Foreign currency movement from India to Abroad
Transferring money to your family members, friends, or even a business has become very easy now. The technology boom that we have seen in recent times has given us a lot of options to transfer money abroad. However, not all options are the same as the costs and time required for the money to reach the recipient can vary widely. Here is a comprehensive guide that will help you transfer money to people living in foreign countries at ease.
As we use INR DD in India, Foreign currency DD is also available.
What is the right medium to send money abroad?
What are the best options for money transfer or money exchange near me? You have several options like money exchangers, banks, and online marketplaces to send money to your people living abroad. Money exchangers can be a great option compared to the other two. So let us look at why it can be a preferred option for you to send money abroad.
- The fund transfer services offered by money exchangers are very fast, secure, and reliable.
- You do not need to spend your precious time by creating an account or registering yourself on any portal.
- You only need important documents like residence and identity proof
- There is added security as they verify the details of the sender and receiver. Your future transactions also become more streamlined.
What are the different purposes for which you can send money abroad?
You can transfer money abroad if you have any one of the specific reasons.
- Visa fees
- Medical treatment
- Emigration fees
- Education costs
- Employment
- Care for close relative
- Visits abroad for private purposes
- Police verification
How much money can you send abroad?
The limit to transfer money abroad is governed by the Liberalised Remittance Scheme, along with the limits and guidelines set by the Reserve Bank of India. Each person has a limit of $250,000 or its equivalent sum in the Indian currency. You can refer to Indian currency value with other countries list to get a better idea.
What are the options to transfer money abroad?
There are many different options, but here are the two important ones.
- 1. Foreign currency demand draft-It is a very secure and easiest way of transferring money abroad. These are physical paper drafts that can be couriered, mailed, or even carried physically to a foreign country. These are ideal for purposes like school fees, college applications, etc.
- 2. Wire transfer-These involve direct transfers from the sender’s bank account in India to the receiver’s bank account in a foreign country. They offer a very convenient and hassle-free mode of transferring money abroad
How much will it cost you to transfer money abroad?
There are three factors that determine the overall cost of your transfer.
- The amount charged by the service provider.
- Foreign exchange rates.
- The amount charged by the receiver’s bank.
The benefits of choosing a money exchanger to transfer money abroad:
Here are some reasons you can choose to transfer money abroad.
- They offer a range of services that will help you transfer money either in the recipient’s account directly or you can also avail of instant cash service.
- You do not need an account, and the transaction process is very swift
- hough the dollar rate varies on a daily basis, which affects USD to INR and Euro to INR conversions, they offer one of the best rates.
- Their service is very fast so your recipient will not have to wait long to receive money.