What Are The Eligible Purposes To Do An International Money Transfer From India?

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What Are The Eligible Purposes To Do An International Money Transfer From India?

We have compiled a list of the purposed and KYC documents required for each purpose when you go on to do an international money transfer.

If you wish to do an international money transfer from India, you will have to specify the purpose of the transfer and give KYC documents required for each purpose. The Reserve Bank of India (RBI) has laid out a list of eligible purposes for international money transfers from India under Foreign Exchange Management Act (FEMA).

It’s compulsory to send KYC documents and mention the purpose of remittance to do an international money transfer, otherwise if you fail to do so, the remittance won’t be successful.

We have compiled a list of the purposed and KYC documents required for each purpose when you go on to do an international money transfer:

1. Maintenance of Close relatives abroad: You can send money to a close relative for his/her maintenance who is living abroad. Close relative is defined by the Reserve Bank of India (RBI) as blood relative. For sending money to a close relative, you would require an Indian passport or any other photo ID card issued by the government of India such as Aadhar Card or driving license.

You would also need a copy of the PAN card. Alongside PAN card’s copy, you would need the proof of your relationship to whom you are sending the money (i.e. is the person spouse of the one who’s sending the money or brother/sister of the). It would also require the passport copy of the beneficiary along with the bank account statement of the sender.

You can use professional services to send money abroad for the maintenance of your close relative.

2. Foreign Education: You can also send money overseas for the purpose of foreign education. The KYC documents needed for this purpose are again an Indian passport or any other photo ID card issued by the government of India such as Aadhar Card or driving license.

You would also need a copy of the PAN card. Alongside PAN card’s copy, you would need the proof of your relationship to whom you are sending the money (i.e. is the person spouse of the one who’s sending the money or brother/sister of the). It would also require the passport copy of the beneficiary along with the bank account statement of the sender.

It would also need the letter from the University's end as a purpose.

3. Living expenses while studying abroad: You can also send money overseas for the purpose of living expenses of your relative who is studying in a foreign university. The KYC documents needed for this purpose are again an Indian passport or any other photo ID card issued by the government of India such as Aadhar Card or driving license.

You would also need a copy of the PAN card. Alongside PAN card’s copy, you would need the proof of your relationship to whom you are sending the money (i.e. is the person spouse of the one who’s sending the money or brother/sister of the). It would also require the passport copy of the beneficiary along with the bank account statement of the sender.

4. Sending gifts overseas (Gift remittance): You can also send money overseas for the purpose of sending a gift to a friend or relative. The KYC documents needed for this purpose are again an Indian passport or any other photo ID card issued by the government of India such as Aadhar Card or driving license.

You would also need a copy of the PAN card. It would also require the passport copy of the beneficiary along with the bank account statement of the sender.

5. Tour remittance: If you are going on a tour abroad, you would need to show the bill/invoice of the hotel booking that you have made. The other KYC documents would be an Indian passport or any other photo ID card issued by the government of India such as Aadhar Card or driving license.

You would also need a copy of the PAN card. It would also require the passport copy of the beneficiary along with the bank account statement of the sender.

6. Purpose of Medical treatment overseas: For the medical treatment purpose, you would be required to give a copy of Indian passport, the copy of your plane tickets, a copy of the PAN card and a letter from the foreign hospital where the treatment will happen).

7. Business Travel: For business travel related purposes, you would be asked to give the pan card of the company and the incorporation certificate of the company. Alongside this, you would be asked to give the copy of the GST certificate as well. Two copies as a proof address alongside a copy each of the passport, visa and plane tickets.

You would also need a sealed official letter asking for sending money transfers with an official letterhead.

8. Personal Visit Overseas: You can also send money overseas for the purpose of your private visit. The KYC documents needed for this purpose are again an Indian passport or any other photo ID card issued by the government of India such as Aadhar Card or driving license.

You would also need a copy of the PAN card alongside a copy of plane tickets. It would also require the passport copy of the beneficiary along with the bank account statement of the sender.

There are other purposes as well from these major ones as we have just mentioned.

Also Read : Different Ways To Send Money Abroad From India