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!