Rather than whining about the escalation in rates, people have largely set to fly up and down various countries, making the necessity of outward remittance all the more inevitable. Outward Remittance could be simply defined as a process of transferring money to a beneficiary positioned out of the country, which are highly governed by regulatory bodies. Yet simplified and customised in a manner that serves the purpose in the most lucid manner that Outward remittance can be used at anytime from anywhere to anywhere.
How can I send an outward remittance?
- Best and most reliable method to send money abroad is through authorised dealers who have the licence from regulators like Reserve Bank of India for this facility
- Select the beneficiary and provide comprehensive, accurate details of him/her
- Provide the right account details of the bank and decide the amount to be sent
- Select the payment method
- Give the transmitters address proof and information
Outward remittance is mainly carried out through following means:
FCDD – Foreign Currency Demand Draft:
- One of a preferable means of transferring money to overseas
- Customer can deposit the FCDD in overseas bank and get it cleared
- Accessible in all major currencies
- Validity is three months from date of issue
- Mainly opting for Education, Visa fees, Immigration, Employment purposes
TT (Telegraphic Transfer) – Swift
- An electronic mode of transferring funds
- Easy & Safest way to transfer money abroad
- Transferring money directly to the abroad account
- Option for almost all the personal transactions
- Getting the credit within 48 working hours
What are the other important facts about Outward Remittance?
- Option for sending money abroad directly to foreign accounts
- Regular market analysis to provide optimized currency exchange services
- Commendable exchange rates
- Online booking facility with rate locking preferences
- Easiest and safest way of currency exchange
- Easy availability of hassle free services
- Electronic method with speed and security
It would not be long when the outward remittance cloaked with even more versatile and innovations thus creating a new wave in the industrial scenario, will come up to serve the ever- demanding savy population.
