How to send money from India to the world

India By Akancha Tripathi March 5, 2020

Many people move away from India every year to study or work in countries across the world. They may need extra funds while settling in a new place or might need it for an emergency. The process of how to send money from India to your loved ones involves several governmental compliance steps and foreign exchange regulations. The Reserve Bank of India (RBI) allows outward remittance only for specific purposes and through banks or money changers having AD-II category license.

Western Union, the leader facilitating cross-currency money transfers across the globe now has your back. In collaboration with YES Bank, they have launched a digital platform to allow you send money online across the globe. This digital outbound payment option enables the global movement of money 24/7.

The service is new and before you plan to transfer money using it here are a few things to take note of:

  • You can only send money to individuals and they must have a bank account to receive money from you.
  • You must produce valid Know Your Customer (KYC) documents and must provide your Permanent Account Number (PAN) for all transactions.
  • You can send money only to the following countries currently (this list may be revised periodically):
    Andorra, Australia, Austria, Bahrain, Bangladesh, Belgium, Brazil, Bulgaria, Canada, Croatia, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Guatemala, Hungary, Indonesia, Ireland, Italy, Japan, Kenya, Lithuania, Luxembourg, Malaysia, Morocco, Netherlands, New Zealand, Nigeria, Norway, , Portugal, Romania, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Thailand, Turkey, United Kingdom, Vietnam, USA.
  • You will be able to send online the INR equivalent of $10,000 USD per transfer for education and $5,000 USD per transfer for any other purposes. The total amount that can be transferred using any of the Western Union services is $250,000 USD per financial year, i.e. from April 1st to March 31st.
  • The purpose of your outward remittance should be only from the following categories as approved by RBI:
    • Overseas education
    • Business travel abroad
    • Private visit abroad

You will need to follow the steps below to get ready for your first transfer through India:

  • Registration: You must fill and submit the profile registration form on the website. You will be required to provide your full name, complete Indian address (the same as on your government-issued ID), a phone number, an email address where you will receive all correspondence, country of birth, date of birth, annual income, occupation, nationality, and PAN number.
  • Identification: Post successful registration on the website you must visit any Yes Bank branch near you to verify your identity. Once you have successfully registered online, you will be asked to visit any Yes Bank branch near you to verify your identity in person. You must present a valid identification document (passport, voter ID card, driver’s license or proof of possession of  Aadhaar number) along with your PAN card. The verification process will take 1-2 working days if all information provided during your registration matches with the documents provided by you.
  • Initiate money transfer: Once your identity verification is successful you can initiate a money transfer through your profile. You need to fill up the necessary details in the form such as the name of the receiver, amount to be transferred and bank account details. A unique tracking number called MTCN (Money Transfer Control Number) will be assigned to your transfer.
  • Send funds: Once you receive the MTCN on your email you can transfer funds from your bank account through internet banking. The email stating the initiation of transfer will also have payment instructions for you to follow. You need to add the details of your Western Union account with Yes Baank (details provided in receipt email) as a beneficiary to your bank account, and transfer the funds. You have 72 hours after receipt of MTCN to transfer funds.
  • Payment Processed: After completion of bank transfer, you will receive an email confirmation as a receipt of your transfer. The details of all your transfers will also be available in the history section of your profile.

Sending money through Western Union may be the quickest and most reliable but make sure to be fraud alert. Make sure you transfer money only to family and friends for situations that fall under the categories specified by RBI (Reserve Bank of India). In case you suspect fraud, get information on fraud prevention before initiating a transfer.

Image credit: photo by Karthik Chandran on Unsplash.


About the author
Akancha creates content on technology, health, lifestyle, environment and sustainability matters. Her contribution for the Tagline for the promotion of Geographical Indicators of India has been awarded by the Ministry of Commerce and Industry, Government of India. A qualified HR & Marketing professional, she currently works independently, writing out her mind every day.

Tweet to her @AkanchaTripathi