An international money transfer or IMT, as it is popularly known is essentially an electronic transfer of funds in a foreign currency. You can make international money transfers from India for any of the following purposes:
- Private visits to any country except Nepal and Bhutan
- Gifts or Donations
- Employment abroad
- Family Maintenance
- Travel for business, conferences, etc.
- Medical Expenses
- Studies abroad
- Any other current account transaction
Generally, these transfers can be made through a bank or an international money transfer service.
In this article, we will discuss the documents which are required and a step-by-step guide to making an international money transfer from India.
What are the documents required to make this transfer?
When it comes to documents, you will require:
- Purpose of Remittance: This will include proof that the money transfer is for one of the purposementioned above.
- KYC Documents: This will include identity proof and proof of residence. The documents could be in the form of your driver’s licence or Aadhar card and PAN card.
Reserve Bank of India (RBI) has issued a list of specified documents required for the authentication of the purpose and identity.
Step-by-step guide for international money transfer from India:
- Select the wire transfer section on your bank’s website
- Activate or check your online transfer limit
- Enter the receiving person’s banking information
- Enter the purpose of remittance and upload/submit the necessary documents.
- Enter the amount you wish to send and the currency in which you want the recipient to receive the money in
- Pay the bank’s fee for processing the transfer
- Complete the process
Many banks offer you the option of knowing how much time the transaction will take to get through. You can avail this option too. Thebank will check the submitted information, and if found satisfactory, shall permit the transfer.
Today, the market offers you multiple wire transfers by banks and other options to transfer money abroad. However, before you make the transfer, it is essential to know if the bank offers to transfer in the required foreign currency.
Additionally, online wire transfer through reputed financial institutions is a safe way to carry out your transactions. Since they are online, they are also a secure, convenient, and a comfortable option when you want to send money to someone abroad. However, it is best to check your options to transfer money abroad before you settle down on one.