How to send money out of India?

Transferring money from India to abroad is no longer a hassle. In spite of government regulations, the banks have made it very easy to remit the money to any place on the globe. There are many methods of remitting money outside of India. Let us have a look at some of them.

Firstly comes in the most traditional and secure way of sending money to your pals. You can write a check and send it out of the country. It is mandatory that the amount mentioned in the check must of the currency of the destination place. It cannot be in rupees.

You will need to provide sufficient proof to the bank for sending the money to abroad. That proof might even have to be in the form of a legal document or letter. You will also need to furnish your passport in order to get the job done. It is only required as a verification procedure.

The process is simple. You can get a letter from the source bank saying that you have a valid account in the bank. The letter should contain the amount to be remitted and the account number. Visit an agency or branch that remits money. Do the necessary conversions to quote the amount in the foreign currency. Fill in the forms and wait for your turn to send the money. You will need a PAN card number from India. You can obtain yours here: http://www.pancardonline.com/.

PayPal is another very simple and secure option to remit money out of India. The only need for this method of transfer is that the source and destination members should have valid PayPal accounts. PayPal can transfer funds almost instantly and it can take place at any place on the globe.

A demand draft also works but it is a long procedure. Nowadays people are on the lookout for avoiding a visit to the banks. But one can always choose this option if they are not very familiar with online banking systems and technology. In India, especially wherein the traditional still visit banks to debit money out of their own accounts, I hate to wonder if they have no clue about a thing known by the name of ATM.

Wire transfer is the fastest and the most preferable mode of transfer. It is highly safe in the sense that before you remit the money the linking between both the accounts takes place. The security is the highest form and in case of wrong inputs or false logins the accounts won’t be linked which means that the transfer will never take place.

You can visit private banks like ICICI or even nationalized government banks like SBI. The advantage with ICICI is that it has a wide network and it also allows non ICICI customers to remit money.

All the methods of transfer are available on their website. For the ones who are willing to furnish lesser private information, SBI may be their preferred choice. Banks will always look to grab you for remitting money as charges are involved in them. So you keep an eye on them!