Send Money Abroad from India- A Detailed Guide

What’s the criteria for Sending Money Abroad?

The criteria for sending money overseas are generally based on the residents' residency status and the reason for the payment.

For instance, businesses are only permitted to use authorized banks to conduct transactions involving exporting and importing goods and services.

What are the documents required for International Money Transfer?

Here are the list of documents, you need to produce while sending money abroad.

• PAN Card
• The Government recognized address proof like the Aadhaar Card, Passport and so on.
• For Education purpose, Student Passport & University Offer Letter with Fee details.
• For Tourism & Medical purpose, the invoice and the bill is required to produce.

What are the Beneficiary details required while transferring Money Abroad?

• Sender should provide the various Beneficiary details, which is listed below
• Passport Details
• Address
• Bank Name and Address
• Bank Account Number
• Transit Code
• SWIFT Code

How much money Indians can send money abroad from India ?

Indian residents are currently permitted to send money abroad up to 2.5 lakh USD (or equivalent to other Foreign Currency) per fiscal year.

How to Send Money Abroad ?

One can send money overseas in the following ways

Through Banks: Banks are well known traditional methods of International Currency Transfer, although banks offers several advantages for International Money Transfer, it’s exchange rate are far higher compared to other online money transfer service providers.

Through Orient Exchange: Orient Exchange is an authorized dealer [category II] permitted by the Reserve Bank of India(RBI), offers International Money Transfer services in the form of a telegraphic transfer(TT) or demand draft(DD) for 17 different purposes listed within the scope of the LRS scheme.

Orient Exchange offers two ways to send money abroad from India

1. Wire Transfer:
   It is simple called it as Telegraphic Transfer where one can send money from Indian bank account to overseas bank account electronically. It is the most modern and easiest way to transfer money Abroad. Orient Exchange offers best rate and more convenient way of wire transfer services in India.
2. Demand Drafts[DD]:
   It is prepaid negotiable instrument issued by a bank in Foreign Currency. It can be sent to foreign countries physically or through courier. It is mostly used by people who wants to settle in abroad or sometimes people who needs to carry large sum of money to foreign countries. Orient Exchange also offers Foreign Currency demand drafts with best exchange rates.

Why to Choose Orient Exchange to Send Money Abroad Online?

Cost Effective: Orient Exchange is your best choice if you are looking for one of the country's most reliable, safe, and cost-effective remittance services. We offer fast, efficient and cost-effective services to our clients across the globe.

RBI Approved: As an RBI authorized dealer, we are licensed for International money transfer from India for 17 purposes. Customers can feel safe while transferring their money to abroad.

Expert opinion: Our team of experts are available to answer any query you may have about migrating your money abroad. We are proud to cater to our client's financial needs and help them exchange money even during adversity with our well-reputed services.

Best Exchange Rate: Orient Exchange provides the best conversion rate compared to other Foreign Exchange service providers, Customer has an option to freeze live exchange rates by making partial payment.

Easy KYC Process: We provide smooth and quick service to our customers, there is no need to worry about the documentation, our Video-KYC process will ease your complete KYC process.

Customer Support: Our exceptional customer service team are just a call away to serve you better regarding all your doubt and queries as soon as possible, post transaction we provide transaction status and swift copy.

Trusted Partner: Orient Exchange is leading the way in Google and Trust pilot platforms, showing people trust and like its service. It's known for being reliable and clear, making it a favorite for international money transfers.

Check Our: Google Reviews & Trust Pilot Reviews

How to find Orient Exchange Branch near by you for International Money Transfer?

Orient Exchange offers fully digital money transfer process across India, one can transfer money abroad anywhere from India without visiting the physical branch and KYC process can be done digitally with Video-KYC process.

If you want to transfer money abroad through physical branch?

No Problem, Currently Orient Exchange is operating in 24 branches across India, all the branches process International currency transfer service. Find the branch nearest to you for International cash transfer.

