Different Ways To Send Money Abroad From India

Sending money abroad from India can seem like a big thing for first timers but it’s fairly easy if done in the right manner. can help you send money from India to foreign countries. Online forex marketplaces provide you the cheapest way to send money abroad from India.

International money transfers allow you to send money efficiently and cheaply to countries all over the world with different currencies. There are a number of ways you can send money abroad. Here are some of the ways to transfer money abroad from India:

1. Online money transfers

Online money transfer services provide the fastest and cheapest way to move money overseas and let you start an online profile to transfer your money electronically. It's an easy way to get your money where you really need it, but you're going to have to be confident enough to make transactions online.

There are a lot of companies that enable people to make online money transfers from India. After you have made an account, these companies act as the mediator and can transfer all funds to your chosen account.

Some providers have a set minimum transfer amount while there are others which do not have any sort of minimum transfer amount. Other charges which includes transfer fees and processing charges can be charged when the money is deposited at the other end.

This is a great way of sending money abroad from India.

2. Electronic funds transfers

You can send money to a foreign bank account directly from your own account adhering to the rules of the Reserve Bank of India (RBI) set under Foreign Exchange Management Act (FEMA). This process is also known as international money transfer, telegraph transfer (TT), wire transfer or SWIFT transfer. Although this alternative is convenient and safe, it has a downturn.

It may take a few days for the money to get transferred, and there are also a range of fees to that will be passed upon by you by the bank. The sender's bank and the receiver's bank will charge "sending" and "receiving" fees at the other end of the transaction, though this exchange rate agreed may have a major impact on how much the transaction will end up costing the customer.

Wire transfers are direct bank to bank transfers where money from an Indian bank account is directly transferred to your beneficiary’s bank account abroad. Wire transfers from India are the best and most convenient way to transfer money abroad online.

By directly sending a wire transfer via bank will cost you more than letting a mediator like an online forex platform enter and take care of your foreign transfers.

3. Foreign currency Demand Drafts

Foreign currency demand drafts are physical paper drafts that can be carried physically internationally or couriered/mailed to a beneficiary abroad. Foreign currency demand draft is another choice for sending money to other countries. Such physical paper drafts may be taken up on behalf of the beneficiary.

It is a pre-paid instrument that can be used for many purposes with some of them like paying tuition fee in a foreign country, immigration fees etc.

These drafts can be taken to foreign countries or even submitted by mail to a recipient abroad. While it can take more time for the recipient to collect the money, this approach may dramatically save on charges.

For the making of a draft, you will have to pay the bank Rs. 200 to Rs. 600. The charges can vary from bank to bank. It will take 7-10 days for the demand draft to reach the recipient. You also have to pay the postal charges and there is no facility to track the package.

4. Sending money internationally via Post Offices

The Indian Postal Office has partnership with money transfer companies to send money abroad. There are certain drawbacks as the max amount per transaction is $2,500 and you cannot make more than 12 transactions in one year. To know more about the process, you can also visit the post office nearest to your place to find out more about how they send money abroad.

Best way to send money abroad from India

You can use online foreign exchange& remittance platforms for doing a wire transfer as it provides a better way to transfer money abroad from India than banks. You can save up a lot of charges that banks usually put while sending money abroad. It’s also a completely digital and paperless process.

All the KYC documentation is done online and you do not have to visit any bank. Transferring money abroad to your family, relatives or friends can be done from the comfort of your home. Online remittance platforms also provide you the option to lock or freeze the currency rates and this can be really useful in volatile times.

Also Read : 5 tips to transfer money abroad from India