More and more people are travelling overseas for education, business, etc. Some may have family members or close relatives living abroad. This has enhanced international travel and migration. Consequently, it has given rise to the need for remittances worldwide.

So, if you want to send money overseas to loved ones but are clueless about the details, these frequently asked questions about an international money transfer might help:

For what purpose can you send money abroad?

You can transfer money abroad for some of the following reasons:

• If your child or loved one is studying overseas
• Emigration
• For maintaining close relatives or family members
• When travelling for medical treatment
• As donations or gifts
• Business travel
• When travelling abroad for a holiday
• To settle international transactions on a Credit Card
• You can also remit funds to institutions and take advantage of several investment opportunities.

How to send money overseas?

Today, you can easily carry out an online money transfer and send money overseas. To do so, simply use the International Money Transfer of your chosen financial institution and visit their Internet Banking page. Then, follow these basic steps to send money:

• Click on the option that allows you to make an overseas transfer
• Add the details of your payee
• Start the transfer

As soon as the payment is completed, you will get an email or message confirming the same.

What documents do you require for the transfer?

You do not require any documents to carry out an online money transfer overseas. Instead, you only have to mention the beneficiary and payment details and submit a declaration online when making the transfer request. 

How will the money be deducted?

After you add the beneficiary details and initiate an online overseas transfer request, your bank will process the transfer and debit the money from your Savings Account.

Is there any limit on the transfer?

Yes. Banks usually have a minimum and maximum limit for every transfer. There may also be an annual transaction limit. On the other hand, you can alter your daily transfer limit to suit your needs.

However, there is typically no limit on the number of international transfers you can carry out using Internet Banking.

Are there any fixed timings for this facility?

This foreign remittance facility is available to customers 24X7. Hence, you can initiate online money transfers abroad at any time per convenience.

Can your remittance request be rejected?

Your bank may reject a money transfer from India to a payee overseas in some of the following cases:

• When the amount requested exceeds the permitted limit mentioned by the financial institution
• If your Savings Account does not have sufficient funds
• If you are sending money to your account abroad
• If your beneficiary is not on the ‘permitted beneficiary list’.
• If you are transferring money to a country that is not part of the list of permitted countries
• In case the transaction is non-permissible or unauthorised as per RBI regulations