1. Banks- You can transfer money abroad from a bank, and some banks only facilitate the same as long as you’re an account holder with them. Although overseas remittances through a bank are safe, they can often charge very high fees and can be stressful as they involve a lot of paperwork. Banks would also require you to produce a long list of documents such as an Aadhaar card, Pan Card, Passport, recipient’s information, proof of purpose of remittance, etc. You would be able to send money in the form of wire transfers or Foreign Currency Demand Draft (FCDD).
2. Forex Companies- Physical Forex Companies such as Western Union
converts your domestic currency to foreign currency and issues it either as cash or remits the same in the form of a money order. Note that the transfer speeds may be higher than banks but these companies may charge heavy fees and extremely high FX makeups. You may also have to provide proof of remittance to comply with the Indian foreign exchange regulations.
3. Third-Party online overseas remittance services- Third-Party overseas remittance services
such as MoneyGram
, and North Loop
. You would have to register with these platforms, which would later on store your information for ease of access and seamless transfers. You would have to provide just basic documents such as proof of identities, residence, etc. The fees charged by these services are also relatively low while providing security and quick transfers.
4. Online Bank Remittances- You would be able to transfer money abroad through online services provided by a majority of banks in India, provided you’re an account holder with the bank. However, you would have to furnish some details about your recipient as well as your details along with the proof of purpose of transfer such as an invoice. Note that this mode of transfer can prove to be costly as banks charge high fees and various hidden charges. Even the exchange rates provided would be relatively low through this mode.