Send Money from India to USA
It is now extremely easy to Send Money from India to USA. Carrying out an international money transfer order may sound tricky but it’s fairly easy if it’s done right. There’s a common doubt that a lot of people have on which one’s the better option: Doing a money transfer online or visiting a branch of your own bank to do so? BookMyForex has changed all of this by bringing a revolution in the way you send money overseas. All you have to do in order to send money from India to USA is visit our website and fill in the details, our Forex experts will then call you and guide you through the transfer money to US.
If you are looking to transfer money to USA then BookMyForex should be your prime destination for doing so. BookMyForex provides you the best forex rates and you end up paying 2% less only on BookMyForex than what you will do when you visit banks yourself.
BookMyForex also makes sure that the transfers get processed within the fastest time possible. We take only 12-48 business hours to carry out the whole transfer process. At BookMyForex, we like to keep full transparency at every step so you pay what you see on the screen. BookMyForex also provides you a feature with which you can lock in the US Dollar’s rates during volatile times. We have now come up with a fully online remittance process so that you don’t need to personally visit the bank. You can remit upto US 25,000 overseas from the comfort of your home.
Before we explain how to send money from India to USA, you need to know about remittance. Remittance is another term for sending money to someone either through a Bank, a money changer or through the likes of BookMyForex.
Remittance is of Two Types:
Outward Remittance: When You Send Money from India to A Foreign Country
Inward Remittance: When You Send Money to India from a Foreign Country
Modes of Sending Money to USA from India:
You have two methods to transfer money to USA from India:
1: Wire Transfer from India to USA (Swift Transfers)
2: Demand Drafts (money orders)
What is a Wire Transfer?
Wire-transfer or online wire transfer from India to USA is the easiest and best way to transfer money from India to USA. Though wire transfers online are done by banks, it is cheaper to use the services of companies since like BookMyForex. These online marketplaces will get you a better rate than banks. However, wire-transfers can be expensive. As Banks in India charge anywhere from Rs. 500 to Rs. 1000 to process it. Moreover, most foreign banks that receive the money also charge a foreign correspondent fee ranging from USD 10 to USD 40. When you send Dollar through a Wire Transfer to US, BookMyForex does not charge anything.
What is a Foreign Currency Demand Draft?
You can send money to USA through foreign currency demand drafts. Demand Drafts are physical paper drafts, issued in a specific foreign currency instead of sending to a specific recipient. Demand draft is much cheaper than a wire-transfer to USA. You have to pay just the demand draft fee to your bank or service provider. There is no need to pay any fee to the foreign bank receiving the money. This helps you save a lot of money.
However, the problem with demand drafts is that the process takes much longer to transfer money to US than when you Send money online to USA. It can take longer for the recipient to receive the money because you have to mail the demand draft physically. Once they receive it, it takes few days to encash the demand draft. The total number of days combined creates a large gap (maximum up to 10 days) in receiving the funds. So, demand drafts work out better if there is no emergency. If you need to transfer money from India to USA on a planned basis with sufficient notice, use demand drafts.
How to do a wire transfer from India to USA with BookMyForex?
Enjoy the all-new online remittance process
Doing a wire transfer from India to USA is extremely easy. BookMyForex will help you take care of your wire transfer in a hassle-free manner. You can book your international transfer order online on BookMyForex’s portal and sign the documents either offline or online.
Here’s how you can wire transfer money from India to USA with BookMyForex. Just follow these steps:
Step 1: You need to first check if you are eligible to do an outward remittance. Just put the various sender’s details along with beneficiary’s details. You will also have to mention the purpose of your remittance.
Step 2: After you have mentioned the details, you will be asked to upload the documents. You will need to upload documents like PAN Card, passport front and back page, remitter photo cum address proof and several other documents.
Please note: The customer also has an option to do this process offline and go to the bank to sign the documents. Due to COVID-19 pandemic, it is better to opt for a document’s pickup arrangement. The documents can also be uploaded on the portal itself which is the easiest option of the lot.
Step 3: After that, you can now send the funds directly to one of BookMyForex’s partner banks.
Step 4: The rate that you see on the screen will be booked and you will receive a digital A2 form. You can sign that on the portal itself so that you do not have to visit the bank. Our partnering bank will start the transfer process and give you a SWIFT acknowledgement.
It usually takes 12-48 business hours for the transaction to be completed.
Benefits of choosing a fully online remittance process on BookMyForex?
1: You can send money overseas (upto 25,000 USD) from the comfort of your home. You would not need to visit the bank for that.
2: If you book an online remittance order on BookMyForex, you will end up saving upto 2%. Banks would usually charge you much more than you will have to pay on BookMyForex. You can also book live forex rates.
3: We like to keep the process simple & efficient, so you would not have to go through the pain of reading all the pages. You would just have to upload the documents on our portal and that’s it.
4: At BookMyForex, we treat the customer’s money like our own money. BookMyForex processes the remittances via trusted and authorized Banks in India. We also track the orders and keep you posted with the progress until the remittance is sent from India to the beneficiary.
Please Note: All foreign currency transactions are subject to Service Tax.
Foreign Exchange and Money Transfer services are available through Tie-up with Reserve Bank of India approved Authorized Dealers only. All foreign exchange transactions are subjected to AML/CFT/KYC & FEMA policies instructed by Reserve Bank of India.
