International Money Transfer from India | Swift Transfer
International Money Transfer from India
Explore international money transfer options through simple methods. Your loved ones residing in foreign countries might have an immediate necessity for money, which could be meted out with no hassles. Easy processing, simple documentation, complete transparency, best exchange rates, and much more. The most recommended methods are the FCDD or Foreign currency demand draft and the SWIFT or TT transfer, the electronic mode adding pace and security. It is always handy to know about various options available to send money abroad so that you can easily rely on the best method as per your necessity. Every transaction that deals with money are often made with utmost care hence it is most reliable to swift transfer money overseas only through authorized channels that have their license with regulators. Now overseas money transfer has become easier than before.
International money transfer from India has become a luxury rather than a necessity during the past few decades. There is a continuous increase in the number of Indians who are going abroad for studies, employment, medication, etc., especially when compared to the previous years. Hence the search for quick and easy options for international money transfer from India is gradually increasing. The major question faced by them is how to do international money transfer from India without any hassles? It can be a bit puzzling for many, especially for those who transferred funds from India for the first time. However, the right service provider can help in providing a swift transfer and easy remittance.
Why do you want overseas money transfer from India?
You might have some relatives and friends wanting you to send money abroad for
Pay for overseas University fee at ease
Swift transfer for emigration expenses
Simple employment fee processing
Medical treatment related payments
Send a gift remittance overseas to your friend/ relative
Make payment for your film shoot abroad
Want to sell a property at homeland & repatriate funds
Financial support for family members staying abroad
Pay for your PR documentation, VISA processing, etc.
Overseas money transfer for your Personal visit
Remit money as a Tour Operators/Travel Agents to overseas agents/Hotels
Pay your fee for participation in the global conference and specialized training
Remittance for participation in international events/competitions
send money abroad for disbursement of crew wages
Remittance under educational traffic jam arrangement with universities abroad
Remittance towards fees for examinations held in India and abroad and additional score sheets for GRE, TOEFL, etc.
pay for your skills/credential assessment fees for migrating
Pay Visa fees abroad
Send the processing fees for registration of documents PRN by Governments
Pay registration/Subscription/Membership fees to International Organizations.
Get hold of some important factors that traditionally affect the foreign exchange market and its rates.
Inflation Rates: The economic condition of a nation largely affects the exchange rate of its currency value depending upon the current events and new information. The lower the inflation rate of a country, the more chances for the currency value of that country to rise. A country with a constant lower inflation rate leads to rising currency value, as its purchasing power rises in relation to other currencies.
GDP Growth Rate: Whether the country is experiencing an economic upturn or downturn can be evaluated by its GDP rate, which in turn affects the value of the country’s currency. In addition, economic indexes such as the balance of payments, the export/ import ratio, the level of government debts, and political stabilities, all have an effect on the Forex market.
Interest Rates: The principal instrument used by the central banks to control the value of a currency is the interest rates. In general, the higher the interest rate, the higher the value of a currency.
What are the most essential points to note while doing outward remittance?
Affordability: Consider the charges involved in it and whether it is within your means.
The total amount of foreign currency is allowable for you to exchange from your home currency for outward remittance
Do the receivers essential to pay any extra charges for receiving the money?
What are prevalent foreign exchange rates?
Safety and security :
While sending money abroad doesn’t compromise safety or security. Confirm that, you, your receiver, as well as the money that you are sending, are in perfect compliance with the current procedures of the country. Certain dealers may claim low commission or meager processing charges for sending money abroad but that is often risky and not at all reliable. Henceforth it is always worthwhile to get yourself involved in healthy dealing with the most trusted dealers in the foreign market with an authorized license from the Reserve Bank of India.
Get the support of a money transfer service provider who is equipped to handle your enquiries and grievances at any time of your needs. Your service provider is the one whom you can trust or reach for the best deal with the sureness that your money will get there securely on time.
Knowledge and common sense:
Numerous vibrant information about how much money an Indian citizen is allowed to send abroad means for outward remittance and its measures that are related with it, are to be kept in mind before planning for an overseas transfer of funds. Cost or added charges levied by certain agencies for outward remittance from one country to another can also be evaded to a greater extent by achieving adequate information showcased by trusted agencies or authorized service providers.
