How to send money abroad from India?
Online Money Transfer Using Internet Banking
One of the most convenient ways to send money internationally is to send money online. The vast majority of Indians use this medium to send money all over the world. The method only requires destination account details, receiving bank code, account holder information, etc. Keep in mind, however, that because this process excludes intermediary banks, you may be subject to high taxes and exchange rates.
Bank transfer using a money transfer agency
It is the newest means of money transfer to appear in the industry, and it offers reduced costs and direct debit fees for making an international money transfer from India. You can make a wire transfer through various financial institutions, such as banks or licensed money changers.
The wire transfer facility collects information about the recipient and the recipient’s bank or other facility where the money is to be delivered by the sender. The sending institution initiates the transfer and sends the message to the recipient institution after obtaining the information from the sender. This procedure takes a few days.
Bank drafts, checks or bank branch
Bank drafts and checks are available at most banks across the country. You can purchase bank drafts and cashier’s checks in the recipient’s currency. It is a cost effective way to send money abroad, but it takes longer to reach the destination. Draft and checks are traceable in the event that they do not arrive at their intended destination, and they offer complete peace of mind when sending money overseas from India.
Be sure to verify details like the recipient’s account number and other information, regardless of which option you choose. Remember to evaluate costs and exchange rates, as well as how long it will take to complete the transfer, especially if the recipient has a tight schedule. Always keep a record of the transaction in case you need to follow up on it later, and beware of scams and frauds. When it comes to managing your money, only use proven systems.