Send Money Abroad from India- A Detailed Guide

Rules for Sending Money Abroad?

1. Liberalized Remittance Scheme (LRS):Residents can remit up to USD 250,000 per financial year for approved purposes under LRS.

2. Permissible Purposes: Remittances are allowed for education, medical treatment, travel, gifts, maintenance of relatives, and investments.Refer Paragrapgh above for detailed purposes

3. Documentation Requirements: KYC documents and purpose-specific papers like admission letters or medical reports are mandatory. Refer below paragraph for detailed documents.

4. Tax Collected at Source (TCS): TCS applies at 0.5% for education[Loan from any Finacial Institution], 5% for Education/medical remittances above ₹7 lakh and 20% for other purposes.Check Detailed guide on TCS

5. Restrictions: Funds cannot be used for gambling, lottery, or prohibited investments like forex trading.

6. Mode of Transfer: Money must be sent through authorized dealers like Orient Exchange, banks, or RBI-approved institutions.

What are the documents required for International Money Transfer?

Here are the list of documents, you need to produce to send 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 to send 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.

Charges involved in International Money Transfer?

Summary of Charges:

• Transfer Fees: Varies by bank or transfer provider.
• GST: 18% on the Transfer Fees.
• NOSTRO Charges: Varies depending on the intermediary banks involved

Things to Consider When Sending Money Abroad:

• Fees: Always check the fees involved in the transfer, including service charges, currency conversion fees, and receiving fees.

• Exchange Rates:

  Different services offer different exchange rates, which can significantly impact the final amount received.

• Transfer Speed:

  Some services offer near-instant transfers, while others may take a few business days.

• Payment Methods:

  Choose a method that suits you and the recipient, whether it’s a bank transfer, cash pickup, or digital wallet.

• Security:

  Ensure that the service provider you use is trustworthy and secure to avoid any fraud or errors in the transfer.

How to Send Money Abroad ?

One can send money overseas in the following ways

1. Banks

How it works: Banks offer wire transfer services for international money transfers. To send money abroad, you provide the recipient's banking details (account number, SWIFT/BIC code, etc.), and the bank processes the transfer for you. Most major banks have partnerships with global payment systems like SWIFT, which allows secure international transfers.

Pros:

• Reliable and secure.
• Direct transfers to the recipient's bank account.
• Good for larger amounts.

Cons:

• Higher fees compared to other options.
• Slower processing times, especially for international transfers (can take 1-3 business days).
• Poor exchange rates and added currency conversion charges.

Examples:

• Axis Bank
• HDFC Bank
• ICICI Bank

2. Authorized Dealers (Forex Providers)

How it works: Authorized Dealers (ADs) are financial institutions licensed by the Reserve Bank of India (RBI) to deal with foreign exchange transactions. These include banks, forex companies, and money transfer services that are authorized to buy and sell foreign currency. They facilitate international money transfers and provide services like opening Blocked Accounts for students or processing Foreign Remittances.

Pros:

• Often have better exchange rates than banks.
• Can assist with regulatory requirements like FEMA (Foreign Exchange Management Act) compliance.
• Offer specialized services such as Blocked Accounts for students and NRI remittance.

Cons:

• May have limited locations and hours of operation.
• Some may have fees depending on the transfer amount and service type.

Example:

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 modes to send money abroad from India

1. Wire Transfer:It is simply called it as Telegraphic Transfer[TT] where one can send money from Indian to overseas electronically. It is the most modern and easiest way to transfer money Abroad. Orient Exchange offers best exchange 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?

Digital Convenience: Sending money digitally means you can complete the entire process without paperwork or visits to a branch, making it a more efficient and environmentally friendly option.

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.

Dedicated Support Team: Our team of experts are available to answer any query you may have about sending 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.

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.

Explore What Our Customers Say: 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.

We do process student friendly transfer modes:

• Flywire Payments
• Convera payment
• Paymytution
• and every other such payment authorized by international universities

International Student Services: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 Account and How to transfer Funds to GIC Account?

A Guaranteed Investment Certificate (GIC) is a mandatory financial requirement for international students traveling to Canada for educational purposes. It serves as a fixed deposit, ensuring students have sufficient funds to cover their living expenses during their studies.

Under the Student Partner Program (SPP), students must invest 20,635 Canadian Dollars in a GIC through a Canadian bank. This short-term investment, as per Citizen Immigration Canada (CIC) guidelines, guarantees one year's living expenses and is crucial for obtaining a student visa to study in Canada.

Indian students can now open their Canadian GIC Account through Orient Exchange and Transfer to Funds to GIC Account with Orient Remit Services. Need More Assiatance on Opening and Funding GIC Account ?

What is Blocked Account & How to do Blocked Account Payment in India?

Blocked Accounts are a requirement for students to show they have sufficient funds to support themselves in Germany, often necessary for visa approval. Unlike standard bank accounts, a Blocked Account allows a fixed monthly withdrawal for living expenses. To set this up, students can open a separate savings account in Germany and link it to the Blocked Account.

Orient Exchange has partnered with Fintiba in India to help students open and transfer funds to a Blocked Account in Germany, offering exclusive benefits. Additionally, Orient Exchange will assist in creating other German Blocked Accounts such as Expatrio, Coracle, and ICICI, while ensuring the best exchange rates for money transfers from India to Germany.

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.

Need More Assitance on Opening and Funding Blocked Account?

What is FTS Account & How send Money to FTS Account?

The ANZ Bank of New Zealand offers a Fund Transfer Scheme (FTS) that enables students to transfer money from overseas banks to an ANZ account in New Zealand. These funds are released periodically to assist students during their stay. To meet the minimum financial requirements for a New Zealand student visa, students planning to study for a year or more must have NZ$15,000 in addition to their course fees for each year of study.

Indian students can transfer funds to New Zealand through the FTS by creating an FTS account, and Orient Exchange will assist in processing the payment.

Need More Assitance on Opening and Funding FTS Account?

The Bottom Line

At Orient Exchange, we believe that timely and secure International 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