A small difference in the exchange rate can make a significant difference in sending a large sum of money. Transfer Speed: You should expect an ideal timeframe of about 48-72 hours for the money sent from India through appropriate online channels and a few days for cheques and demand drafts.Įxchange Rates: The foreign exchange rate is the value of a currency compared to another foreign currency. When you send money internationally, there are a few things to consider in order to get your money's worth. based on the bank and platform you choose.įactors to keep in mind when making a money transfer internationally from India The necessary documents required for making an outward remittance include Permanent Account Number (PAN) card copy, original fee slip/receipt/bill where necessary, proof of adequate funds, Form A2, etc. The RBI allows for up to $250,000 from India to be sent by one individual or entity for purposes such as business visits, leisure visits, gifts or donations, overseas education and employment, medical and other necessary expenses of relatives abroad, per financial year. This outward remittance can be made through banks, post offices, and digital payment platforms.
The Reserve Bank of India (RBI) allows Indian citizens to send money from India through a process called outward remittance which is directed by various foreign regulations.
#Send money internationally how to
What is international money transfer & how to transfer money to another country? If you are also wondering how to transfer money internationally and are not aware of the process, then read on to understand how to make an international money transfer conveniently. Travel and education dominate the reasons for outward remittance from India, closely followed by maintenance of close relatives and gifts. People transfer money internationally from India for several reasons, be it to buy or rent property, pay tuition and school fees, book a vacation abroad, gift support money to friends and relatives, buy something from a foreign vendor or something else. From exploring education and work opportunities to travelling or for any other reason which might take you overseas, you need both time and funds to adapt to the new place and make your stay comfortable. It is not a surprise that outward remittances or sending money from India is a common practice that has grown in recent years. With the increase in the number of opportunities available to newcomers and foreign natives, the world we live in has become a much smaller place. Best Ways to Transfer Money Internationally from India
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