Send Money from India
Options to send money from India are limited. Indian residents can send money abroad for purposes approved by the government regulations only. Banks and other authorized dealers like Western Union, Money gram can send money on your behalf. Know your customer (KYC) regulations set by RBI mandates the agents to require identity compliance with the rules. Government announced liberalized remittance scheme to make foreign exchange transactions easier for Indian citizens.
How to send money
Money can be sent abroad by wire transfer or bank draft. Wire transfer is direct bank to bank transfers where money from Indian account is directly transferred to the beneficiary account abroad. They are the most convenient way to send money to individuals. Bank drafts are financial instruments issued by banks that could be carried physically or couriered to the recipient. Bank drafts come in handy for paying institutions (Schools, colleges, bidding for company tenders etc.).
While travelling abroad one can buy Forex card that can be loaded with the required currency, which can be used while international travel. India is one of the world’s largest prepaid card markets where anyone can buy the card via the large network of RBI-licensed moneychangers. Customer can exchange rupees for foreign currency with banks at the existing market rate and receive the card at that specified amount. These cards can be used in all the international websites and merchant outlets.
Cost of International Transfer
Exchange rate: The currency markets decide the exchange rate. The exchange rate that is seen in Google search is the interbank rate or the mid-market rate. This rate is not available to individuals but this serves as the base rate in which the agent / bank would convert your rupees.
Agent / Bank Fees: Banks and agents charge a fee to perform the conversion and deliver you the destination currency
Inbuilt fees: Agents and banks give you a rate that is a little below the currency market rate. This rate sometimes includes the fees that are hidden by the agent.
GST: Government of India adds a tax component to the amount sent abroad
Prepaid cards are used for making payments while you are travelling abroad. These are pre-loaded and enable you to access money in the required regional currency. You can also top it up depending on your requirement. The card allows you to withdraw cash in foreign currency, check your balance and shop. Banks such as ICICI Bank, HDFC Bank, State Bank of India, Standard Chartered and Axis Bank offer prepaid forex cards.
Indus Forex Card comes loaded with amazing benefits:
Zero Currency Conversion Charges
Zero Charges on ATM Withdrawals*
Zero Processing Fee
That’s not all, you get more with IndusForex.com!
• Doorstep delivery
• Reload currencies
• Buy travel insurance
• Faster online processing
• Minimum documentation
No need to run around for foreign exchange. Buy a Multi-currency Forex Card with ease at IndusForex.com.