Online Money Transfer (Wire) Services In Mumbai
How to use Fxkart.com for Online Money Transfer Services
On Fxkart.com, you can buy or sell foreign currency and there is also online
money transfer services in Mumbai available.
For buying currency the delivery options include home delivery, airport drop,
and store pickup. In a case of online money transfer, you can either do a direct transfer to
the recipient bank account abroad or get a demand draft issued by the bank. The demand
draft can be delivered by the bank personnel or you can avail direct pickup from the
Steps for online money transfer
After registering on the website you can do the transaction in a few easy steps. Enter
your requirement with the account, currency and country details of the payer and
recipient. The money changers (which are tied up to a bank) will contest in the online bid
to give you the lowest possible rate. Depending on your previous experience with a
dealer/bank, favorable rate offered and convenience you can choose the money
changer/bank and are not compelled to take the cheapest rate.
What is this online bidding system and how does it affect my rate?
Fxkart has a system in which the money changers engage in a live bid online. In a
way, it is a reverse bid with the rates coming down and you can get the assured best rates.
The bidding window lasts for 5 minutes.
How long is the best rate for a deal valid for?
The rate offered lasts till closing time which is 6pm of the business day.
What is the upper limit for my transaction?
In your online dealing, you will be required to fill the purpose of remittance. For
different kinds of purposes, the transaction limit varies.
For overseas education, the transaction limit is USD 1 lac or its equivalent per
academic year and USD 10,000 as incidental expenses.
For exams and applications abroad the transfer limit is as per the invoice of the
For medical treatment abroad the transaction limit is 1 lac USD or its equivalent
and an additional 25000 USD or its equivalent is permitted for the attendant expenses.
The upper limit for wages disbursement is the net salary after provident fund,
taxes, and other deductions have been made.
What are the documents I need to submit for online money transfer services?
Again this depends on the reason you have entered for the purpose of availing
the online money transfer service in Mumbai.
In a case of overseas education, the documents you need to submit are the copy
of the admission form, Visa, A‐2 form and passport copy.
In a case of exams abroad, you need to submit a copy of the invoice, CA
certificate, A‐2 form, and application u/s 195 in the case of non‐individuals customers.
For medical purposes, the documents required would be a copy of visa, ticket,
passport, hospital invoice and A‐2 form.
For crew wages disbursement you need to submit a request letter from the
company stating that the employee is a foreign national, copy of passport, A‐2 form, CA
certificate, and application u/s 195.
How are these documents verified?
A personnel from the bank will be visiting you to collect the document copies and verify