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Outward Remittance refers to sending or remitting money from one country to another country. For a Resident Indian, Outward Remittance would mean sending money from India to abroad. Outward Remittance transactions are regulated by the RBI under FEMA (Foreign Exchange Management Act) and LRS Scheme (Liberalized Remittance Scheme).
The Foreign Exchange Management Act (FEMA) of 1999 is actually the amended Foreign Exchange Regulation Act (FERA). This Act regulates the foreign exchange market in India and gives all the rules pertaining to foreign exchange transactions to be followed by organizations, businesses and individuals.
The Liberalized Remittance Scheme is a facility provided by the RBI for all resident Indians including minors, to remit up to USD 2,50,000 or its equivalent in any currency per financial year (April - March).
The Scheme was introduced on February 4, 2004, with a limit of USD 25,000. The LRS limit has been revised over the years as per the economic conditions in India.
An Indian Resident refers to Indian citizens living and staying in India. Also, as per the Foreign Exchange Management Act (FEMA), a person resident in India is defined as having stayed in India for more than 182 days in the previous year.
This is not applicable to a person who has left India for;
You can send money abroad to your close relatives such as;
Yes, PAN is mandatory for Outward Remittance.
This is as per RBI rule regarding the same. It is to make sure that the money being transferred abroad is already taxed in India. Also, RBI wants to make sure that individuals stick to their Outward Remittance limit prescribed per year (US $2,50,000).
Some of the RBI and FEMA guidelines for outward remittance are;
For an Individual Indian resident, the rules for Outward Remittance from India are governed by the Liberalized Remittance (LRS) Scheme under the Foreign Exchange Management Act (FEMA) of RBI.
RBI - Liberalized Remittance Scheme
To know about Outward remittance rules for students and travellers going abroad, read:
IBAN refers to International Bank Account Number. The numbers in the IBAN indicate which country the account holder is from, which bank and also the account number itself. IBAN is usually found for most bank account is Europe and the Middle East.
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a banking network used by banks and other financial institutions worldwide to transfer information related to international transactions in a secure and standard way. It makes use of SWIFT Code technology which is also called Bank Identifier Code which is used to identify the various banks involved in the transactions.
The purpose proof document shows the purpose of the transaction. For example, If you are planning to transfer funds to a University account, a letter from the university is required to show that the student is studying there.
In India, you’d have to pay GST when sending money abroad.
Take a look at the below table to find out how much tax you are liable to pay according to the amount of money you are sending abroad;
|Tax on money transfer from India to any country|
|Money Transfer Slab||Minimum Tax – Maximum Tax|
|Slab 1 [Up to Rs 1 lakh]||Rs. 45 – Rs. 180|
|Slab 2 [Rs 1 lakh to Rs. 10 lakh]||Rs. 180 – Rs. 990|
|Slab 3 [Above Rs. 10 lakh]||Rs. 990 – Rs. 60,000|
The best way to transfer money internationally from India is through “Wire Transfer/Telegraphic Transfer”.
It is fast and comparatively cheap.
This is the method used by banks and money changers in India to transfer money abroad.
To find the money transfer centre in your locality offering the best exchange rates and least service fees, you can use extravelmoney.com.
International money transfers can take about 24 to 48 working hours, for the money to be credited in the beneficiary account abroad. Sometimes, it gets completed within 24 hours of making the transfer.
International Money Transfer has 3 main costs
It’d be impossible to legally transfer money abroad without any fees.
Legalized Money Transfer Abroad services are provided by banks and RBI authorized money changers.
They provide this service for a fee.
Make sure that when you are transferring money abroad, the transaction is compliant with the rules laid down by RBI.
If you make a mistake in sending incorrect recipient details to us then we can’t predict what will be the outcome but mostly the funds won’t be transferred.
The reason for that is as follows;
The best exchange rate is different for different locations in India.
Based on your location, you will be able to compare the exchange rates of different forex stores there and thus find the best rate.
Find out the best rates near you by selecting your forex requirement in the link below; https://www.extravelmoney.com/wire-transfer/
The case where the sender and receiver are the same, it is known as a self remittance. Self remittance is not possible through us.
Some of our money transfer partners have the provision to transfer funds into a foreigners personal savings account. So yes, it’s possible through us.
Transferring to a company or corporate account is not possible under the LRS scheme. You need to approach your bank.
The funds for your Outward Remittance transaction should always come from Personal Savings Account, or Joint Account where the beneficiary abroad is not the primary account holder.
We cannot transfer the funds from corporate account, current account and NRO account.
Yes, we can facilitate NRE repatriation from your NRE Account to your Personal Savings Account abroad.
If it's mentioned that the first transfer should be directly from the student's account or that parents or 3rd party transfers are not allowed to transfer, then the transfer should happen from the student's bank itself. However, after the first transaction, we would be able to make a transfer to a GIC/Blocked account.
