Your Questions on Online Money Transfer Abroad Answered!
More and more people today are making outward remittance from India to friends and families living abroad.Are you also planning on making an online money transfer abroad? Here are some of the more commonly asked questions and their answers on making an international money transfer from India:
Q1. How much money can I send abroad from India?
RBI’s Liberalised Remittance Scheme says that Indians can make a money transfer of a maximum of $2,50,000 per year per person. There are 8 reasons that you can make an online money transfer abroad:
- Business trip
- Studies abroad
- Emigration
- Going abroad for employment
- Gift or donation
- Medical treatment abroad
- Maintenance for close relatives abroad
- Private visits abroad
Q2. What kind of documentation do I need?
When planning to send money abroad, you need to keep these documents ready:
For overseas studies:
- Confirmed one-way air ticket
- Your original passport and student visa
- Offer Letter or Admission Letter (original), giving full details of the course, tuition fees, etc.
- Form I-20 (if travelling to the USA)
- Copy of PAN for all forex transactions (if the total amount exceeds Rs. 25000)
- PAN (Form 60/61 in case PAN missing)
For emigration:
- Your original and valid passport and emigration visa
- One-way confirmed air ticket
- Copy of PAN for all forex transactions (if the total amount exceeds Rs. 25000)
- PAN (Form 60/61 in case PAN missing)
For employment abroad:
- A valid passport and employment visa
- One-way confirmed Air Ticket
- Copy of PAN for all forex transactions (if the total amount exceeds Rs. 25000)
- PAN (Form 60/61 in case PAN missing)
For gift or donation:
- Self-declaration if amounts under US$ 5000.
For amounts beyond that:
- Liberalized Scheme application
- Govt. issued identity proof (with photo and address)
- Bank statement/ IT returns for one year
- Copy of PAN for all forex transactions (if the total amount exceeds Rs. 25000)
- PAN (Form 60/61 in case PAN missing)
For maintenance of close relatives:
- Self-declaration establishing a relationship with the beneficiary
- Govt. issued identity proof (with photo and address)
- Copy of PAN for all forex transactions (if the total amount exceeds Rs. 25000)
- PAN (Form 60/61 in case PAN missing)
For medical treatment abroad:
- Your original and valid passport
- A valid visa for the country of travel (except if visa on arrival applies)
- Confirmed ticket for travel within 60 days of taking foreign exchange
- Copy of PAN for all forex transactions (if the total amount exceeds Rs. 25000)
- PAN (Form 60/61 in case PAN missing)
- Application/self-declaration
Q3. Who qualifies as a ‘close relative’?
The following individuals are considered as close relatives when making an outward remittance from India for maintenance:
- Members of HUF (Hindu Undivided family)
- Husband and wife
- Father (the term “Father” includes step-father)
- Mother (the term “Mother” includes step-mother)
- Son (the term “Son” includes step-son)
- Son’s wife
- Daughter (the term “Daughter” includes step-daughter) – THIS NEEDS TO BE VERIFIED
- Daughter’s husband
- Brother (the term “Brother” includes step-brother)
- Sister (the term “Sister” includes step-sister)
Read this: 5 Things To Know Before Transferring Money Abroad
Q4. What are the safest ways to make an online money transfer abroad?
Wire Transfer:
These are direct bank-to-bank transfers where money from an Indian bank account is directly transferred to a beneficiary’s bank account abroad. A wire transfer is the best way to send money internationally because it is safe and convenient.
Foreign Currency Demand Draft:
This is another secure method of making an online money transfer from India. This is a physical paper draft that can be carried or mailed to the beneficiary abroad.
Q5. Who can you rely on to send money abroad from India?
If you are looking to send money abroad from India online, your options are:
Banks: A safe and convenient option, but with high charges
Money exchangers: Speedy but expensive. Also, an element of risk.
Online forex companies: Speedy, secure and reliable. No charges, no hidden costs and better rates than most.
Q6. Do I have any alternative means to send money abroad?
You can use a forex card for many of your purchases and payments. It offers you:
- Best rates
- Unparalleled customer support
- No foreign transaction fees
- No charges or fees
Also read: Money Transfer Online Is Swift & Safe With Thomas Cook
Q7. Can I transfer funds from my forex card to an overseas bank account?
Unfortunately, this is not possible.
Q8. What are the additional charges I must bear to send money abroad?
The charges include:
- Foreign exchange rates
- Company charges for sending money abroad
- Receiving bank’s charges
Thomas Cook guarantees you the most competitive rates in the market for an international money transfer. Our customer service executives can also guide you through the process. Do get in touch with us!