Check our all Branches address

International Money Transfer for Indian Students with Orient Exchange

If you are interested in pursuing your studies abroad, you will have to pass entrance exams for a various abroad university. Some of these exams cost money, including the fee for international admissions and Tuition fee in the form of Swift Transfer or Demand Draft, that’s why Orient Exchange has made it’s remittance service student friendly.

Students can choose Orient Exchange for the following reasons:

Lowest Exchange Rates: Orient Exchange offers the lowest rates and glitch free services for International Money transfer services to pay abroad university fee and other education purposes.

Direct University Payment: We also support students who want to send money to a foreign university or pay tuition payments directly to international colleges accounts. We do process student friendly Flywire Payments, Convera payment and every other such payment authorized by international universities.

International Student Services: Orient Exchange tied up with major International banks and fintech companies like BMO, CIBC, Fintiba, Expatrio and others to offer various International student services such as Opening and transferring funds to Canadian GIC Account, German blocked account and New Zealand FTS Account.

Let us learn little more about various International student services:

What is GIC Payment?

GIC is essentially a fixed deposit in the identity of a student who travels to Canada for educational purposes. Through this method, the Canadian government guarantees that individuals who want to study at Canadian Colleges have enough money to cover their course expenditures.

According to CIC (Citizen Immigration Canada) rules, GIC refers to a "Guaranteed Investment Certificate". It is a short-term investment issued by Canadian banks for up to a year. Students seeking admission under the SPP (Student Partner Program) Visa for studies in Colleges in Canada are obliged to invest 20,635 Canadian Dollars in the mode of a GIC with any Canadian Bank.

The Canada GIC process is a compulsory requirement for all international students who wish to study in Canada. GIC is an investment scheme mostly preferred for International students to study in Canada for study programs. All international students are required to deposit their one year’s living expenses into a Canada based bank in order to qualify for a student visa to study in Canada.

Orient Exchange offers exclusives offers on opening and transferring funds to GIC Account in Canada.

What is Blocked Account Payment?

Blocked Accounts are essentially a solution for students to demonstrate to the German government that they have the financial resources to maintain themselves for a set period. Therefore, a Blocked Account is frequently a visa necessity. However, a Blocked Account cannot be said to be the same as a standard current banking account that we are all familiar with.

The critical distinction is that when you register a Blocked Account, you are allowed to withdraw a fixed sum every month to cover your living expenses. The amount can be withdrawn by opening a separate saving account from a bank in Germany of your choice, and then you can provide the details of the saving account to the bank where you’ve opened a Blocked Account.

Orient Exchange is now local partner in India with Fintiba to open and transfer funds to Fintiba blocked account. With this partnership Indian students can open a Blocked Account in Germany and they can transfer funds to the German blocked account with exclusive benefits.

Orient Exchange will also help in creating other German Blocked accounts such Expatrio, Coracle, ICICI and we will assist you to get best exchange rate to transfer money from India to Germany.

What is FTS Payment?

The ANZ Bank of New Zealand Limited [ANZ] offers a Fund Transfer Scheme [FTS] that allows students to transfer money from banks and financial institutions overseas to an ANZ bank account in New Zealand.

These funds are released periodically to support students while they are in New Zealand. Students who will be studying in New Zealand for a year or more can use FTS to show us they meet the minimum funds requirement for a student visa. Most New Zealand student visas require you to have NZ$15,000 in addition to your course fee for each year you’ll be studying in New Zealand.

All International students are required to deposit NZ$15000 in addition to the course fee for their one year’s living expenses in order to qualify for a student visa in New Zealand.

Indian Students can transfer money to New Zealand from India by creating FTS account and can process FTS payment through us.

The Bottom Line

At Orient Exchange, we believe that timely and secure money transfers are important. That is why we always look for new ways to give the best rates and ensure the safety of the money being transferred to our clients.

Orient Exchange provide complete transparency and secured way to serve our customers to Send Money overseas with the help of our online platform.

Need More Help?

Mail Us: [email protected] or Call Us: 080-37378000