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RBL Bank executives will never ask for these details. Customer Compensation and Protection Policy limiting the liability of customers in unauthorized electronic transactions is available under Bank Policies section for perusal of customers Latest News Update. Why outward remittance with RBL Bank? Competitive exchange rate RBL Bank offers one of the best foreign currency exchange rate Zero processing fee for students making tuition fee payment to universities under purpose code S Specialist support to understand and complete documentation Easier documentation and faster processing, credit to beneficiary account.

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Simplified Documentation. Single page application form for all International money transfer A quick guide on minimum documents required. Overseas Education Money Transfer. Transfer in 16 Currencies. Remittance Saving Calculator. Want to calculate how much to save on your education related payments abroad?

Outward Remittance - Axis Bank

Simply, calculate amounts with the current exchange rates and fees before you make your international money transfer to universities. So, we contacted RBL Bank and to our pleasure the process was simple. RBL Bank not only transferred the money quickly and securely but also provided exclusive benefits since I am a student.



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Borderless Prepaid Forex card. Leave us a review. The overall savings and ease of use for me are compelling enough for me to keep using this debit card option always. Great product. Like Comment. Got offer for Foreign travel with zero percent markup charges. The total amount, however, is not much when compared to remittances received. There are stricter rules, too, when it comes to sending money abroad," said Vishal Dhawan, a certified financial planner and founder of Plan Ahead Wealth Advisors Pvt. With so many people receiving money from here, which are the best ways to transfer money abroad?

Branch Based Transfers

But before we delve into the details, here are some rules one must know pertaining to outward remittances. Under this scheme, you are allowed to remit for the purpose of personal and leisure visits, business visits, employment abroad, gifts and donations, maintenance of close relatives abroad, expenses in connection with medical treatment abroad, and studies abroad. You also need to fill up a form to state purpose of remittance Form A2, which is an application-cum-declaration form.

There is also Form 15 CA used for collecting information regarding payments that are taxable in the hands of recipient non-resident or Form 15 CB an alternate way to getting tax clearance instead of a certificate from an income-tax assessing officer.

Steps for SBI international money transfer

These forms are available on various websites such as those of banks, of the income tax Department and also National Securities Depository Ltd. You would need these documents when you approach a channel to remit money. There are various ways to receive money in India, but not so many if you want to send money abroad. For inward remittances, there are foreign exchange websites and many apps.



One can also use PayPal. But to send money abroad from India, you can only use banks, money changers, some travel companies, and some non-banking finance companies NBFCs. However, a few innovations are taking place in this sector. For instance, Thomas Cook India Pvt. Ltd launched a foreign exchange app in November. This can be used to remit to any bank account in the world. You also need to be mindful of the exchange rate," said Lovaii Navlakhi, founder and chief executive officer, International Money Matters Pvt.

Let us take a look at how these channels stack up against each other on the three parameters of cost, time taken, and exchange rate. Mint Money checked the websites of various banks, money changers and NBFCs and called their customer care centres to find out the fees and the convenience with which money can be transferred. Banks: This is probably the most popular route.

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Through banks you can transfer money abroad through wire transfers, Net banking, and by foreign currency cheques and demand drafts. In , RBI allowed money to be transferred online, and with that the use of cheques and demand drafts has reduced. The parents and the daughter both have accounts with the same bank. The cost of transfer varies across banks, but private banks are usually more expensive than public sector peers. Punjab National Bank, too, has similar charges.

Fed Ebiz - How to initiate an Outward Remittance?

See table for more details. The time taken for the money to reach the recipient, too, varies across banks—usually hours if sent via Internet; cheques and demand drafts take a few days. In terms of exchange rates offered, again, private banks are more expensive. Money changers: Although there are many small money changers that will send your money, it is better to opt for a bigger, more well-known one.

Money changers, too, allow for online transfer of money. But do keep in mind that while you can buy foreign currency demand drafts from a money changer, you will have to mail it yourself. The fee that money changers charge is similar to that of private sector banks. Time taken is typically 48 hours. What you need to keep in mind here is that with money changers, there is a longer KYC process.