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Yes, you can transfer money from India to a foreign bank account. There are several methods you can use for international money transfers, and it's important to choose a method that suits your needs. Here are some common ways to transfer money from India to a foreign bank account:
Wire Transfer (SWIFT/IBAN): This is a traditional method where you can transfer money directly from your Indian bank account to a foreign bank account using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. You'll need the recipient's bank account details, including the SWIFT code and IBAN (International Bank Account Number).
Online Money Transfer Services: There are various online platforms and money transfer services that allow you to send money internationally. Some popular options include PayPal, TransferWise (now called Wise), and others. These services may offer competitive exchange rates and lower fees compared to traditional banks.
Foreign Currency Demand Draft: You can also obtain a foreign currency demand draft from your bank and send it to the recipient. This method may take longer than electronic transfers, and there could be additional charges.
Foreign Exchange (Forex) Services: Banks and authorized forex service providers offer services for international money transfers. You can visit your bank or a forex service provider to inquire about their offerings.
