Ways to send money From India to abroad or vice versa....

The article provides you the information about how you can send money to a foreign country or receive it. There are several ways you can do it:

During the 90’s there were very few people who use to travel abroad or use to send their kids to study abroad. As the foreign policies were not much developed during the 90’s and technology was also not developed to that extent that people could make foreign transactions or send or receive money by just sitting at any place around the globe. But, as the time has passed things have changed the other way round. As the start of 21st century people have started making up lot of foreign transactions. They transfer money from one country to another. But, many few people know the best suitable ways by which their money can be securely transferred and can reach with least service charges.

RBI has put on certain guidelines which allow you to transfer or receive only limited amount of money. The RBI guidelines remit only $1 lakh a year for your child education and under liberalized remittance scheme, you can transfer up to $2 lakh a year abroad for various purposes, such as investment, education and medical treatment. Here are some ways:

Demand Draft in Foreign Currency

All the global banks have this facility to transfer the money from one country to another through the Demand Draft (DD). All you need to do is to go to the bank and ask them for the DD you want to get made in foreign currency. The DD will be made and the amount equivalent to the amount of money in rupees would be deducted from your account. The entire process from getting the DD made and courier the DD takes around 10-12 days and the bank charges around 300 to 600 rupees to make the DD.

Do you have a PayPal Account?

PayPal: It is an online payment gateway which can be used globally to buy something or transfer money from your country to foreign country. All you have to do is make a PayPal account going to the PayPal website.

The money can be transferred only from one PayPal account to the other hence; the receiver should also have a PayPal account. For further information you can go up to the PayPal Website.

Swift (Society for worldwide interbank financial telecommunication) Transfer

To transfer your money faster you can make use of swift wire transfer. The facility is available with many banks in India. The banks are associated with various banks in the other companies and this is how the money gets transferred in a short time. It takes around 48-72 hours for whole transaction to complete. For further information you can read: SWIFT Money Transfer, Wire Transfer . So next thing you need to do is contact your bank for this facility.

Transferring using E-cheque

Some banks such as SBI and ICICI as well as online money transfer companies, such as TimesofMoney provide this facility. You have to go to the bank website and fill in your details. And after that you can fill the amount and the receiver banks detail.

Money transfer Agencies

There are many global service payment providers such as MoneyGram and WesternUnion. These have tie ups with many banks.

As the time moves on there will be more services stepping up in future to make the sending and receiving money around the Globe easier.