How to transfer money from India

If you want to transfer money from India to anyone abroad then you can do so by following certain guidelines and restrictions. There are few methods by which you can transfer money from India.

In this article we have listed 2 secured and easy online methods to transfer money from India.

Transfer money online

Transfer Money via PayPal

If you and the recipient have a valid PayPal account then by sitting at your home you can transfer money from India online. You can transfer funds by using credit card or net banking to PayPal and then from your PayPal account send it to your recipient account. Your recipient can be from anywhere of the world. The only requirement is to have a PayPal account.

To open a PayPal account you are required to have a PAN Card and an Indian bank account.

Wire transfer

Wire transfer is another easy way to transfer money from your account to the recipient account. You are required to provide proof for sending money and account details of the other person to whom you are sending money. You can also transfer money from India even though you do not have a bank account with that bank.

Sending cheque is another method of transferring money from India. But we do not recommend as it’s very difficult to execute.

If you are sending it to your children who are studying abroad then please remember the limit has been fixed per year to 75000 dollar. This limit is not specific to students studying abroad, it’s applicable to all.

Certain remittances like for the purpose of lottery tickets or proscribed magazines are not allowed. You have to keep in mind that the purpose of sending money abroad is legally allowed in India and you are within the limit fixed for transferring money from India.

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.