Minimum and maximum limits on overseas fund transfer

Minimum and maximum limits on overseas fund transfer

From Muhammad Aamir

Outward remittance makes it simple to transfer money to friends and family who are far away, pay for your child's college expenses, or repatriate money if you are a non-resident Indian (NRI).

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Outward remittance makes it simple to transfer money to friends and family who are far away, pay for your child's college expenses, or repatriate money if you are a non-resident Indian (NRI).

This remittance service is unquestionably the safest way to Send money overseas because it operates on a secured banking network. To avoid any hiccups or misunderstandings, you must first familiarize yourself with the requirements associated with overseas remittances before you send your money.

 There is a maximum amount you can openly remit, as per RBI regulations. Additionally, there are various transfer limits for these NRIs and Indian citizens. 

Let's examine each one in turn.

Transfer of Foreign Funds for Indian Citizens

Indian Residents may contribute up to $2,50,000 each financial year under the LRS. This is a combined limit, so as long as you stay under it, you can send out several International money transfers. When conducting an overseas financial transfer, they must additionally provide their PAN card in addition to other KYC documentation. Also, take note that the required documentation differs depending on the remittance's purpose.

NRI Outward Remittance

NRIs who have NRE, NRO, or FCNR accounts in India can transfer money abroad. While there are no remittance restrictions on NRE and FCNR accounts, NRIs who have an NRO account are only permitted to remit up to $1 million in any given fiscal year. To send money abroad, NRO account holders also need to send Form A2, a copy of their PAN card.

To make an international money transfer from India, the Wire transfer is the most recent method to enter the market and offers minimal costs as well as assessed charges. You can send money via wire transfer by using any of the listed financial institutions. Even while this method of sending money overseas is generally more expensive than internet money transfers, it is also one of the fastest. To offer low or nonexistent overhead costs, online wire transfers incorporate intermediary banks to transport money across borders.

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