This varies according to the rules provided by the bank where you are having your GIC/blocked account.
We can transfer the funds to an account in the name of an individual but not a corporate or company account.
We can facilitate the fund transfer to an account in the name of an individual and not a corporate or company account under LRS scheme.
Few banks and money changers allow money to be sent from joint account in India to beneficiary account abroad provided;
Customer complaints can be raised through our Email: firstname.lastname@example.org.
You can also reach out to us through;
Communicate directly with our customer support agents through the channels mentioned above.
Using ExTravelMoney, you can send money from India to almost all countries expect FATF High Risk and Blacklisted Countries.
FATF stands for “Financial Action Task Force” which is an international monetary authority.
Some popular countries where ExTravelMoney can send money to are;
ExTravelMoney is online aggregator of licenced banks and money changers who do outward remittance. You can use our website to book “Money Transfer Abroad” transactions with RBI licenced banks and money exchange centres in your locality.
There are 4 steps to transfer money to a university abroad through ExTravelMoney;
Yes, you can definitely do that. You can place an order in ExTravelMoney on behalf of your relatives/friends.
However, the KYC documentation for the transaction must be completed by the person from whose account the fund is being transferred.
To get the details of forex stores, 1st select your forex requirements in ExTravelMoney. Click on “Get Rates” button and you’ll proceed to the second page, where you will be asked to enter your location.
You’ll then be shown the list of forex stores in your given location, their exchange rates, charges, rating and availability of door delivery etc.
To get the address of the store, you’d have to proceed to the next step and place the order. Once your order is placed it’ll be verified via a call from our customer support team. If the verification is complete, an Order confirmation mail will be sent to you with complete store address, transaction estimate and other transaction related details.
You’ll get timely updates regarding your order status via Email and SMS.
You can also easily track your order status the link below;
The Track your order” option can be found on the top right side of the ExTravelMoney website homepage.
Just enter your registered mobile number to verify and track your order status.
48 Working Hours
“Wire Transfer/Telegraphic Transfer can be done between 9.30 am to 2.30 pm from Monday to Friday.
Once the funds reaches the money transfer agents ’s account, they will initiate the money transfer transaction and you can expect it to be credited to the beneficiary account abroad within 48 working hours.
ExTravelMoney carries out Outward Remittance through Banks and Money Changers having a tie-up with ExTravelmoney.
The method of Outward Remittance used is “Wire Transfer/Telegraphic Transfer”.
When you choose a forex store in ExTravelMoney to do your money transfer transaction, the chosen store forwards the funds to the beneficiary bank abroad.
This money goes through a set of intermediary banks and then directly reaches the beneficiary bank account abroad. This is how “Wire Transfer” transactions work.
Whenever a person wishes to send money abroad from India, they must complete an A2 Form.
Form A2 is a declaration pertaining to money transfer abroad transaction, which has to be filled with complete and correct details.
Details of the applicant such as account number, their bank address and details of the beneficiary would be required to be filled in the form.
The KYC documents to be submitted for doing money transfer abroad depends upon the purpose of the transfer.
It is compulsory to visit the store for documentation purposes.
In case the person is not able to visit the store due to a genuine reason then, we can arrange a pickup for the documents at the residence if the selected forex partner agrees.
Yes, as per RBI regulations, original KYC documents must be produced during verification and photocopies of the KYCs must be submitted to the concerned bank or money changer.
Banks and Money Changers requires both physical presence of the sender along with their original KYC documents and photo copies of the KYC documents for verification.
However, ExTravelMoney has a provision of online documentation of KYC documents. You would still have to complete the physical KYC verification but if you upload the documents online to ExTravelMoney, then you can avoid taking photo copies of the same. The online documents will be forwarded to the concerned bank or money changer doing the outward remittance.
If you have further doubts, kindly contact us on +91-484-288-6900
The payment mode available are Online payment, NEFT or RTGS. There are no payment options through cheque, demand draft or card.
No. The only payment mode available is Online payment, NEFT or RTGS. There is no payment option through Cash, UPI, IMPS, Credit Card, Cheque, or Demand draft. Only NEFT/RTGS transfers from senders savings bank account is possible.
Once you place a “Money Transfer Abroad” order in ExTravelMoney, you’ll get a Confirmation Email with the bank account details of the chosen forex center.
You can then either use Internet Banking to add the forex center’s bank account as beneficiary and do NEFT to them online
You can directly proceed to your bank branch and do RTGS to the forex center’s account.
Once the money is received by the forex center, they’ll initiate the money transfer to the beneficiary account abroad within the same day (provided they get funds before 2:30 pm). Once the transfer is made, funds will be credited to the beneficiary abroad within 48 working hours.
When your “Money Transfer Order” is initiated by the chosen money changer, they’ll produce a GST bill for the same. This can be collected at the money changer store.
