By Mohammed Waseem
We have known many money transfer services that allow transfers to India and similar developing nations. Sending money from India is however subject to a lot of restrictions, it is not impossible though; but the options are very few and many of the common people are unaware of them. Any leading money transfer service you mention, they have no way to send money out of India due to the restrictions involved.
There are few foreign exchange companies that offer money transfer from India to many countries. Thomas Cook is a leading foreign exchange company and a travel agency that has branches in all major Indian cities. They offer money transfer services from India to over 120 countries.
In order to send money, one has to walk into a Thomas Cook office and complete the process to send money abroad in a fast, reliable and convenient manner. They have special services for speedy transfers and for students looking to study abroad. Other than that, the transfers need to be for personal use only.
Money can be sent abroad for maintenance of close relatives, and the Reserve Bank of India has defined who falls into the definition of ‘close relatives’. It includes the sender’s spouse, or a member of their Hindu Undivided Family, which is a form of family business in India. Other relatives include parents, children and their spouses, grandchildren and so on. A list of 22 relatives other than the spouse has been mentioned.
As per the regulations, any resident of India, including a minor is allowed to remit up to USD 100000 per financial year, provided a proper reason is specified. For larger amounts, prior approval of the RBI is necessary, and this is not easy to acquire.
Being a foreign exchange dealer, they can offer good rates. But that is not something that the senders would bother, as finding a service that allows money transfer out of India is a difficult task.