What all information is mandatory for me to provide while I remit money?

The world is becoming more linked, and more individuals and businesses are required to move money internationally for a variety of reasons. If you work and live away from home, there will come a moment when you will need to send money to abroad from India to support your family or for other reasons.

You can remit money for family maintenance, university fees, medical purposes, business needs, gifts, and so on using the wire transfer and demand drafts. Both can process an international transfer efficiently but wire transfer has a slight advantage here. In a wire transfer, the funds are transferred directly between the bank accounts. It is facilitated by the SWIFT network. It connects almost all banks where international transfer happens. So, the whole process is faster and takes few hours to complete. Whereas in demand draft, it requires the payee to acquire the draft and send it to the recipient. He will need it to collect his funds. Hence the process takes time and a lot of energy.

You can send up to $2500000 under the LRS scheme of RBI. And for that, you need to submit some documents known as the KYC documents. It includes your government-issued ID card like Aadhar card or license, PAN card, the purpose of transfer, beneficiary account name, bank name and address, beneficiary bank account number, and some more details depending on the currency you are transferring and purpose of the transfer. You can know about it in detail if you contact your money exchange service provider.