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Online Money Transfer – Send Maintenance Money to Loved Ones in Abroad

online money transfer

Mr Sharma has two of his daughters studying abroad; one in the UK and one in Canada. So every month he needs to send a certain amount to them to suffice for living expenses, conveyance, and allowance. The tuition fees have usually required the start of the term, not as regular as the maintenance, which he sends using online money transfer services. 


 

Mr Wilson, on the other hand, has recently moved to India, being transferred from the UK headquarters, with his family back in London. Like Mr Sharma, he too has to send maintenance money abroad every month for the family, just like the thousands of others who avail themselves of online remittance services regularly to send money to their loved ones. 


 

Outward remittance has found prevalence among a significant percentage of the population with loved ones and acquaintances living abroad.
 
In March 2020, it was recorded that $344 million was transferred by Indians to relatives staying abroad. The staggering amount has been ascending every fiscal, owing to the increased movement across the borders for personal, professional, business, and medical reasons. 


 

Now, maintenance can be anything, ranging from student fees to family allowance and more, such as:


 
  • Money for real estate; which can be either for buying the property or for maintenance purpose.
  • Paying allowance or financial support to the family living abroad;
  • Utility or house maintenance, while the residents are living in another country;
  • Paying student fees and allowance for living, conveyance, etc.;
  • Paying for the medical expenses.

 

There is a multitude of other reasons why one might need to send money abroad. We will be discussing the relevant details about the process and the avenues to access in this write-up. 


 

Outward Remittances: Understanding Abroad Money Transfer


 

What is an outward remittance? When a person transfers or sends money from their domestic account to a recipient account based in another country, it is called outward remittance. So every time Mr Sharma and Mr Wilson send money to their loved ones located in the UK and Canada, they might be using online outward money transfer services, but the act of transferring the money is termed as an outward remittance. In India, all foreign transfers and transactions are regulated by the Reserve Bank of India under the FEMA, also known as Foreign Exchange Management Act. 


 

Outward remittance is considered the most convenient way to send money abroad. It is easy and fast for the sender, and the recipient can get access to funds instantly. Since it is done on a secured banking network, there are minimal chances of fraud or financial mishap. 

Online remittance might be the most convenient medium to send money abroad, but that is not the only way out there. The other avenues for sending money to another country are:


 
  • Cashiers cheques
  • Bank drafts
  • International money order
  • Online wire transfer

 

However, owing to so many online remittance providers, and because it takes a lot less time than the other options, people choose it over the others. 


 

Process of Sending Money Abroad


 

Now that we are past the basics, let’s get to the process that one has to follow to send money abroad.

  • The first step is choosing an outward remittance provider like Transcorp, for instance, to transfer maintenance to your loved ones living in a different country.
  • The second step is getting the accurate bank details of the recipient, including bank account number, SWIFT code, PAN details, and other relevant bank account details.
  • In the final stage, you would contact the remittance provider, furnish all essential details and complete the overseas money transfer from the sender to the recipient’s account. 

 

RBI Guidelines about Outward Remittance


 

Before initiating abroad money transfer, one needs to know about the RBI guidelines about outward remittances, which are:


 
  • You can transfer up to $250000 in remittances at once or multiple instalments in a financial year. 
  • You can conduct as many transactions as you want to maintain the maximum transfer limit in a year. 
  • Outward remittance requires stating the purpose of the transfer.
  • You would have to submit your PAN details during the money transfer.
  • There might be the requirement of additional MYC documents depending on the purpose of the money transfer abroad. 

 

Conclusion

Is it your first time sending money abroad? Are you seeking a reliable remittance provider to send maintenance money to abroad? Transcorp offers affordable, fast, and efficient outward remittance services through its multiple centres across India. The services are backed by RBI AD2-authorization, ensuring that your funds are in safe hands. Check out the range of their financial services here. 

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Everything you need to know about Money Transfer Service

Money transfer service-min

As a token of wealth and its exchange, money has been around in some form or idea for thousands of years. If we look back to the older civilizations, the exchange happened in livestock and goods, known as the barter system. We gradually moved on to coins (500 BCE), and paper currency (600-900 CE), leading up to the present-day prominence of electronic or online transfers. Speaking specifically about the modern-day concept of a money transfer service, it dates back 150 years with America as the place of origin. 

Western Union was the first company to send money overseas via a telegram. A lot has happened since then. The advancement in technology and financial services has led to a revolution in money transfer, especially in the past decade. 

At present domestic and international money transfers comprise a significant market share in the financial services industries with multiple avenues and factors in the equation. What took weeks for monetized telegram can be executed in a matter of days through cutting-edge money transfer services today (both domestic and international remittances). So what are the options? 

Money Transfer Service: Better than Banks?

The benefit of an instant money transfer service is that it makes cash readily available in times of emergency. At present, money transfer domestically takes a few minutes to a few hours while international transfers take a couple of days. 

Nevertheless, the receiver gets the money fast, unlike traditional financial institutions like banks that still take days to a week to credit the amount into the receiver’s account. Hence, a money transfer service is more convenient, secured, affordable, and ensures timely execution and processing of the transfer.  

Domestic & International Money Transfer Service

Money transfer has two distinctions. You can either send money domestically (within the country) or you can send money abroad from India or vice-versa. The latter is termed outward remittances. 

Money transfer services typically offer both domestic and international transfers. For domestic transfers, one has to send the money from one branch to another. The sender avails the money transfer services to deposit a certain amount in one branch, while the money gets debited from his/her account. The same amount gets credited to another branch from where the receiver can get the money.

International remittance is when you send money overseas, which is more complex than domestic transfer. It also costs you more because of the foreign currency exchange rate, which tends to differ in real-time. So, the idea is to find a service provider that offers you the lowest exchange rates without surplus transfer charges for your remittance. 

Using money transfer services allows you to send money overseas with the local currency that you have at hand. For instance, suppose you want to send a monthly allowance to your daughter studying in America, you can send it in INR and receive the amount in US dollars. In bank transfers, a deposit can only be made if the receiving account is a USD account. The deposit can only happen in USD. 

The advanced digitization in the financial services sector and modification of traditional processes have brought landmark changes in domestic and international money transfer practice. It has not only made it faster but also more secure through advanced safety protocols. 

Transcorp: India’s Trusted Money Transfer Service

Transcorp India has a legacy of 25 years, offering people seamless domestic and international money transfer services at the industry lowest charges. They provide individuals and businesses with an assortment of financial services, with money transfer being their primary area of expertise. They have AD2-authorization from the Reserve Bank of India, which makes them legit and reliable as well. 

Transcorp’s domestic money transfer service is enabled via a substantial number of branches that enable the customers to send money to each other in a matter of minutes; it is a hassle-free process that neither requires one to open an account like in a traditional bank nor the hefty charges involved in the process of money transfer. 

The outward money transfer or international remittance service of Transcorp is considered one of the best in India, which helps one to send money overseas at affordable charges. The company is the principal agent of Western Union, allowing the execution of cross border transfers in seconds across more than 200 countries. 

Treanscorp has outlets in more than 40 locations along with a 6500 franchise network across the country. 

Conclusion

In this digitally advanced age, with globalization constantly shrinking the border, having access to trustworthy money transfer services has become the need of the hour. Transcorp offers convenience, speed, and reliability in domestic and international transfers, unlike any other service provider. Check out their services here and leverage the best money transfer services in India.