How to Send Money Abroad From India?

Want to send money abroad from India? If so, then you must be aware of the following regulations that the Indian government follows and allows for transferring the amount. The act of sending money to someone in abroad from India is done as per the Foreign Exchange Management Act or FEMA. However, the amount can be transferred for some specific reasons which are approved under Foreign Exchange Management Act (FEMA). Some specific reasons which are acceptable by FEMA are as follow:

1. Money for education
2. Money as a gift
3. Money for donations
4. Money for medical treatments
5. Money as maintenance cost to some relative

Besides, this general information, one should be clear with the process of sending money from India to abroad. Well, there are some great international money transfer platforms using which you can transfer money easily. Those platforms follow simple steps supporting the regulations suggested by the authorities.

Here is the general process that must be followed when sending money to any abroad location. Have a look at the steps that should be followed for the transfer:

1. Visit online international money transfer platform: Before you do any transfer, visit money transfer platform (portal) for understanding their requirement and process for transfer. You must have an account for making the transfer. In case, you don’t have an account, fill in the required documents in support of your transfer and create an account.

2.  Register for the process: Once you are done with completing the documentation part, register yourself for doing the transfer. Registration is required for making the entire process fast and simple. You will require your PAN card for the registration process these days.

3.  Fill in the required KYC: Enter all your required details before making any transfer. The Foreign Exchange Management Act must be fully satisfied in terms of knowing the person making the transfer for the surety that the transfer is being made with all the legal details. You must provide all your legal and correct information in complete detail.

4. Update the purpose of transfer: FEMA is very particular for the purpose of transfer; therefore, you must enter the correct and eligible purpose for making the transfer. If your purpose is not acceptable, then you may not be allowed to send the money. Thus, be careful while choosing the purpose of transferring the money.

5. Enter details of beneficiary: As you fall under the eligibility criteria of transferring money, update the required details of the beneficiary to whom you want to transfer the amount. Enter the complete detail along with the required amount that needs to be transferred. Adding the beneficiary to your account details may take some time. Once the beneficiary is added, you can use the same details in future every time while transferring.

6. Choose the method of transfer: The final step to complete the transaction is to choose the method of transferring the amount. Your portal will provide you with certain options for transferring your funds and you must choose the one according to your preference.

Conclusion:

Transferring money abroad from India will turn into a simple process if done with proper care and guidance. We recommend you to choose some international money transfer platform LIKE Remitout where you can transfer money easily by following simple steps and without making so much efforts and formalities.

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Created on Jan 4th 2018 03:12. Viewed 773 times.

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