Transfer Money Overseas From India-Find The Best Solutions

If you want to transfer money overseas from India as outward remittance, then in this article I’ll explain the process and facilitator banks and institutions who helps in transferring money overseas. With the help of technology, money transfer from one country to another is a matter of minutes with multiple layer of security. This involves the services of reputed banks facilitating global money transfer and global money transfer companies. Earlier to this article, you might have reviewed the methods to transfer money overseas from India.

As per RBI, under the Liberalised Remittance Scheme, all resident individuals are allowed to freely remit up to USD 2,50,000 per financial year for any permissible current or capital account transaction. Further, resident individuals can avail of foreign exchange facility for the purposes mentioned in Para 1 of Schedule III of FEM (CAT) Amendment Rules 2015, dated May 26, 2015, within the limit of USD 2,50,000 only.

For the outward remittance, you need to have a Permanent Account Number (PAN) number and need to fill multiple forms such as Form A2 (an application-cum-declaration form), Form 15CA (for information regarding amounts which are taxable for recipient NRIs) or Form 15CB (for the purpose of tax clearance from an IT officer) which are available online on bank websites and those of the Income Tax department and the National Securities Depository Ltd.

These money transfer service platforms are fast, safe and reliable means to transfer money online or offline to a foreign destination for the use of either medical, education or family maintenance etc.

Transfer Money Overseas From India, Best Platforms and Solutions

These platforms to transfer money overseas from India are also called “outward remittance solutions”  or “outward remittance platforms”. They are as follows-

1. Thomas cook for Overseas Money Transfer

Go to “thomascook[dot]in/international-money-transfer” for Thomas Cook money transfer, a tour and travel operator now enabled sending money abroad in its platform. You need to just walk into any one of the innumerable branches along with the documents required and the remittance amount. You can also request them to contact you and they shall let their expert executive’s guide you through the process. You will need to furnish self-declaration regarding relation with beneficiary, government issued ID proof and PAN Card copy for amounts exceeding USD 25,000. When you send the money abroad, a unique reference code will be given to you and you will be required to provide the beneficiary’s details. The beneficiary will have to provide proper ID proof as well as the same reference code to successfully collect the amount. This is one of the best outward remittance solutions to transfer money overseas from India easily.

2. Western Union Money Transfer

Go to “westernunion[dot]com/in/en/send-money.html” for Western Union money trasfer. Last year, their customers made 268 million transfers, they are in 200+ countries and territories, have been moving money for over 145 years and make 31 transactions every second on an average proved to be the most preferred platform for money transfer. This platform facilitates money transfers made in person, online (using their app) and over the phone. The money can also be deposited directly into the recipient’s bank account or picked up by him/her in person, thus makes it one of the best outward remittance platforms to transfer money overseas from India by most of the Indians.

3. PayPal To Transfer Money Overseas

PayPal Services in India (“paypal[dot]com/in/home”) are provided by PayPal Payments Private Limited, its open digital payments platform has 254 million active account holders. The PayPal provides the platform to connect and transact in new and powerful ways through a combination of technological innovation and strategic partnerships to manage and transfer funds anywhere remembering the receiver’s email address. It is available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.

It’s absolutely free to send a payment using your linked credit or debit cards with a currency conversion fee applied if you buy anything overseas. Secure and easy features of PayPal makes it one of the best online money transfer solutions to transfer money overseas from India by most of the users.

4. State Bank of India Remittance Facility

SBI (“retail[dot]onlinesbi[dot]com/personal/forex_outward_faq.html“) is the largest public sector bank in India with more than 18000 branches across the territory, its Internet-based Forex Outward Remittance facility is available on its portal to the individual Personal Banking Segment customers of the Bank who are registered as retail internet banking facility users presently having transaction rights. The user has to be maintained the bank a/c for a minimum period of one year prior to the remittance and registration of PAN No. in CBS with the Home Branch of user is mandatory. This one of the most popular and credible solutions to transfer money overseas from India among Indians.

5. PNB International Limited For Overseas Money Transfer

PNBIL (“pnbint[dot]com/faq_money_transfer.aspx“) offers foreign exchange services to its customers with an option to transfer the funds online. The customers with no account in PNB can also visit the branch and furnish required formalities to initiate the overseas funds transfer.

Currently PNB provides 6 types of fund transfer such as Faster Payment for an amount of less than £100,000 per transaction, Transfer Funds within PNBIL, 3 Other UK Banks Transfer (CHAPS Transfer (Same Day), BACS Transfer (Three Day), Issue of Sterling Draft), Indian Rupee Transfer, Indian Rupee Draft Issue, Nepali Rupee Transfer, and Other Currency SWIFT Transfer in EUR/USD/JPY/CAD/AUD/GBP/NPR.

6. ICICI Bank’s Money2World

ICICI Bank’s (“m2wnet[dot]icicibank[dot]co[dot]in/STAR_M2W/oRegPg_reg“) outward remittance service can be availed through its massive network stretched across nations to facilitate quick remittances in multiple currencies via Wire Transfer and Foreign Currency Demand Draft. Its also available through the online channel which can also be availed by non-ICICI Bank account holders. The service is available in 16 currencies with competitive exchange rates.

