How you do an international money transfer will depend on the purpose. Look at factors like transfer times, fees and peace of mind to help you choose the best option. Here are some tips to help make sure it's a smooth and safe process.
The Reserve Bank of India (RBI) allows Indian citizens to make international remittances of up to USD250,000 per financial year through the Liberalised Remittance Scheme.
You can send money overseas via a:
You may need an account with some providers to transfer money overseas from India, or to send larger amounts. There may also be fees for sending or receiving the money so it can be useful to check this before initiating the transaction.
You can transfer your money using:
Other services may offer different methods for transferring money overseas from India. If you'll be sending money regularly, you may want to look for a service that allows you to do recurring payments, like a bank transfer.
Be sure to take some time to find the right international money transfer service. That way, you can feel confident your money is secure and will arrive safely.
Always check that the company is authorised by the Reserve Bank of India (RBI) and has an AD-II category license. But whichever service you choose, make sure to verify the recipient's details and keep a record of the transaction.
If you're sending someone an international payment through HSBC online banking for the first time, we'll ask you to authorise your payment using your Digital Secure Key. This is a digital version of your physical Security Device, and the added level of security verifies your credentials and increases your security against possible fraud.
If you have bank accounts located in different countries and regions, you may need to transfer money between them. This could be a regular occurrence or a one-off, but it's worth noting that there may be a fee for doing this with some providers.
Your remit limit will depend on your residential status and the type of bank account you hold in India. Non-resident Indians (NRIs) with a Non Resident Ordinary (NRO) account can transfer up to USD1 million abroad per financial year.
HSBC Global Money Transfers allow you to transfer money to over 230 countries/territories. The service is available to HSBC customers who hold an active account with access to the HSBC India Mobile Banking app.
If you're going to be sending money abroad from India regularly to the same person or account, you could consider setting up a recurring payment.
You may also be able to set up future payments so you don't forget to make a one-off payment you know is coming up.
The foreign exchange (FX) rate is the rate applied when you change money from one currency to another.
There are a few things you can do to lower costs when sending funds abroad. Check the information you're shown on money transfer websites is up to date – exchange rates can fluctuate quickly. Even small variations can quickly make a big difference, especially when transferring large sums. It's important you input the exact amount you're looking to send as this may affect the rate you're offered.
It's also a good idea to check if there are any fees for sending, or receiving, the money. FX rates move up and down over time and can vary depending on which company you use to make the exchange.
Make sure the service offers the coverage you need. If you know you're going to be sending money abroad from India to several different countries, it may be convenient to use one service that covers all of them.
It can also help to:
HSBC international payment services are available to both resident and non-resident customers of the bank, subject to adherence to the regulatory requirements.
If you have an HSBC account, you can use the HSBC India Mobile Banking app to send money to existing payees.
HSBC Global View and Global Transfers[@global-view-and-global-transfers-terms-and-conditions] is a unique HSBC Premier service that allows you to link your eligible worldwide HSBC accounts to make quick, secure and no-fee global money transfers of up to USD100,000 (or the currency equivalent) per day. The Global Transfers service does not apply to telegraphic transfers set up via standing instruction.
See our Global Transfers page for general terms and conditions.
You can only make outward transfers to other non-residential external (NRE) or Foreign Currency Non-Resident (Bank) accounts and investments when using HSBC Premier or Advance online banking in India[@fema-disclaimer]. Take a look at HSBC Premier requirements to see if you're eligible for HSBC Global Transfers today.