How to send money abroad to relatives from India

Date: 1st November 2024 | Read time: 4 Minutes

Sending money to your family who live in other countries is easier than before. Could be helping family, paying for medical costs, or funding education. Of course, you need to send the money safely and easily. Let's look at how to send money to other countries and what you need to remember.

1. Choose the Best Foreign Money Transfer Option:

Before initiating a foreign money transfer, choose a method that best suits your needs. AU Remit is one of the firms that offer safe, faster, and paperless transactions. Therefore, making foreign money transfers relatively easier. Some of the widely practiced methods are online transfers from the banking account, service remittances, and international wire transfers.

2. You Have an Account with a Bank:

There is a need to have an active savings account or NRE account with AU Small Finance Bank so that you can start international money transfer online at a branch.

3. Beneficiary Details:

You shall be required to provide details of your beneficiary who will collect the money. This consists of his/her name, number of the bank account, and SWIFT code at the recipient bank, as well as all other mandatory information.

4. Transfer Amount:

State the amount you want to transfer. For AU Remit account holders, you can instruct your money to be sent online to another country commencing at USD 50 with a maximum of USD 25,000 for every one-time transaction. In case you need to send more, simply visit a branch.

5. Confirm the Purpose and Upload Documents:

When sending money to another country, it’s important to choose the reason for the transfer and give any needed documents, like proof of the reason or income. This is usually needed to follow rules for international money transfers.

6. Check and Finish Your Transfer:

Before you confirm your transfer, look over all the details to make sure everything is right. After you submit, you will get updates about the transaction right away, so you can see the status of the money being sent abroad.

[Also Read: How To Use Your Indian Savings Account to Send Money Overseas]

1. Exchange Rates

Always check the exchange rate offered at the time of transferring money abroad. The rate will determine how much your relative will receive.

2. Transaction Fees

There may be transaction fees associated with sending money internationally. With AU Remit, the charges are clear and there are no hidden fees. It’s important to account for this while calculating the total cost of the transfer.

3. Daily and Annual Limits

Make sure you are aware of the transfer limits set by the service provider. For instance, AU Remit allows a daily limit of USD 25,000 online, while the total transfer amount should not exceed USD 250,000 per financial year under LRS (Liberalised Remittance Scheme).

4. Processing Time

The time taken for the recipient to receive funds depends on several factors, including the currency and bank processing times. With AU Remit, transfers are usually processed within a few hours.

It is easy to send money to your relative in another country. With clear and safe services like AU Remit, one can send money fast and without problems. Whether it's for family support or other needs, make sure to follow these steps for a smooth international money transfer experience.