The receipt will be provided by the money changer and not by ExTravelMoney.com
When the funds are credited to the beneficiary account abroad, a SWIFT copy will be generated by the beneficiary bank which will be shared with the money changer. The money changer will send the SWIFT copy to you via your registered Email.
SWIFT copy is document which is a proof of confirmation of payment made from the money changer store to the beneficiary bank abroad.
The costs involved in transferring money abroad from India are;
Booking Fee is a mandatory charge. It is ExTravelMoney’s service charge for providing a platform where customers can book foreign exchange services online at the best exchange rate after comparison. It’s the revenue for keeping the website up and running.
A Resident Indian can transfer a maximum of US $2,50,000 or it’s equivalent in any currency abroad per year (check today’s US Dollar rate in India)
Foreign exchange up to US$ 2,50,000 (or its equivalent in any currency) is permitted by RBI for the purposes of study abroad.
Foreign exchange up to US$ 2,50,000 is permitted by RBI for the purposes of study abroad. Amounts in excess of the limit can be released on the basis of documentary evidence of requirement like estimate received from a university abroad.
The Scheme can be used for outward remittance in the form of a DD either in the resident individual’s own name or in the name of the beneficiary with whom he/she intends putting through the permissible transactions at the time of private visit abroad, against self-declaration of the remitter in the format prescribed.
Individuals can also open, maintain and hold foreign currency accounts with a bank outside India for making remittances under the Scheme without prior approval of the Reserve Bank. The foreign currency accounts may be used for putting through all transactions connected with or arising from remittances eligible under this Scheme.
For private travel abroad (except Nepal and Bhutan), RBI allows any resident Indians to draw foreign exchange up to US$ 2,50,000 in a financial year from authorized dealers or fully-fledged money changers. This limit is applicable irrespective of the number of trips abroad in a financial year, as long as the total forex limit of the resident Indian falls below US$ 2,50,000. Out of this, 3, 000 USD or equivalent can be taken abroad as cash (Currency) per trip. The remaining amount can be carried in forex card and/or traveller’s cheques.
In the case of arranged tours abroad, all tour related expenses including cost of rail/road/water transportation; cost of Euro Rail; passes/tickets, etc. outside India; and overseas hotel/lodging expenses shall be included under the LRS limit. The tour operator can collect this amount either in Indian rupees or in foreign currency from the resident traveller.
A person going abroad for medical treatment is allowed foreign exchange up to an amount of USD 2,50,000 or its equivalent per FY without insisting on an estimate from a hospital/doctor. For amount exceeding the above limit, Authorised Dealers may release foreign exchange under general permission based on the estimate from the doctor in India or hospital/ doctor abroad. A person who has fallen sick after proceeding abroad may also be released foreign exchange by an Authorised Dealer (without seeking prior approval of the Reserve Bank of India) for medical treatment outside India.
In addition to the above, an amount up to USD 250,000 per financial year is allowed to a person for accompanying as attendant to a patient going abroad for medical treatment/check-up.
A person going abroad for employment can draw foreign exchange up to USD 2,50,000 per Financial Year from an Authorised Dealer in India.
A person wanting to emigrate abroad can draw foreign exchange from AD Category I bank and AD Category II money changers up to the amount prescribed by the country of emigration or USD 250,000. Remittance outside in excess of this limit may be allowed only for meeting incidental expenses in the country of immigration. This scheme cannot be used for the purpose of earning points or credits to become eligible for immigration by way of overseas investments in government bonds; land; commercial enterprise; etc.
Maintenance of close relatives abroad
A resident Indian can send money abroad for the maintenance expense of their close relatives up to up-to USD 2,50,000 per Financial Year (April - March) [‘relative’ as defined in Section 2(77) of the Companies Act, 2013] abroad.
Gift Remittance / Donation abroad Any resident individual may remit up to USD 2,50,000 in a Financial Year as a gift to a person residing outside India including NRIs and Overseas Citizen of India (OCI) or as a donation to an organization outside India.
There are no such restrictions. The only restriction is that the amount should not exceed 2,50,000 USD or equivalent amount in that financial year under “Maintenance of Close Relative abroad” or for “Gift Remittance”.
Yes, a maximum of USD 2,50,000 or its equivalent in other currencies can be transferred abroad in a day. This is also the maximum limit for money transfer in a financial year.
You can contact our customer support team through the channels below to cancel your “Money Transfer Abroad” order;
The refund process will depend on the payment mode chosen by you;
Bank Transfer (NEFT/RTGS) - You have already sent the funds to the money changers bank account through NEFT/RTGS and now want to cancel your money transfer order.
In this case, you can directly contact the money changer through the contact details provided in the Confirmation Email sent to you. Intimate to the money changer your wish to cancel the order.
The money will be refunded to your bank account within 5 to 7 business days.
Please Note: There will be a cancellation charge which will be levied by the money changer.
Also, If the money changer has initiated the transfer to the beneficiary then it won’t be possible to cancel the order at that stage.
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