Best ways to Send Money Abroad from India

It is easy now to transfer money internationally, there are many option available to Send Money Abroad. Remittance is transferring money from India to your international bank account.

1. What are the purposes to available to Transfer Money Internationally
One can transfer money abroad for the following reasons which are permitted by RBI

Overseas Education
Medical Treatment Abroad
Visa fees
Emigration and Emigration consultancy fees
Employment
Business Travel
Private Visit
Family maintenance
Gift remittance

2. What are the options available for Money Transfer Abroad
Banks
Banks are safe and convenient to transfer money abroad but the rates offered by the bank is highly unlikely to offer a good rate, the processing fee will be high compared to other Money Transfer services and one has to physically visit the branch for documentation, more importantly, you need to have an account in the respective bank.

Online Money Transfers
There are many Online Money Transfer available and it is always the best to choose Online Money Transfer to Send Money Abroad. They are fast and provide the best rate compared to the bank. To be more specific you can choose Online Forex companies like Orient Exchange to Transfer Money.

3. What is the limit to Transfer Money Abroad
According to the RBI limit and guidelines, Maximum amount that can be transferred abroad by an Indian citizen is USD250000 per financial year as per the Liberalized Remittance Scheme.

4. What are the methods through which we can carry out Money Transfer

Telegraphic Transfer/ Wire Transfer
Telegraphic Transfer is a bank to bank transfer it is directly transferred to your international bank account after verifying the KYC documents and it is considered as the most convenient way to Send Money Abroad.

Foreign Currency Demand Draft
Demand Draft are traditional instrument used by the bank for issuing the payment. DD’s are still in usage for small remittances like admission fee, Visa fee and application fee at the universities.

5. What will be the charges for International Money Transfer
The Charges depend on the option you choose to transfer money, if you choose a bank to send money abroad then your bank will charge you a fixed amount for money transfer and the processing fee will depend upon the bank and the amount you want to transfer.
If you choose Money Exchange the cost depends upon, Foreign Exchange rates and the processing fee will be charged by the company, there will also be beneficiary bank charges.
Always make sure that the Money Exchange you choose is authorized by RBI like Orient before you execute the Money Transfer and keep all the documents and paperwork for any future references if something goes wrong.