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Compare bids from your nearest exchange houses & banks and book online
Get the required KYC documents verified at home or at the nearest branch
Transfer the funds to the exchange house/bank's account as NEFT/RTGS
The transfer will now be initiated and beneficiary will receive credit in 48 working hours!
ExTravelMoney offers the cheapest & fastest way to send money from India to USA. Enjoy lowest margins on exchange rates, zero booking fees, 24-48 hour credit. Here are the things to know while sending money to USA from India.
Sending money from India to USA can be done in 4 easy steps.
Wire Transfer/ Telegraphic Transfer (TT)- Wire Transfer is an electronic mode of fund transfer through the SWIFT network with which you can transfer money from your Indian Bank account to an overseas bank account. Indian Banks and RBI approved Authorized Dealers have arrangements with over 400+ major banks across the globe to send and receive SWIFT messages which ensures safe and secure outward remittance from India.
Foreign Currency Demand Draft (DD)- A Foreign Currency DD is another facility for making an international money transfer for VISA fees or migrating to other countries etc. DDs are made 'favouring' the beneficiary and are either mailed by the bank which created them to the beneficiary bank abroad or can be personally deposited in the bank abroad. Credit of funds to the beneficiary account happens only after the realization of the DD at the beneficiary bank and this could take anywhere between 2 to 12 days depending on how the DD is being sent abroad.
Any of these documents can be required depending on the purpose of remittance.
KYC documents required for each transaction vary with the purpose of your remittance. You can find the exact KYC documents required for each purpose here.
Once the wire transfer is initiated, it takes up to 2 international working days for the recipient to get the money. Saturdays and Sundays are wire transfer holidays. Other international holidays will also affect the time.
All remittance transactions from India are subject to GST. It’s less than 1000 INR for amounts up to Rs 10 Lakhs. The exact GST amount to be paid it can be found using the article below;
How Much Tax You’ve To Pay On Foreign Exchange Transactions In India?
Sometimes TCS (Tax collected at source) may be collected on your transaction. It can be reclaimed at the time of filing your IT returns. It’s calculated based on the total amount remitted in the current financial year. TCS rate varies with the purpose of your transfer. You can refer our article ‘TCS on money transfer abroad from India’ for a detailed explanation.
You can use our TCS calculator tool to find out the exact amount.
There will be a processing bank charge of 354-590 INR, depending on the chosen bank. Along with this, the beneficiary’s bank in the US will charge a beneficiary bank charge of 15 to 30 USD. The exact amount can be found by checking with the beneficiary bank in the US. You can add the amount as extra while sending so that the beneficiary receives the exact amount you intend to send. There is an option to pay beneficiary bank charge in INR although we don’t recommend this option.
All the fees applicable will be shown transparently on our order summary page and also intimated by our customer support team prior to the transfer. Extravelmoney does not charge any additional fee.
Not required. This is one of the advantages of doing a money transfer via Extravelmoney. Normally banks do remittance transactions only for their account holders. But with Extravelmoney you can do the transfer even if you don’t have an account in the chosen bank. If you already have an account in the chosen bank, you can still transfer via Extravelmoney for better rates and service.
The minimum amount you can transfer is 250 USD. The maximum amount that can be transferred is 250000 USD in a financial year.
Extravelmoney gets real-time exchange rates from our partner banks and exchange houses. These are exclusive rates for Extravelmoney and are usually much lower than what they offer directly to their customers.
Exchange rates are subject to fluctuations in the market. Exchange rates on the day of transfer will apply to all remittance transactions. We will confirm the exchange rate with you before initiating the transfer. If you are not happy with the day’s rate, you can postpone or even cancel the money transfer.
We will confirm the exchange rate with you before initiating the money transfer. If the exchange rate changes after initiating the transfer it will not be affected.
You need to transfer the amount as NEFT/RTGS or via a payment gateway (if available) to the chosen bank or exchange house’s account
Absolutely. We only ask for KYCs and any other information that is necessary to process the transaction. We share the KYCs and any other data you provide, only with the processing bank.
Report immediately, if the bank has not initiated the wire transfer we can modify it. If it’s already been initiated it can not be modified.
If the bank has initiated the money transfer, you can not cancel or modify the money transfer.
No, the person receiving the money in the US does not have to pay tax on it if it’s a personal and not a business transfer (as per IRS rules). If the amount received is above $1,00,000, the beneficiary would have to fill out IRS form 3520.
Extravelmoney customer support is available from 9.30 am to 5.30 pm IST, Monday to Friday. On Saturdays from 9.30 am to 2 pm. You can reach us via phone (+91 484 2886900), email (firstname.lastname@example.org) and WhatsApp (+914842886900).
Note: Foreign Exchange and Money Transfer services are available though Tied-up Reserve Bank of India approved Authorized Dealers only. All foreign exchange transactions are subjected to AML/CFT/KYC & FEMA policies instructed by Reserve Bank of India.
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