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What Are The Different Ways To Send Money Abroad?

What Are The Different Ways To Send Money Abroad?

Several people move abroad for various reasons, be it employment, education or business. While moving overseas seems to be an exciting opportunity, but one thing that would always worry would be managing finances. For instance, if your child has been pursuing higher studies in Canada and he needs extra funds to pay for his school fees, how are you going to send it? Several banks and financial institutions offer outward remittance services that enable you to send money from India to various foreign countries. Inward or outward remittance is a common practice that has grown in recent years. Let’s understand international money transfers and the different ways to send money from India to overseas.

What is International Money Transfer?

As per the Reserve Bank of India (RBI) regulation, Indian citizens are allowed to send money from India to any overseas country through outward remittances services. The money transfer can be carried for overseas education, employment, medical emergency, leisure, business visits, gifts or donations. You can do money transfers from any bank in India to any bank around the world.

Different ways to send money from India to overseas:

This outward remittance can be made through banks, online transfer services, and digital payment platforms.

  • Wire Transfers: This is one of the common methods of sending money internationally. Wire transfer is an electronic way to transfer funds from one bank to another. For instance, if you are studying abroad, the student’s parents can use wire transfer where the transfer takes place through the SWIFT network, which is a messaging protocol between two banks involved

  • Bank drafts: Another safest and most popular way to send money overseas is using bank drafts. To start with this, you need to visit your preferred bank and fill out the draft form mentioning recipient details and the amount you want to send. This method is relatively cost-effective, but it can be time-consuming

  • International Money Order: One of the cheapest and safe ways to send money abroad from India is through Money orders. The money orders can be deposited in any bank, and the recipient can collect the cash from the cheque locations. However, this method is a bit outdated, and it is time-consuming

  • Online money transfer: You can use online money transfer services like Money2World to carry out outward remittances. The service is available 24*7 for both ICICI Bank and non-ICICI Bank customers. Money2world is also available on the iMobile Pay app so that you can initiate safer money transfers anytime, anywhere using your phone.

Documents required for Money transfer:

Below are some of the necessary documents that you need to submit for online fund transfer:

  • PAN card copy

  • Passport, Voter ID, Driving Licence, etc. for address proof.

Conclusion:

Online money transfers from India to overseas have become convenient, unlike before. It can be extremely beneficial if your child is studying abroad and requires funds to manage his/her expenses. In case your child is planning to go to any foreign countries for further studies, you can get end-to-end assistance from ICICI Bank through its newly launched digital platform called “Campus Power.”

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