How to send Money Overseas using Indian Savings Account

In today's globalized world, transferring money across borders is increasingly becoming a necessity. Be it for business, education, or personal reasons, sending money overseas from your Indian savings account can be a straightforward process if you follow the right steps. In this blog, we'll outline various methods to transfer money abroad from your Indian savings account, and we'll also touch upon AU Small Finance Bank and how it can cater to your international money transfer needs.

Before transferring money overseas, it's essential to familiarize yourself with the rules and regulations set forth by the Reserve Bank of India (RBI). The Liberalized Remittance Scheme (LRS) allows Indian residents to remit up to USD 250,000 per financial year for various purposes, such as education, travel, investments, and medical treatment. Ensure that you adhere to the LRS guidelines to avoid any legal complications.

There are several methods to send money abroad from your Indian savings account. The most popular options are wire transfers, online remittance services, and foreign currency demand drafts.

• Wire Transfer: A wire transfer, also known as a SWIFT transfer, is a secure and quick method to transfer funds internationally. Most banks in India offer wire transfer services to their customers. To initiate a wire transfer, visit your bank's branch, fill out the required forms, and provide the beneficiary's bank account details.

• Online Remittance Services: Numerous online platforms enable you to send money abroad from your Indian savings account. Examples include TransferWise, Remitly, and Western Union. These platforms often offer competitive exchange rates and lower fees than traditional banks. To use these services, create an account on the platform, link your Indian savings account, and provide the beneficiary's details.

When sending money overseas, it's crucial to compare exchange rates and fees across various banks and remittance platforms. The exchange rate determines the value of the foreign currency you'll receive for your Indian rupees. A favourable exchange rate can save you a considerable amount of money. Also, consider the fees associated with each service, as they can significantly impact the overall cost of your transfer.

To avoid delays or unsuccessful transfers, ensure that you provide accurate and complete information about the beneficiary. This includes their full name, bank account number, bank name, bank address, and SWIFT and BIC code. Double-check the details before initiating the transfer, as incorrect information can lead to additional fees or loss of funds.

Once you've initiated the transfer, make sure to track its progress. Most banks and online platforms provide a tracking number or reference number, which allows you to monitor the status of your transfer. It's essential to follow up on your transaction, as it enables you to address any issues that may arise promptly.

AU Small Finance Bank is a prominent financial institution in India that offers a wide range of banking services, including international money transfers. The bank provides seamless wire transfer services for its customers, allowing them to send money abroad securely and efficiently.

Some advantages of using AU Small Finance Bank for international money transfers include:

• Competitive exchange rates: The bank offers attractive exchange rates, enabling you to maximize the value of your money when sending it abroad.

• Minimal fees: AU Small Finance Bank charges nominal fees for international wire transfers, making it a cost-effective option for sending money overseas.

• Wide network: The bank has a vast network of correspondent banks across the globe, ensuring smooth and reliable transfers to various countries.

• Customer support: AU Small Finance Bank offers excellent customer support to address any queries or concerns regarding your international money transfer.

Sending money abroad from your Indian savings account is a simple and secure process if you follow the right steps. AU Small Finance Bank is a reliable option to cater to your international money transfer needs. So, go ahead and explore your options to send money overseas with confidence and ease.