As globalization continues to increase the number of opportunities for people around the world, sending money abroad from India has become a common practice. Whether it’s for education, work, or travel, having access to funds is crucial for adapting to new environments and making the most of one’s time abroad. Fortunately, with the Liberalized Remittance Scheme (LRS), sending money from India has become much simpler and more accessible.
Today, thousands of people use various methods to send money abroad from India to support their families with education, medical expenses, or leisure activities. In this article, we will explore the different options available for sending money overseas and provide a detailed guide to help readers choose the best option for their needs. With the right information and guidance, sending money abroad can be a hassle-free experience, and we are here to help make it happen.
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How to Transfer Money to Another Country?
To comply with foreign regulations, the Reserve Bank of India (RBI) has established a process called “outward remittance” for transferring money to foreign countries. This process can be conducted through several channels, including post offices, banks, or digital payment portals.
Individuals and entities can transfer up to $250,000 from India to foreign countries each financial year for a variety of purposes, such as medical expenses, business visits, education, leisure, donations or gifts, and necessary expenses for relatives residing abroad.
Sticking to these guidelines helps ensure that the transfer of funds from India to foreign countries is conducted smoothly and in compliance with relevant laws and regulations. By following the correct procedures and utilizing approved channels for outward remittance, individuals and entities can transfer funds abroad with ease and convenience.
Best Ways To Transfer Money Internationally
Sending money internationally from India can be done through various methods, each with its own advantages and disadvantages depending on your specific needs. Factors to consider when choosing a transfer method may include the urgency of the transfer, your budget, and your preferred institutions. Whether you opt for your bank, online platforms, or other money transfer services, it’s important to choose a reliable and secure method that meets your requirements and ensures that your money reaches its intended destination safely and efficiently.
1. International Money Order
Money orders were a popular method for transferring money in the past. This process involves depositing funds into a bank account and then issuing a money order that can be cashed at any check-cashing location. Money orders are often considered a safe and cost-effective way to transfer money abroad.
They can be an attractive option for those looking to send money on a budget, as they often come with lower fees than other methods of international money transfer. However, as technology has advanced, there are now many other options available for sending money abroad, each with its own unique advantages and disadvantages.
2. Cashier’s Checks and Bank Drafts
Bank drafts and cashier’s cheques can be obtained from various bank outlets across India and are a popular option for sending money abroad. They can be purchased in the currency of the recipient’s country and are considered to be a cost-effective way of sending money internationally.
However, bank drafts and cashier’s cheques can take longer to reach the recipient compared to other transfer methods. Despite this, they offer the advantage of being traceable in case the cheques or drafts don’t reach their intended destination. This can provide total peace of mind for those looking to send money abroad and ensure that the transfer is completed securely and efficiently.
3. Online Wire Transfer
Online wire transfer is a newer method for sending money internationally that has gained popularity in recent years. Several financial institutions such as Book My Forex and Western Union offer online wire transfer services that can be used to transfer funds across borders.
This process typically involves intermediator banks, which helps to make it a safe and affordable option for international money transfers. Online wire transfers offer several advantages, including faster transfer times and the ability to track the transfer in real-time. However, fees and exchange rates may vary depending on the service provider, so it’s important to do your research and compare options to find the best deal for your specific needs.
4. Online Money Transfer
Online money transfer is a popular and convenient way for Indians to send money abroad. This process typically involves providing details such as the account holder’s information and the destination bank’s details to complete the transfer. While online money transfer is generally considered to be an easy and efficient process, it’s important to note that it can come with high overhead charges. This is because intermediator banks are not typically included in the process, which can result in higher fees for the sender.
Technology has changed the banking industry as a result transferring funds abroad from India is an easy and secure process, as long as you choose the right method. Research all the options before committing to a particular transfer mechanism. Consider both local and international money transfer services, paying attention to the cost, exchange rate, speed of delivery, and security features. With the help of these top strategies for transferring funds abroad from India, you can confidently make your transfers without any worry or hassle.
Priyanka Rao is a content strategist for Jupiter.Money, and specializes in writing on topics related to finance, banking, budgeting, salary & wages, and other financial matters. She has a passion for creating engaging content that resonates with audiences across various digital platforms. In her free time, Priyanka enjoys traveling and reading, which allows her to gain new perspectives and inspiration for her work. With a keen eye for detail and a creative mindset, Priyanka is committed to creating content that connects well with her readers, enhancing their digital experiences.