Knowledge is power and an individual with the thirst for knowledge learns new things that would help him in his daily life. Though you know many facts about outward remittance, yet there are simple things that remain unknown among all. To brighten the future of your beloved child or help a relative in dire need, you spend your hard earned money abroad for their education or any other purpose. It is always handy to have some essential information about the best exchange rate and to avoid many situations that may lead to the loss of your hard earned money.
Frequently asked questions about send money abroad
What is outward remittance?
The process of sending money to foreign locations from the home country is outward remittance or send money abroad or wire transfer. This procedure is governed by a set of regulations as prescribed by the regulatory body of the country as India has Reserve Bank of India.
Where to get outward remittance services that is reliable?
Reserve Bank India has given licence to many financial institutions who are regularly audited by them, keeping them well versed in the latest changes in rates and guidelines and making them accountable to provide good rates. Hence always approach an authenticated service providers with authorised licence from Reserve Bank of India.
What are documents required for send money abroad services?
Most important and mandatory document are valid ID proof, PAN card, Student Visa, Offer Letter from the University and Duly signed A2 form. Student Visa and offer Letter from the University is essential for educational purpose only.
What are the permissible purposes for send money abroad services?
Business Visit, Education, Medical Treatment, Emigration, Employment, Film Shooting, Personal visit, Family maintenance and gift remittance are some of the listed purposes that are permissible to send money abroad to your friends and relatives. Can be include purpose like.
What is the cost of sending money to overseas?
Send money to overseas depend upon some conditions such as rates of Foreign exchange in the marketplace and a meagre services charges incurred by the company which often varies due to the company’s expertise and proficiency in serving the same.
What are the things to be taken care while sending money overseas?
Give the details of the receiver like name, purpose and confirm the receipt of the amount by the beneficiary in overseas. Keep all the receipts secured for future reference
It is always handy to know about various options available for outward remittance so that you can easily rely on the best method as per your necessity.