Money2World is an easy and convenient online outward remittance service offered by ICICI Bank to resident Indians to transfer money overseas from India. For this, one-time registration process is mandatory where you add your bank details from which funds have to be transferred, add receiver and enter transaction details, select payment mode and transfer funds from your chosen bank account.

7. BookMyForex

BookMyForex (“bookmyforex[dot]com/money-transfer/“) is a zero service charge and zero bank charge with no other hidden charges platform, it also waives off all sending charges associated with processing wire transfers.

It has 2,75,000+ customers and has processed more than 1600 crores of forex transaction whose outward remittances are processed by Axis Bank. The money transfer can be used for educational expenses like tuition fee, maintenance of your loved ones abroad, medical treatment of family members, foreign investments or as a gift or donation.

8. Neteller

NETELLER (“member[dot]neteller[dot]com/lightSignup“) makes paying online easy – even where debit and credit cards may not work. It is one of the world’s largest independent money transfer businesses which processing billions of dollars’ worth of transactions each year. It is authorized by the ‘Financial Conduct Authority’ UK under the Electronic Money Regulations 2011 for the issuing of electronic money.

9. XendPay

XendPay (“xendpay[dot]com/“), Founded by ‘Ethical Innovators’ in 2005, reduced cost to transfer fund Internationally, authorised by FCA-UK (Financial Conduct Authority) as a Payments Institution, has processed over $5bn money transfers to date. The service is connecting 205 countries with 51 currencies.

10. HDFC Bank’s RemitNow For Online Money Transfer Overseas

RemitNow (“hdfcbank[dot]com/personal/pay/money-transfer/remitnow“) is a secure online Foreign Outward Remittance platform provided by HDFC Bank, which enables you to transfer money globally from the comfort of your home and office. The service offers an easier and faster transfer of money without the cheques, queues or application letters, anywhere in the world with the exception of countries under the OFAC sanctioned list.

Fees and charges for the outward remittance for up to USD 500 or equivalent is INR 500/- per transaction and above USD 500 or equivalent and not more than USD 5000, a flat INR 1000/- per transaction is charged. This is easy and one of the cost effective ways to transfer money overseas from India.

11. UAEXchange

An UAE based money exchange (“forex[dot]uaeexchangeindia[dot]com/send-money-abroad-from-india/“) which allows customers to transfer money through their online portal or app. It credits faster for overseas education remittances. It is present in 30+ countries globally, and in India it has 390+ branches across the nation.

It uses the SWIFT electronic transfer method to transfer your money within 48 working hours in an easy and secure way to minimize the chances of money loss or theft.

12. Muthoot Finance Money Transfer

Muthoot Finance (“muthootfinance[dot]com/services/money-transfer“) has launched Indo-Nepal Remittance arrangement with IME and Prabhu Money Transfer. Muthoot Finance has 4,500+ locations all over India and all the branches are able to send money to Nepal. IME and Prabhu Money have more than 20,000 locations all over Nepal. If amount is less than INR 50,000 then bank account is not required.

13. BuyForexOnline

With zero sending charges, this service is following IBR exchange rate, so your money sending is done at the cheapest rates. With BuyForexOnline (“buyforexonline[dot]com/money-transfer/send-abroad“), everything has been kept online to enable customer convenience, from requesting the money transfer, to uploading the documents for verification to sending your money all the way to Europe. It sends in 26 currencies to over 200+ Countries worldwide.

14. Kotak Mahindra Bank For Remittance

Kotak Mahindra Bank (“kotak[dot]remit[dot]in/“) offers outward remittance in 15+ currencies, all you need for the faster remittance is saving account in any bank in India, an Aadhaar number, photo of one’s PAN Card and details of the sender and beneficiary bank for the one time single registration process, you can track your remittance online at a real time basis.

15. Axis Bank To Transfer Money Overseas

Axis Bank remits (“axisbank[dot]com/retail/forex/International-Fund-Transfer/features-and-benefits“) on 100+ currencies across 150 countries at competitive exchange rates on transfers. Axis bank offers International Fund Transfer to any bank account abroad. It has arrangements with major banks across the globe for Fund Transfers through the SWIFT mode, which ensures secure and safe remittance to any place of your choice. Using Axis bank, you can avoid dual conversion charges and you can know the exact amount that the beneficiary will receive in their account. All these features make it one of the best and most accepted outward remittance platforms to transfer money overseas from India.

Whereas International Fund transfer through branch is available in 16 currencies – United States Dollars (USD), Great Britain Pounds (GBP), EURO (EUR), Australian Dollars (AUD), Canadian dollars (CAD), Hong Kong Dollars (HKD), Swiss Francs (CHF), Singapore Dollars (SGD), Saudi Riyal (SAR), UAE Dirham (AED), Japanese Yen (JPY), Swedish kroner (SEK), New Zealand Dollar (NZD), Danish Kroner (DKK ), Thai Baht (THB) & South African Rand (ZAR).

Also read: How to Make Personal Finance Planning in Different Stage!

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