The world we live in has become smaller due to the increasing number of opportunities available to newcomers and foreigners. In recent years, Indians have increasingly sent money abroad through outward remittances/money transfers. To adapt to the new environment and make your stay comfortable when living overseas, you need both time and money, whether you are exploring educational opportunities or working abroad.
Several reasons explain why Indians transfer money internationally, including buying or renting property, paying tuition and school fees, booking a vacation abroad, providing support to friends and relatives abroad, or buying something from a foreign vendor. Most outward remittances from India are sent to close relatives and for education, followed by travel and gifts.
To learn how to conveniently make an international money transfer, read on if you are wondering how to transfer money internationally.
TRANSFERRING MONEY TO ANOTHER COUNTRY AND WHAT IS AN INTERNATIONAL MONEY TRANSFER?
RBI’s outward remittance process, regulated by various foreign regulations, enables Indian citizens to send money from India.
- Banks, post offices, and digital platforms can all be used to send outward remittances.
- RBI allows individuals and entities to send up to $250,000 overseas per financial year for purposes such as business travel, leisure travel, gifts, donations, overseas education, overseas employment, and medical and other expenses of relatives.
- A permanent account number (PAN) card copy, original receipts or bills, proof of sufficient funds, Form A2, etc. You must make outward transfers, depending on the bank and platform you use.
MONEY TRANSFERS INTERNATIONALLY FROM INDIA: THINGS TO KEEP IN MIND
You should consider a few factors when sending money internationally to get the most out of it
Speed Transfer:
Money sent from India through the appropriate online channels should arrive within 48-72 hours, and checks and demand drafts should arrive after a few days.
Exchange Rates:
OUT OF A TWO-CURRENCY EXCHANGE RATE, ONE IS THE VALUE OF A CURRENCY, AND THE OTHER IS THE VALUE OF THE FOREIGN CURRENCY. A SMALL DIFFERENCE IN THE EXCHANGE RATE CAN MAKE A LARGE DIFFERENCE WHEN SENDING A LARGE MONEY.
Overhead Charges:
Most companies charge transfer fees for money transfers, which may be fixed or a percentage of the amount being transferred. In some cases, foreign currency conversion and service taxes are also charged.
TRANSFERRING MONEY INTERNATIONALLY: THE BEST WAYS
Transferring money internationally from India can be done in several ways. If you wish to send money, the preferred method will largely depend on the reasons behind your move or the requirements of sending money, such as whether you need money to arrive as quickly as possible in the case of an emergency,
if you are searching for a budget option, or if you wish to send money through a certain institution, such as your bank or online financial service.
Cashier’s checks and bank drafts
Various banks across the country offer bank drafts and cashier’s checks. You can physically purchase bank drafts and cashier’s checks in the currency of the location where you’re sending money.
In theory, they are the most convenient way to send money abroad as they are relatively inexpensive; however, their delivery takes longer. When transferring money internationally from India, the drafts and checks can be traced if they do not reach their destination, and they can provide total peace of mind.
International Money Order/ Offline Money Transfer
Even for people who didn’t know how to send money abroad, money orders were the preferred way to send money before online wire transfers became popular. If you want to cash your checks, you can deposit money orders into your bank account or cash them at a check-cashing facility. It is still a safe and cheap way of sending money out of India.
Money Transfer Online
Money transfers via the internet are the easiest way to send money overseas. International money transfers from India are commonly done this way. Account details of the recipient, the IBAN or SWIFT code of the bank, and the name of the account holder are needed in this process. Remember, since this eliminates intermediary banks, taxes and exchange rates may be high.
Wire Transfer Online
The new method of money transfer offers low fees and levied charges, which makes it easier than ever for Indians to transfer money abroad. Banks and authorized money exchangers, such as Western Union and Book My Forex, are a few of the financial institutions you can use to make a wire transfer.
While this process is usually more time-consuming than online money transfers, it is one of the most cost-effective techniques for sending money abroad. Intermediary banks facilitate online wire transfers to facilitate transferring funds overseas at reasonable or negligible costs.
To transfer money internationally from India, you no longer have to worry about running out of options, as there are now many companies and online platforms to choose from.
It is imperative to verify the recipient account number and other details, regardless of which one you choose. If the recipient is on a tight deadline, be sure to compare prices and exchange rates and find out how long the transfer may take.
Beware of frauds and scams by keeping a record of your transactions for future reference. If you want to deal with your money, you should only use platforms that are tried and trusted.