For every individual an emergency may arise to send money abroad at some point of time in their life for essential purpose. So it is better to update their knowledge on the broad guidelines on International Money Transfer from India and best ways to overseas remittances, so that as and when they actually require it, it becomes easy to take right and speedier decisions.
Purposes for which we can Send Money Internationally?
- For overseas University Fee payment.
- To do an international money transfer for medical treatment.
- Immigration process might call for sending funds to the overseas consultants.
- A new job might call for an international money transfer for employment security or a processing fee.
- Payment to sponsor a Film shooting that is happening abroad.
- To make an overseas tour remittance or Hotel reservation for your clients.
- To attend a global conference and specialized trainings.
- International money transfer for participation in an events/competitions.
- College fees under educational tie-up arrangement with universities abroad
- Remittance towards fees for examinations held in India and abroad
- Skills/Credential assessment fees for intending migrants
- For Visa processing to overseas agencies
- Processing fees for registration of documents as required by the foreign Governments in India to be paid to local embassies or consulates
- Registration/Subscription/Membership fees to International Organizations.
- Payment for maintenance of close relatives abroad.
- Gift remittance.
What are the best ways to Send Money Abroad?
- Send money abroad internationally through an Authorized Dealer (Banks – Authorised dealer category 1 (AD 1) and other financial institutions approved by RBI is known as Authorised dealer Category 2 (AD 2).
- Authorized Dealer-2 will be better choice since they specialize in send money abroad and hence should get better rates, charges and personalised service.
- Send money either as Swift Transfer or FCDD (Foreign currency Demand Draft).
- Swift payments is the best method of making an international money transfer by the Swift international payment network. Swift actually stands for ‘Society for Worldwide Interbank Financial Telecommunication’, which is the largest financial messaging arrangements in the entire world.
- Check online forex rates before approaching an Authorized Dealer to send money abroad internationally.
- Check for better Foreign Currencyoptions like that of USD, Euro, Canadian Dollar etc. available with service provider to avoid currency conversion loss, before sending money abroad
- Usually a Draft or FCDD is couriered abroad to the receiver who has to deposit it in their bank account. FCDD is time consuming and often used by people who prefer to pay various attestation charges through local Embassy or Consulate submission.
- Swift Transfer stands undeterred as the favorite and most used one as the amount gets credited to beneficiaries account within 24 to 48 hours normally during business days and few banks also provide Swift GPI (Global Payment Innovation) facility which will help to track the transaction easily.
- Complete bank account details of overseas beneficiary is a must for swift transfer. Correct account details and credentials will avoid delay or reversals.
- Customer can send $250,000 or equivalent amount in Indian Rupees per financial year (April –March) under the Liberalized Remittance Scheme (LRS).
- Most important and mandatory documents are valid Government ID with photo and address, PAN Card. Need for more documents depend upon the nature of transactions. For e.g., to make overseas university fee payment or educational remittance, sender has to produce offer letter from University or College.
- Funds can be remitted abroad from the sender’s savings bank account only.
Unimoni India is an Authorized Dealer-2 and is a leader for Send Money Abroad in India and good number of branch network. Unimoni India is the first Company to get Authorized Dealer-2 license and specialize in Sending Money Abroad Internationally for majority of Indians. It offers best rates for all currencies and its charges for send money abroad is very minimum.