Different steps to transfer money to bank account of the recipient,
In order to do wire transfer from India, you may also be forced to obey some money market and overseas trade guidelines that can add your worries and put you in great depressions.
Choose your trustworthy partner for money transfer from India
Pick the recipient and make sure to provide precise details about the receiver along with the country and the right location. There should not be any error in the cited name of the beneficiary.
Select the amount you need to send to the account
Decide on the method for transmitting the amount
Make sure to provide the receivers exact particulars along with a right address proof.
What are the documents that you need to send money abroad?
Most important and mandatory document is your valid ID proof and PAN Card
Different steps in transmitting money directly to a person,
Choose your authorized partner for making money transfer from India
Select the recipient and make available the detailed facts about the receiver along with the country and the accurate location.
Decide the amount you need to send to your loved ones in foreign countries
Pick the mode to pay the amount
Address proof of the Receiver
What is the charge for overseas money transfer service?
Send money overseas depends upon some conditions such as
IBR + nominal charges based on the volume of requirement.
Rates of Foreign exchange in the marketplace.
A meagre services charges incurred by the company which often varies due to the company’s expertise and proficiency in serving the same.
How to do an overseas money transfer?
The best and most reliable method to overseas money transfer is through authorized dealers who have the license from regulators like the 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
What are different methods of overseas money 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.
Most reliable instrument to swift transfer abroad 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 taking for making the draft
Rely on authorized financial institutions with a license from the Reserve Bank of India
How much money can be taken as FCDD?
Send up to 1 lakh dollar in a year for education under Liberalised Remittance Scheme as per RBI guidelines
Transfer up to 2 lakh dollars in a year for investment, education and medical treatment, etc.
Amount varies depending upon the type of remittance that is opted
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 to transfer money as per Reserve Bank of India
It has guaranteed peace and security for faster credits
Trouble-free and highly secured way to swift transfer 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 up to 250,000 dollars in a year on a personal account
Transfer up to 1,000,000 dollars in a year on a business account
Send up to 10,000 dollars per day using a bank debit
Amount varies depending upon the type of remittance that is opted
Why should I rely on send money abroad option, when there are cheques and drafts?
Overseas money transfer option is a cost-effective and safer mode of transfer. Within a short span of time, the transactions get processed and get credited to the beneficiary account. You can enjoy faster and hassle-free remittances with a swift transfer option. The SWIFT/Wire/Internet transfer is time-saving process, through which Internet/ SWIFT message flies across the globe and the remittance gets credited to the beneficiary account without much manual interference.
Is this mode of remittance popular?
Yes, swift transfer abroad being the easiest option, has become one of the popular modes of remittance being sent from India to countries like the Philippines, Malaysia, Singapore, China, Ukraine, Russia, UAE, US, UK, Australia, Canada, and Europe.
What are things to be taken care of while planning for outward remittance?
Each service rendered has stipulated time and rates involved which might differ from institution to institution. Outward remittance is recommended to avail from a Reserve Bank of India licensed holder who gives good rates with transparent procedures.
If you are transferring money for the first time then it’s always advisable to take advice from an expert who can make you confident and secure in opting for the best and reliable services
It is always safe to rely on a regulator recommended, licensed authenticated forex service provider to avail for overseas money transfer.
Exchange rates often are susceptible to changing geopolitical scenarios and market trends, hence you cannot expect the same rate all the time. It would really be handy to explore a little more about the forex services due to availing it.
You should take note of the permissible reasons for which money can be transferred overseas such as education, family maintenance, Employment purposes, Immigration, Visa fees, and much more.
Since its launch, Unimoni India has always delivered exceptional services at any time as per demands. With its gifted services and first-rate development, the company has grown to a breakthrough in the industry building a place for itself in the financial arena. The company has also been profound to supply money transfer services along with several other linked flexible supporting services like buy and sell foreign currency, prepaid multi-currency travel card, share trading, ticketing and tours, travel insurance, and both domestic and international money transfer from India for 2 decades.