Online Money Transfer (Wire Transfer) Services In Hyderabad

The technicalities of Online Money Transfer Services In Hyderabad simplified

Fxkart is here to simplify your foreign exchange and online money transfer In Hyderabad woes. In this article we are going to elaborate on the process, documents required and remittance value limits for various purposes of wire transfer.

The RBI has ceilings on the maximum amount of money transferred via online services depending on the purpose of remittance specified by the payer and different documents need to be submitted depending on the same.

The different purposes of remittance

The purpose of remittance is as important as the recipient's bank details. The different purposes of remittance include education abroad, fee for foreign exams for application in courses or job application, remittance towards global conferences or specialized training, medical treatment abroad, disbursement of wages for overseas employees and Employment and Processing consultancy fees for overseas job applications.

The fund limit for Online Money transfer In Hyderabad

• For overseas education, the remittance amount is limited to up to USD 1 Lacs or its equivalent per academic year and USD 10000 as incidental expenses
• The fee for participation in global conferences and specialized training is as per the demand of the Organizer/ Institution. There is no specified limit on that but you have to produce a copy of the invoice for your transaction to be processed and the amount to be transferred has to adhere to that.
• The upper limit for disbursement of wages to employees is equivalent to his net salary (After deduction of Taxes, Contribution to P.F. & other deductions)
• In a case of employment and Processing consultancy fees for overseas job applications, the amount has to be at par with the invoice.
• For medical treatment abroad the limit would be up to USD 1 Lacs or its equivalent per visit and USD 25000 for the attendant accompanying the patient.

Documents required for Online Money Transfer

• For overseas education, the documents needed are a copy of Admission letter, Copy of Passport, Visa, and A‐2 form.
• For participation in global conferences and specialized training you will be needing copy of Passport, Copy of Visa, copy of letter from organization, CA Certificate and Application u/s 195 and A‐2 form
• In case of transfer of funds for medical treatment you need to produce Copy of Passport, Copy of Visa/ticket, Hospital Invoice, and A‐2 form
• For examinations held abroad, you will require Copy of Invoice/Agreements, A‐ 2 form and CA certificate and application u/s 195 in case of non‐individual customers sending fees of their students
• For disbursement of salary to an employee, you need to have request letter from the co. that the employee is a Foreign National /NRI, a copy of passport, A‐2 form, CA Certificate and application u/s 195
• The documents will be verified by someone from the bank and he/she will be collecting the copies of the originals for the bank.

Steps involved in online money transfer

After registering with Fxkart.com you need to go to the wire transfer page. You will be required to enter your bank details, the recipient bank details, currency to be transferred and country of the recipient. Different dealers will quote their rate and you can select the dealer based on the rate.

The funds will then be transferred from your existing bank account to the bank selected for wire transfer which in turn will transfer the money overseas. Once the online money transfer is complete you will receive an email notifying the same from Fxkart.com