7 customer service to guide you at each step.
