With relations and friends moving to foreign lands, international money transfer has become all the more inevitable. Be it education, medical treatment, emigration, or employment, money is always a requisite. In times of dire need, people tend to rely back on their home town and often relations send money back to their own abroad. But each process has certain conditions and regulations that have to be followed. It is often necessary, to be educated about the send money abroad option before using it for your needs.
Want international money transfer to the bank account of your friends?
- You can do international money transfer in the form of FCDD or SWIFT transfer
Foreign currency demand draft is better known as FCDD
What is FCDD?
- FCDD or foreign currency demand draft is made in foreign currency with the desirable amount that needs to be remitted.
- The most reliable instrument for international money transfers to any part of the world.
- Available in all exceedingly demanded currencies
- Valid for 3 months
- Primarily used for Education, Employment purposes, Immigration, Visa fees, etc.
- Payments can be done through Foreign Currency Demand Draft in foreign banks and get it cleared
- Nominal charges are taken to make the draft
- Rely on authorized financial institutions with a license from Reserve Bank of India
How much money can be taken as FCDD?
- Send up to USD 250000 in a year for education under Liberalised Remittance Scheme as per RBI guidelines
- Transfer up to USD 250000 in a year for education and medical treatment, etc.
What is TT or Telegraphic Transfer – SWIFT?
Transfer of funds through telex/telegram, also known as Telegraphic Transfer (TT). Funds are transferred from the bank of the remitter in one country to the bank account of the beneficiary in another country
- Most recommended and only electronic mode for international money transfer as per Reserve Bank of India
- It has guaranteed pace and security for faster credits
- Trouble-free and highly secured way to send money abroad
- Almost worthwhile for every personal transaction under this method
- You can transfer money directly to the bank accounts abroad
How much money can be sent as TT?
- Send 250000 in a financial year on a personal account
What are the documents that you need for international money transfer?
- the most important and mandatory document is your valid ID proof and PAN Card
It is always handy to know about various options available for international money transfers that you can easily rely on the best method as per your necessity.
