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There are different ways to transfer money to a foreign bank account from India, depending on the amount, destination, speed, and cost of the transfer. Some of the common methods are:
1. SWIFT/ Wire transfer with banks: This is a traditional and reliable way of sending money electronically from one bank account to another through a global network of banks. However, this method can be slow, taking 2-5 business days, and expensive, as banks charge a transaction fee and an exchange rate markup for the conversion of currencies. You will need to provide the recipient's bank details, such as the SWIFT code, IBAN, account number, name, and address, and verify your identity with a valid ID, such as a PAN card. You can initiate the transfer online or in person at your bank branch.
2. Online money transfer with providers: This is a modern and convenient way of sending money online from any bank in India to any bank around the world, using a digital platform or app. This method can be faster and cheaper than banks, as some providers offer low or no fees and competitive exchange rates. You will also need to provide the recipient's bank details and verify your identity with a valid ID. You can pay for the transfer using your bank account, debit card, credit card, or other methods, depending on the provider. Some of the popular online money transfer providers are Wise, Money2World, Western Union, and Remitly.
3. Bank drafts and cashier’s checks: This is an old-fashioned and secure way of sending a physical check in a foreign currency from a bank in India to a bank abroad. This method can be very slow, taking 7-28 days, and costly, as banks charge a fee and an exchange rate markup for issuing the check. You will need to visit your bank branch and fill out an application form to request a bank draft or a cashier’s check in the desired currency and amount. You will also need to pay for the check and the fee upfront. You will then need to mail the check to the recipient or the recipient's bank, which may incur additional postage and handling charges.
4. International Money Order: This is a similar method to bank drafts and cashier’s checks, but it is offered by India Post for sending money to France and the UAE only. This method can also be slow, taking 3-10 days, and expensive, as India Post charges fees for both the sender and the receiver, and an exchange rate markup for converting the currency. You will need to visit a post office that offers this service and fill out an application form to send an international money order in the desired currency and amount. You will also need to pay for the money order and the fee upfront. The money order will then be delivered to the recipient or the recipient's bank by mail.
