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#FinancialBytes: Different ways to send money abroad from India
13 May 2019
Nowadays, people can send money to their loved ones abroad in a much convenient and simpler manner.
Sending money abroad from India to other countries is called "outward remittance". This process involves several government rules and regulations and foreign exchange; one needs to choose methods of remittance that meet the required regulations.
Here are a few ways to send money abroad.
Sending money abroad through banks is safe and convenient
When it comes to sending money to other countries, banks are the safest and convenient option.
Almost all major banks in India offer outward remittance services; the charges could, however, be high.
Senders might have to visit a bank branch and fill up a form, produce required proofs and documents, and mention the purpose of sending money; some banks also offer this option online.
Foreign currency demand drafts are another secure option
For transferring money to other countries, foreign currency demand drafts are also a safe and hassle-free option. These physical paper drafts can be drawn in the name of the beneficiary.
These drafts can be carried internationally or mailed to a beneficiary abroad. Though it might take longer for the beneficiary to receive the money, one can substantially save on fees through this method.
There are a number of money transfer companies
For those who want to send money abroad, there are a number of third-party money transfer companies like Western Union and MoneyGram that offer outward remittance services.
The fees charged by these companies might be higher but delayed transactions typically attract lower fees.
There are several money transfer companies that offer their services online and on mobile apps for transferring money quickly and conveniently.
#4: Money exchangers also transfer money abroad
Money exchangers or currency exchange brokers also offer outward remittance services. Though they might offer fast money transfers, they can be very expensive. Senders don't need to have bank accounts but they must provide other proofs/documents. However, not all money exchangers are reliable and secure.