An international money transfer provides a safe and easy way to send money from India to your loved ones abroad.From India, most outward online remittances arefor educational and family supportUS, UK, Canada, Europe and Australia.

Online remittance from India could be for a variety of reasons, the primary reasons being financial support for family members abroad, and education abroad. Some other reasons for outward remittance areforeign investments, travel, visa / emigration fees, medical treatment expenses, or simply as gifts and donations.

Why is online remittance service providers a good option?

Remittances used to be done via demand draft originally, but has now primarily shifted to wire transfer or money exchange providers. Soon, the wire transfer became the most efficient way to transfer money from one bank account to another, across the globe. With the advent of internet and technological innovation, wire transfers quickly caught on.

Now, especially in the past few years, there was a growing demand for something even quicker. New age remittance platforms that support money transfer services have quickly made a mark. Their rising popularity is due to these services being quicker and more flexible than the bank dependent wire transfer services.

What are the different economical ways to remit money abroad?

As long as you are an Indian resident with an Indian savings account, you are eligible to utilize the following services to remit money abroad:

1. Bank Transfers – Traditionally, sending money abroad would involve visiting the bank branch and filling
out an A2 form in order to initiate an outward remittance. This is a tedious process that is not only time
consuming, but also includes charges like SWIFT charges and the bank’s commission.

With the advent of online services, you can send money from your home, without having to visit a bank
branch. Simply register online and send money through net banking or UPI facilities. At DCB Remit, a user
can simply register online, and it is not necessary for them to have a DCB Bank account. This provides
more flexibility and quick service.

This facility is available in almost all currencies. Additionally, this transfer can be completed as soon as 48-
72 hours.

2. Foreign Currency Demand Draft (FCDD) – A Foreign currency demand draft can be used as one of the
instrument to facilitate payment remittances abroad. Foreign currency demand drafts need to be drawn
in favour of the beneficiary and can be used to make different kinds of payments. It’s a traditional way of
doing remittances and is an expensive and time consuming method for money transfers abroad.

3. Forex cards – Any foreign currency can be loaded in a prepaid forex card. Such cards can also be used to
pay forexpenses abroad. Customers can also withdraw cash in foreign currency from ATMs. Money
transfers abroad through the cards is also one convenient method however there are various charges
associated with the money transfers through prepaid cards and hence is an expensive option for money
transfers.

4. Exchange Houses & Money Changers – Exchange houses and money exchangers also offer competitive
exchange rates to transfer money abroad. The rates are favourable however customers have to complete
the due diligence conducted by the partners. This process is sometimes time consuming and impacts the
TAT for funds transfer.

5. Digital Money Transfer Services – These service providers offer exclusive exchange rates to the customers
and with seamless digital journey customer from any part of the country is able to send money abroad
With complete digital experience its the best and fastest way to send money abroad. DCB Remit –
Powered by DCB Bank is an online remittance platform which enables customers banking with any bank
in India to remit money abroad in the most convenient and fastest way.

How can we use Online Remittance from India to send money in a safe way?

The most convenient option nowadays is a bank’s online remittance services. DCB Bank offers a digital remittance platform DCB Remit to effect remittances from India to abroad. DCB Remit is an online facility via which you can send money to any foreign bank account. It works under the LRS (Liberalised Remittance Scheme) rules that are permitted by the RBI (Reserve Bank of India).

You can use DCB Remit to send money from India safely in four easy steps:

1. Register yourself on the portal www.dcbremit.com with your personal details and PAN
2. Know the Swift code /IBANof the beneficiary’s account and add them as a beneficiary
3. Choose amount to be transferred and transfer in INR
4. Done! DCB Remit will handle the currency conversion and transfer.

How much do the fees cost to send money from India?

Depending on what type of service or portal you opt for, there may be transfer fees, transfer charges, tax, and more.

With DCB remit, only conversion tax is applicable and you get a competitive exchange rate with zero transfer fees. In addition to that, it is relatively easier to transfer money as compared to the process of physically visiting the branch and filling the A2 form to effect remittances via your bank or getting a demand draft made. DCB Remit does not even require you to have a linked account. You can use your existing account to avail this service.

Overall, there are three main ways to send money internationally. While the choice may be influenced based on the time you have on hand, exchange rate, or transfer fees; the general opinion is trending towards online remittance services. The added flexibility and affordable fees make it a more attractive option for many.