How To Transfer Money to International Bank Account

Open DBS Treasures Account

Sending money abroad doesn’t have to be complicated – especially when you know the right steps. Whether you’re funding education or supporting your family, understanding the steps ensures that your international money transfer from India reaches its destination securely and cost-effectively. This guide offers clear advice for transferring money to an international bank account.

Let’s begin with the basics.

What is International Money Transfer?

An international money transfer moves funds from your Indian bank account to a bank account in another country. Unlike domestic transfers within India, these transactions often involve currency conversion and compliance with specific regulations. Services like DBS Treasures’ Overseas Remittances make the process straightforward and efficient.

Common Reasons for Sending Money Abroad from India

People send money overseas for various reasons, including:

• Paying for education, such as tuition or study programmes abroad.
• Covering medical expenses for family members overseas.
• Providing financial support to loved ones living abroad.
• Funding business transactions or investments in foreign markets.

Regulatory Bodies Governing International Money Transfers from India

The Reserve Bank of India regulates outward remittances and ensures compliance with the Foreign Exchange Management Act (FEMA).

The RBI’s Liberalized Remittance Scheme (LRS) allows residents to send up to USD 250,000 annually for approved purposes, such as education, travel, or investments. These rules ensure transparency and security.

Factors to Consider Before Sending Money Internationally

Before initiating a transfer, consider key factors:

• Exchange rates: Currency fluctuations impact the recipient’s amount.
• Fees: Charges vary, and hidden costs may increase expenses.
• Transfer speed: Urgent transfers may cost more.
• Provider reliability: A trusted service protects your funds.
• Regulatory limits: Adhere to RBI and FEMA guidelines.

How to Transfer Money Internationally: Step-by-Step Process

Transferring money abroad involves a clear sequence of actions to ensure accuracy and compliance:

1. Choose a Transfer Method: Select a service that aligns with your needs, such as bank wire transfers for large sums or online platforms for smaller amounts.
2. Gather Required Details: Collect the beneficiary’s account number, bank name, address, and SWIFT/BIC code, along with the RBI-required purpose code.
3. Prepare Documents: Provide KYC documents (e.g., PAN, Aadhaar, or passport) and complete any forms required by your provider.
4. Verify Costs: Check the transfer fee, exchange rate, and any hidden charges to understand the total cost.
5. Initiate the Transfer: Submit your request through your chosen platform, ensuring all details are accurate.
6. Track the Transfer: Monitor the transaction’s progress and confirm receipt with the beneficiary.

DBS Treasures’ Remittance Services guide you through these steps for a seamless experience.

International Money Transfer Options

There are several options available for international money transfer from India, each suited to different priorities:

• Bank Wire Transfers: Secure and reliable, ideal for large transactions.
• Online Money Transfer Services: Convenient for smaller sums, often offering competitive rates.
• Forex Dealers & Remittance Services: Specialised support for complex or tailored needs.
• Mobile Wallets & Payment Apps: Fast and user-friendly, though limited by transfer caps.

Documents Required to Send Money Abroad from India

To send money abroad from India, you’ll need specific documents for compliance:

• Proof of identity: You may be asked to submit documents such as a PAN card, Aadhaar, or passport to complete verification requirements.
• Bank forms: Required by your service provider.
• Purpose code: RBI-mandated to specify the transfer’s purpose.

Open DBS Treasures Account

International Money Transfer Charges Explained

Before you send money abroad from India, it’s important to know the international money transfer charges involved:

• Transfer fee: A fixed or percentage-based charge.
• Currency conversion: Exchange rates impact the final amount.
• Hidden fees: Certain expenses may surface later, catching you off guard.

Tips to Reduce International Money Transfer Charges

To minimise costs while sending money overseas, consider the following tips:

• Choose services with low fees and favourable rates.
• Time transfers to benefit from better exchange rates.

• To prevent unforeseen fees, ask for a complete cost breakdown.
• Ensure you are complying with the international money transfer details required by banks.

Important Details Required for International Money Transfers

Accurate details prevent delays. When sending money abroad, it’s essential to have the recipient’s account number, the name and location of their bank, along with the bank’s SWIFT or BIC identifier to ensure proper routing.

An RBI-required purpose code categorises the transfer, and your PAN and identity proof ensure compliance.

Open DBS Treasures Account

Conclusion

Transferring money internationally is achievable with careful planning. By selecting a reliable provider, understanding costs, and ensuring accurate details, you can send funds abroad efficiently. For those exploring seamless options, DBS Treasures’ services, including the NRI Savings Account, offer a dependable solution for global financial needs.