Need to support a loved one overseas or handle an urgent payment? Sending money abroad from India is now simpler than ever, thanks to a mix of digital platforms and traditional banking options. This guide breaks down the best ways to get funds across borders efficiently.
Whether it’s for education, travel, or emergencies, knowing how to send money abroad from India can save you time and money. From online transfers to forex cards, we’ve got you covered with practical solutions tailored to your needs.
Table of contents
Why Send Money Internationally from India?
Millions of Indians need to transfer funds overseas for various reasons, from family support to business transactions. Understanding why and how to send money internationally from India helps you choose the right method for a seamless experience.
- Education Abroad: Fund tuition and living expenses for students studying overseas.
- Family Support: Send money abroad from India to help relatives settle or thrive.
- Travel Needs: Cover expenses for vacations or emergencies while abroad.
- Business Payments: Facilitate international trade or freelance work with ease.
- Medical Emergencies: Quickly transfer money abroad from India for urgent healthcare costs.
Top Methods to Send Money Abroad from India
Wondering how to send money abroad from India effortlessly? Here are the top methods, blending speed, security, and convenience to suit your needs.
SWIFT Transfer
Using a bank for an international money transfer from India via SWIFT is a trusted choice. SWIFT (Society for Worldwide Interbank Financial Telecommunication) connects banks globally, ensuring your money transfer to international bank account from India is safe. Parents often use this to send money abroad from India for students.
Here are the key details needed for Swift Wire Transfers–
- Beneficiary bank SWIFT code
- Beneficiary account number
- Bank name and address
- Routing number (USA), BSB code (Australia), or transit code (Canada)
Pros:
- Highly secure
- Can be initiated online or at a bank branch
Cons:
- International money transfer charges from India may apply (varies by bank)
Forex Cards
A forex card is one of the best international money transfer methods from India for planned expenses. Load it with funds in advance, and the recipient can use it abroad for payments or withdrawals. Students can carry some of the best Forex cards when planning to study abroad.
How It Works:
- Preload the card with INR, converted to the recipient’s currency
- Reload online when needed
Pros:
- Easy to use and track
- Ideal for students or travelers
Cons:
- Limited by bank-specific service
International Money Order
For those preferring offline methods, an international money order is a classic way to send money abroad from India. Purchase it from a bank or post office, and the recipient can cash it at designated locations.
Pros:
- Safe and traceable
- No tech skills required
Cons:
- Slower delivery time
Foreign Currency Demand Draft
Another offline option, a foreign currency demand draft lets you transfer money abroad from India by issuing a draft in the recipient’s currency. Visit your bank, specify the amount, and send it to the recipient’s account.
Pros:
- Simple and widely accepted
- Affordable
Cons:
- Processing can take days
Bank Drafts or Cashier’s Checks
Similar to demand drafts, bank drafts or cashier’s checks are purchased in foreign currency and mailed to the recipient. They’re cost-effective but slower.
Pros:
- Low fees
- Traceable
Cons:
- Longer delivery time
Fly Finance
Services like Leverage Edu’s Fly Finance make sending money abroad from India online a breeze. It’s cost-effective, transparent, and quick—no hidden international money transfer charges from India.
Why Choose Fly Finance?
- Payments processed in 5-10 minutes
- Minimal paperwork (Aadhaar/Driving License, PAN)
- Fully digital process
- Cheapest way for international money transfers
Also Read: Check out the major differences between HDFC international money transfer vs Axis Bank international transfer.
Factors to Consider Before Sending Money Abroad from India
Making an international transfer requires careful planning. Here are the key factors to weigh before you send money abroad from India to ensure a smooth process.
- Exchange Rates: Rates vary across banks and platforms to maximize value.
- Transfer Time: Online methods like SWIFT or Fly Finance take 24-48 hours, while offline options may take longer.
- Charges: Expect fixed or percentage-based international money transfer from India charges, including conversion fees and taxes.
- RBI Limits: Under the Liberalized Remittance Scheme, individuals can remittance from India to abroad up to INR 2 crore per financial year.
Also Read: This blog includes the details for Terms Related to International Money Transfers. To know more about it read the blog.
RBI on Sending Money from India to Abroad
The Reserve Bank of India (RBI) plays a crucial role in regulating abroad money transfers from India through its outward remittance framework. This ensures that every international money transfer from India is secure, transparent, and compliant with national financial policies.
The RBI permits only authorized entities—such as AD Banks for Form A2 remittances– (Authorised Dealer Category-I or AD-I) and licensed money changers (Authorised Dealer Category-II)—to facilitate these transactions, safeguarding against fraud and misuse.
To send money abroad from India, you’ll need to adhere to specific documentation requirements set by the RBI. These include:
- PAN Card Copy: Mandatory for identity verification and tax purposes.
- Proof of Funds: Evidence (e.g., bank statements) showing the money’s legitimate source.
- Form A2: A standard application form for outward remittance, available at banks or online.
- Fee Receipt (if applicable): Required for certain transactions like education payments.
A key aspect of RBI’s oversight is the Liberalised Remittance Scheme (LRS), which governs how much money individuals can transfer money abroad from India. Under LRS, resident individuals can remittance from India to abroad up to USD 250,000 (approximately INR 2 crore) per financial year (April to March).
The limits of international money transfers as per RBI guidelines apply across all permissible purposes, such as education, travel, medical expenses, or investments. For amounts exceeding this, special approvals may be required, and transactions must align with FEMA (Foreign Exchange Management Act) guidelines.
The RBI also mandates that funds under LRS can only be sent for approved purposes, excluding activities like speculative trading or buying lottery tickets abroad. By setting these rules, the RBI ensures that sending money abroad from India online or offline remains a controlled yet accessible process for Indian residents.
FAQs
You can send money abroad from India using methods like SWIFT transfers, forex cards, international money orders, demand drafts, or digital services like Fly Finance. Choose based on speed, cost, and convenience—banks handle most options, while platforms like Fly Finance make it quick and online.
Generally, the act of sending money abroad from India isn’t taxable, but it depends on the purpose. Under the Liberalised Remittance Scheme, no tax applies to the transfer itself. However, if it’s a gift or income from abroad, the recipient may face taxes in their country.
Under the RBI’s Liberalized Remittance Scheme, you can transfer money abroad from India up to USD 250,000 (around INR 2 crore) per financial year. This covers education, travel, or investments—anything beyond requires special RBI approval.
No, Google Pay doesn’t support international money transfers from India directly. It’s limited to domestic transactions within India. For sending money abroad from India, use banks (SWIFT), forex cards, or services like Fly Finance instead.
Services like Fly Finance or SWIFT transfers are your best bet for send money abroad from India online. Fly Finance processes payments in 5-10 minutes, while SWIFT takes 24-48 hours—perfect for urgent needs!
Yes, international money transfer from India charges vary by method. Banks may charge flat fees or a percentage (e.g., SWIFT fees), plus currency conversion costs. Fly Finance, however, boasts no hidden fees—check terms before you send!
To send money abroad from India, you’ll need a PAN card, proof of funds (like bank statements), Form A2, and sometimes a fee receipt. The RBI mandates these for compliance—banks or platforms guide
To sum up, before you transfer money abroad from India, verify exchange rates, double-check beneficiary details, and account for international money transfer from India charges. With these options, sending money internationally from India is both accessible and secure—whether online or offline!
Ready to make your first international bank transfer from India? Choose wisely and send with confidence!
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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