How can I transfer money from India to another country?

Transfer of money from India to any other country is now seamless and transparent with digital advancement and clarity of regulations. If you are in the process of sending money to support your family, shell out for overseas education, or handle business payments, then knowing the best ways of sending money abroad will help you to save in fees and secure the funds. Here is a complete real-time guide that will help you find your way around international money transfers in India.

How to Send Money Abroad from India?

There are several methods for sending money overseas from India, each with its advantages:

• International Bank Transfer from India (Wire Transfer via SWIFT): This is probably the oldest and most popular method, which would enable you to transfer money directly from your back in India to that in a foreign country. It is secure but also usable for high-value transfers, although banks would charge higher fees and possibly lower competitive exchange rates.
• Online Money Transfer Services:  Wise, Western Union, and Remitly provide easier and sometimes cheaper alternative mediums to banks. These services are suitable for personal remittances or payments for tuition or business and are transparent in regard to fees and exchange rates.
• Foreign Currency Demand Draft (FCDD): For official payments or University applications, the banks can issue a physical demand draft in foreign currency. This approach is slower, but sometimes there is a need for some specific purposes.
• International Credit Card Payments: You can use an international credit card when you have to make payments for services outside your country (e.g. subscriptions or bookings in the hotel). However, foreign transaction fees apply.
• UPI for International Merchant Payments: UPI is being expanded across the world, and payments to merchants in certain countries are being accepted, but not for person-to-person international transfers.

Best Way to Send Money Abroad: What to Consider

When choosing the best way to send money abroad, consider:

• Transfer Fees: Banks often charge higher fees than fintech platforms. Some digital services offer zero or very low fees.
• Exchange Rates: Even small differences in exchange rates can impact the final amount received. Look for providers that offer rates close to the mid-market rate.
• Speed: Online services can process transfers within hours or a couple of days, while bank wire transfers may take up to 5 business days.
• Transfer Limits: Indian banks and fintech providers have varying limits. For example, ICICI Bank has an online daily limit of INR 20 lakh, while Wise allows up to 100 million INR per transfer for individuals.
• Purpose and Documentation: You’ll need to specify the reason for your transfer (education, maintenance, etc.) and submit KYC documents as per RBI regulations.

Steps for Sending Money Overseas from India

1. Select Your Provider: Compare banks, fintech apps, and online outlets for fees, rates, and time.
2. Register and Complete KYC: Open your account and upload documentation.
3. Enter Recipient Details: In order to have the recipient’s details, you’ll need to have their bank account number, SWIFT/BIC code and address.
4. Define Reason and Amount: State the purpose of this remittance and put the amount.
5. Pay and Track: Fund your transfer using a bank account/debit card/credit card and track the status from the system.

Why Choose Eximpe for International Money Transfer in India?

At Eximpe, we prioritize transparency, speed, and compliance. Our platform offers:

• Competitive exchange rates and low fees
• Fast, secure processing for international bank transfers from India
• Full compliance with RBI and FEMA guidelines
• Seamless digital experience for both personal and business users

Conclusion

Living overseas from India today is more convenient, economical, and safer in terms of money transactions. If you are searching for the best way to send money overseas to family, to school, or for business, platforms like Eximpe make it so easy to send money internationally in India. Always compare your options and pick a provider who agrees with your needs for fees, speed, and compliance. Begin your next international bank transfer from India with confidence, Eximpe, for smooth transactions.

FAQs

What documents are required to send money abroad from India?

You need to complete KYC (Know Your Customer) by submitting valid ID proof and address proof and specifying the purpose of remittance as per RBI regulations.

How much money can I transfer from India to another country?

Transfer limits vary by provider. For example, some banks allow up to INR 20 lakh per day online, while fintech platforms like Wise allow up to 100 million INR per transfer for individuals.

What are the main charges involved in international money transfers?

Charges typically include a transfer fee, exchange rate markup, and sometimes correspondent/intermediary bank fees. Fintech platforms may offer lower fees and better exchange rates compared to traditional banks.

How long does it take for the money to reach the recipient abroad?

Transfer times depend on the provider and destination. Bank wire transfers usually take 2–5 business days, while online services can process transfers within a few hours to a couple of days.

Is sending money abroad with Eximpe safe and compliant?

Yes, Eximpe ensures full compliance with RBI and FEMA guidelines, offering secure, transparent, and fast international money transfers for both personal and business needs.