Best International Money Transfer in India
International money transfers make it easier for people to send money abroad to their family and friends for several reasons. India is the top destination for receiving remittances from countries worldwide. At the same time, India has been at the forefront of sending money. According to a 2018 report, India sent USD 6.78 billion in international money transfers to foreign countries.
The digital remittance market is going upward due to the increasing relevance of reliable money transfer service providers. According to experts, India’s digital remittance market will be worth USD 2.7 billion by 2024.
Top reasons for International Money Transfer
When retaining foreign cash, there are a few things you need to be aware of. The most amount of foreign currency that you can bring into the country is US$5000, and you must declare the excess amount at the airport by filling out the Currency Declaration Form. Indian citizens are permitted to store up to USD 2,000 in foreign cash or its equivalent for their future use, according to Reserve Bank of India rules.
Top reasons for International Money Transfer
Here are several reasons why people usually transfer money abroad.
- To support family and friends financially: Many people send money internationally to support their loved ones financially. Reasons can be to cover expenses, pay bills, or provide financial assistance in an emergency.
- To make purchases or pay for services: People may send money internationally to make purchases or pay for services, such as buying property or paying for education or medical treatment.
- To make purchases or pay for services: Indian Students who take admission in foreign university need to send course fees. They may also need continuous support from their parents during the tenure of course.
- To invest in foreign markets: Some people send money to invest in foreign markets or buy assets like stocks or real estate.
- To pay for international travel: Travelers may send money abroad to pay for flights, accommodation, and other expenses related to international travel.
- To send money home: Some people who live or work abroad send money back to their home country to support their families or to save for the future.
- To pay for goods or services received from abroad: People may transfer money abroad to pay for goods or services that they have received from abroad, such as online purchases or consulting fees.
- To make charitable donation: Some people send money internationally to make charitable donations to organizations or causes they support.
- To pay off debt: Some people send money internationally to pay off debt, such as student loans or credit card balances.
- To transfer money between accounts: People may send money internationally to transfer money between their accounts in different countries.
- To facilitate international business: Businesses may send money internationally to pay for goods and services, to make investments, or to transfer funds between their accounts in different countries.
How to send money internationally?
You have several options to send money internationally from India. Some methods include:
- Bank wire transfer: You can transfer money internationally from your bank account through a wire transfer. It happens through the SWIFT network, a global network for financial institutions. You will need the recipient's bank details, account number, bank name, and location.
- Online money transfer service: Many online money transfer services allow you to transfer money internationally from India.These services typically charge a fee for the transfer, but they can be convenient and fast. They are also a better alternative to banks that charge high service charges and take excess time to transfer money.
- Prepaid forex card: Some companies offer prepaid debit cards that you can use to send money abroad. You can load money onto the card in India and then use it to make purchases or withdraw cash in the recipient's country.
Best modes for international money transfer:
Money transfer service providers are the best option for international money transfers. They offer a fast and convenient way to send money abroad. Here are a few reasons why:
- Speed: There are several ways to utilize the leftover money from your foreign trips. However, if you are keen on selling it, you can consider the services of Orient Exchange. We are a leading money transfer and forex services provider agency. Our forex services help you get the desired exchange rates that get the most value for your money. Contact us today to know more details about our services.
- Convenience: Many money transfer service providers have a wide network of locations worldwide, making it easy to send money from a location near you. Many also offer online and mobile platforms that allow you to send money from your computer or smartphone.
- Lower fees: Money transfer service providers charge lower fees than banks for international money transfers from India, especially for smaller amounts. However, you should compare charges and exchange rates before choosing a service to ensure you get the best deal.
- Safety and Security: Money transfer service providers typically have robust security measures to protect your personal and financial information and prevent fraud.
- No bank account required: Some money transfer service providers allow you to send money internationally even if you do not have a bank account. It can help if you do not have access to traditional banking services.
Things to keep in mind when transferring money internationally
There are several things to keep in mind when sending money internationally:
- Fees and exchange rates: Different methods of international money transfer have different fees and exchange rates. It is important to compare fees and exchange rates thoroughly
- Transfer limits: Some methods of international money transfer from India have limits on the amount of money you can send in a single transaction or over a certain period. Make sure that the method you choose allows you to send the desired amount of money.
- Recipient details: Ensure you have the correct recipient details, such as their bank account number, routing number, and other relevant information. Mistakes in these details can cause delays or even result in the money getting sent to the wrong person.
- Transfer time: Consider how long it will take for the money to get transferred. Some methods, such as bank wire transfers, can take several days, while others, such as online money transfer services, can be much faster.
- Security: Be careful to protect your personal and financial information when transferring money internationally. Use reputable providers and take steps to secure your account, such as using strong passwords and enabling two-factor authentication.
- Regulations and restrictions: Some countries have restrictions on international money transfers, and some money transfer methods may not be available in all countries. Ensure you understand any regulations or restrictions that may apply to your transfer.
- Taxes: In some cases, you may have to pay taxes on international money transfers from India. Ensure you understand any tax implications that may apply to your transfer.
Transfer money abroad hassle-free with Orient Exchange:
Orient Exchange is a leading RBI-authorized money transfer service provider in India. We offer a secure and encrypted platform that safeguards your assets and delivers a seamless experience. Our exchange rates are one of the best in the market, and we do not have hidden fees.
Furthermore, we do not add markups to make our exchange rates most transparent for you. Our personalized services also help you get assistance at every step to ensure money transfer becomes a pleasant experience. Contact us today to know more details about our money transfer services.
An international money transfer is a way to send money abroad from one country to another. There are several options for sending money internationally, like bank wire transfers, online money transfer services, and prepaid debit cards.
The time it takes for an international money transfer can vary depending on the method you choose and the destination of the transfer. Online money transfer services transfer funds within a few hours or even minutes, depending on the destination and the service you choose.
International money transfers can be safe if you use a reputable and secure service. Always look for a money transfer service with a good reputation and a secure platform.