With relations, friends, and businesses placed on overseas grounds, send money overseas has become a common affair. Many might come across this term or even used these services, but lack enough know-how to use this service smartly. It would really be handy to know how much money you can send overseas.
Reserve Bank of India has set stipulated guidelines that are often taken care of in the most structured manner by the Authorised Dealer Category II license holders or licensed money exchangers. Hence it is advisable to rely only on them for secured transactions.
How much money can be sent overseas?
- You can send $250,000 or equivalent amount in Indian Rupees per year
- The amount should not cross/exceed the USD 250, 000
- You can send money overseas for the below-mentioned purposes as per requirement
What are the purposes for which you can send money overseas?
- Emigration fees
- Maintenance of a close relative
- Medical treatments
- VISA fees
What is the cost of sending money overseas?
- Rates of Foreign exchange in the marketplace
- A meager service charge is incurred by the company which often varies due to the company’s expertise and proficiency.
What are the things to be taken care of while sending money overseas?
- Give the details of the receiver like name, purpose …
- Confirm the receipt of the amount by the beneficiary in overseas
- Keep all the receipts secured for future reference
The best means to transfer funds abroad is through Swift or as FCDD. Swift is the electronic method of transferring funds directly to the person/ beneficiary’s bank account. FCDD or Foreign Currency Demand Draft is an instrument in the form of physical paper that can be taken along with you or sent through post to the concerned beneficiary residing overseas. Every transaction that deals with money is often made with utmost care hence it is most reliable to remit money only through authorized channels that have their license with Reserve Bank of India.