With the ever-evolving global landscape, an increasing number of individuals are embarking on journeys across continents and countries, driven by the pursuit of education, employment opportunities, or the quest for a better place to call home. If you or your family member happen to be one of these individuals, you are likely to be in search of swift and efficient methods to send money abroad for different purposes.
BookMyForex offers excellent international money transfer services for a variety of purposes like University tuition fees, medical expenses for family, maintenance money for your loved ones, and others. Within just 12-48 business hours, you can transfer money to any part of the world conveniently by using the services provided by BookMyForex.
This guide about international money transfers will give you a clear picture about of how you can transfer money abroad and what are the prerequisites for doing the same.
The amount you transfer needs to be under USD 250,000 or eqv in a financial year.
It takes 12- 48 business hours for the transfer to be completed
You can Transfer Money Overseas to the below-mentioned persons:
(a) Members of your Hindu undivided family.
(b) Your spouse.
(c) You are related to the beneficiary in any of the manners indicated below:
The Remitter has to be an Indian resident and present in India. The Remitting account should be a savings account of the remitter.
There are a few situations wherein the limit of USD 250,000 or eqv/year can be exceeded. However, For a higher international fund transfer to your close relatives, you need RBI’s approval. You can get this by submitting all the necessary documents proving the need for extra monetary assistance.
The amount you transfer needs to be under USD 250,000 or eqv in a financial year.
It takes 12 - 48 business hours for the transfer to be completed
Under special cases, if you wish to increase the limit of the amount per year, you will need to submit a formal request from the concerned university. When you submit the request, ensure that you have included all the relevant details including the Name of the Student, Student ID, and reference number of Admission.
The transfer limit of funds for foreign investment is USD 250,000 or eqv per financial year.
It takes 12- 48 business hours for the transfer to be completed
The remitter needs to be an Indian Resident. The remitting account should be a savings account of the remitter.
Although foreign investments can be made by individuals, it is generally an endeavor pursued by corporations or companies who have substantial assets and are on the lookout to extend their reach.
More often than not, foreign investments would require you to submit additional documents apart from the ones mentioned above. If you or your company haven’t had an account with a particular bank for more than a year, you may be required to submit the following documents additionally.
You can transfer up to USD 250,000 or eqv in total in a financial year for emigration.
It takes 12- 48 business hours for the transfer to be completed
If any individual is required to transfer more than the limit of USD 250,000, a proof of estimate needs to be submitted to the RBI for approval
For medical treatment, the overall limit for international fund transfer is USD 250,000 or eqv in a financial year
It takes 12 - 48 business hours for the transfer to be completed
The remitter needs to be a Resident Indian. The Remitting account should be a savings account of the remitter.
If an amount greater than USD 250,000 is required to be transferred, you will need to provide a letter from the concerned doctor in India or abroad detailing the estimate of the total cost of the medical treatment
Best Exchange Rates: The transfer rates displayed 24/7 on BookMyForex are live. You can even lock in the best rate for 3 days using our Book Now & Pay Later feature. BookMyForex also provides the service of notifying you whenever your desired exchange rates are available.
Quick Transfer Speed: Once the documents and funds are received, the transfers take only 12-48 working hours. With absolutely no extra cost, the beneficiary abroad can receive the funds without any delay.
Online Booking Option: The entire remittance process is very convenient when done through BookMyForex as you can easily carry it out online. You no longer have to visit your local bank or any other financial institution when you choose BookMyForex for fund transfer, you can do it from the comfort of your home.
Zero Transfer Fees: All the transfer charges for processing wire transfers are waived off completely when you transfer funds using BookMyForex. Typically, banks may charge around INR 2500 for such transfers, which is not the case with BookMyForex.
Safe & Secure Process: BookMyForex only processes transactions through our reputed partner banks. The platform also adheres to strict regulatory guidelines and uses cutting-edge encryption technology to protect transactions.