Online Money Transfer (Wire) Services In Bhubaneswar
Everybody has to deal with money and they say money makes the world go round.
Whether or not it makes the world go round but money definitely needs to travel around
Online money transfer In Bhubaneswar with Fxkart is here to
simplify your lives. But not many of us happen to be abreast with the technical words of
wire transfer in Bhubaneswar and could get lost at times. Here we try to put
together a list of words not so common to the layperson.
Remittance: It is the transfer of funds (usually used to signify transfer to a distant
recipient). In the case of online money transfer remittance would be the act of transferring
the money to the recipient abroad.
The purpose of remittance: It is the purpose you need to quote to the bank to transfer
money. The various purposes of remittance include overseas education, examination
application abroad, salaries to employees abroad etc. There is a transfer limit on the
amount you will be able to transfer depending on your purpose of remittance.
IBAN swift code: IBAN stands for International bank account number and SWIFT stands
for Society for Worldwide Inter bank Financial Telecommunication. The IBAN code is 34
digits long and consists of the country code, 2 check digits, and a bank account
You will be needing this code for enabling foreign money transfers In
Bhubaneswar as it serves as an invaluable tool for identification and standardization
of cross‐border financial transactions. The swift code identifies a specific international
bank whereas the IBAN code identifies an individual international account.
Legal documents required
Usually, the documents that you will need to submit to the bank include a copy of visa
and passport. An additional document certifying the authenticity of the purpose of
remittance is usually asked for.
For example in a case of medical treatment abroad it would be the hospital invoice and
for higher education abroad it would be the admission letter to the university. In some
cases, you will be asked to submit a CA certificate, A‐2 form, and application u/s 195. These
are explained in the following section.
A‐2 form: It is the application for a draw of foreign exchange. It is usually a
straightforward form which you need to fill out with details of the recipient, your own
details as well as a section declaring that the amount remitted by you is within the limits
set by the Reserve bank of India.
Application u/s 195: This stands for application under section 195. I will simplify this
for you with a hypothetical example. For instance, you are applying for the USMLE exam
and need to remit the application fee to the USMLE board. This is an earning for them from
India so a tax needs to be levied. This tax is paid by the sender (you) on behalf of the
recipient (USMLE board).
Say for instance you need to pay 100 dollars to the board for the application and the tax
that would be levied would be 10 percent (an oversimplified hypothetical situation). So 90
dollars would be paid to USMLE and 10 dollars would be paid in India as tax ad that should
be declared by you in the application under section 195.
CA certificate: This is a certificate to be issued by a chartered accountant declaring that
the funds transferred and the tax to be paid as per the application under section 195 is