An overview of remittance facilities for NRIs in India
Gone are the days when sending money home while living and working abroad was a chore. Nowadays, banks have international remittance facilities for NRIs that allow them to easily transfer and receive money from their home country.
For example, institutions like IndusInd Bank allow NRIs to transfer funds from their NRE and NRO deposits to their overseas account via email instructions or by visiting Forex compatible bank branches. Therefore, sending money to your loved ones is now easier than ever!
What is an international transfer?
International remittances allow you to transfer or receive money to another country. The money transfer is called a money transfer, and since it takes place between 2 different countries, it is called an international or foreign money transfer. As an NRI, you can easily send funds home or receive money from friends and family.
The wire transfer process is straightforward and can even be done digitally. Various financial institutions like IndusInd Bank offer money transfer services to help you extend your support to your family while living in another country.
Types of transfer facilities for NRIs
Depending on the subject of the transaction, there are 2 types of money transfer facilities available in India:
When you transfer funds outside of a country, it is called an outgoing bank transfer. Suppose your loved ones live abroad or your children are studying abroad and you need to support them, you can transfer funds from India to this country. You do this by depositing funds with a transfer service provider and the money is paid to the beneficiary living abroad.
You can use the money transfer facilities to cover tuition, living expenses, medical treatments, donations, or purchase assets abroad. Foreign transfers are regulated by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act (FEMA).
When the person living in a foreign country receives funds from their country, this transaction can become a remittance on their side. The cost of inbound bank transfers may vary from bank to bank. Factors such as the exchange rate, type of transfer, type of account, corresponding bank charges, and the country from which the remittance is made play a critical role in determining the cost.
Incoming remittances can be made for several reasons, such as education, travel expenses, medical treatments, donations and gifts, or to provide financial support to the recipient.
When sending funds overseas, you should choose the financial institution carefully. Consider factors like transaction time, transfer limit, required documents, and preferential rates to make the right choice. Also make sure that the bank or institution you choose has been approved by the RBI for international remittances.
IndusInd Bank follows a safe and systematic method of remitting your funds held in India through your NRE and NRO accounts.
Now that you have a better understanding of the bank transfer facilities in India, you can take care of your finances no matter where you live. Take advantage of these facilities to stay connected to your loved ones and feel closer to home!