It’s gradually common, as the world turns out to be more linked and global, people choose to live, learn and work abroad. figurine out a career in a new country, emigrants often choose to remit money back home, to their loved ones. Also, an outward remittance from your home country is mandatory when you plan to study abroad, travel, set up your own business abroad etc
If you are one among them with a need to make an outward remittance, then it pays to know how you can do this, and what each choice will cost you.
Here is all you need to know about the various stages in outward remittance and related procedures
What is an outward remittance?
A remittance abroad is a transfer of funds from one country to the other for meeting the expenses in an abroad country. It is also described as a wire transfer money remittance
There are many choices when it comes to making an outward remittance, inclusive of wire transfers placed by an AD I bank to have your beneficiary receive cash directly and more quickly and safely. Also, you can remit money abroad via an authorized dealer with AD II or FFMC licence.
Only thing to keep in mind is that never approach any dealers other than these two, without a proper licence from RBI, because that might lead you to unwanted situations.
How do I send money abroad?
A fund transfer abroad is an easy process now with the introduction of various services and facilities. However, the entire procedure is comprised of some steps, which is elucidated below.
Step 1: Choose an authorized service provider
As explained above, there are basically two authorized service providers for making an easy and abroad money remittance for meeting your requirements. So, your first step is to find out and choose a trusted hand near you to remit money abroad.
Step 2: Collect the info you need for remitting money abroad
Each outward remittance requires information to make sure that the fund transfer goes easily, and your money reaches your beneficiary safely. If you provide inaccurate or inadequate information, your transfer might fail, causing you a big loss of money and time.
Hence a prior checking of details required with your bank or authorized service provider is a must for having an effortless fund transfer abroad.
Step 3: Organise your international fund transfer online or in person
For convenience, some banks, and authorized dealers allow you to send your outward remittance online. So, you can either do the transaction online or by visiting the dealer directly.
