Indians are proving their worth around the globe and that should be the reason for massive outward remittances happening in India. And if you are looking to transfer money to close relatives staying abroad and show them you care for them, you are at the right place to know everything about fund transfer
You can send money abroad through wire transfer and money drafts. In wire transfer, the transfer occurs directly between the sender and receiver bank account with the help of the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which connects a large number of banks in almost every known corner of the world. While in money drafts the sender has to mail the draft, received from the bank on a transfer request to the receiver and the receiver has to produce it in the bank to collect his fund. The wire transfer is expensive but faster and the money drafts are cheaper but slower in process.
You know the methods now, but through whom can youremit money for family maintenance and other purposes? You can do it with banks or RBI authorizedforeign exchange service providers like the Orient Exchange. In banks, it is secure but the fees charged could be high, while with us the charges are low and the fund transfer is equally secure.
Who are your close relatives to whom you can send? They include dad, mum, son, son’s wife, daughter, daughter’s husband, brother, sister and even if it is a step relation like the step-dad it is accepted according to RBI rules.
Now moving on to the required documents, you will need to produce the KYC documents specified by the RBI which include your PAN, passport of the Indian government, Aadhar card, or any other Govt. verified ID card, receiver’s passport, visa, bank statement and in some cases relation proofs.