From pursuing higher education, medical treatment, and business requirements to holidaying, reasons to travel to the USA (a.ka. Uncle Sam) are many. With more and more people travelling to the USA, demand for easy and hassle-free transfer of foreign currency from India to the USA is also increasing.
Here we discuss some quick and easy solutions to help you transfer foreign currency to the USA from India.
1. Transfer foreign currency through Banks
You can send foreign currency abroad online through wire transfer facility. Banks also offer services such as wire transfers, and foreign currency demand drafts. With the popularity of wire transfer and net banking, the usage of foreign currency demand drafts has reduced.
You can transfer foreign currency online by using Telegraphic Transfer , also known Wire Transfer. This is the safest and secure methods to transfer foreign currency from India to the USA. This process is basically the electronic way of transferring foreign currency. IndusInd bank is a member of SWIFT (Society for Worldwide Interbank Financial Telecommunication), is a network to send and get information related to international financial transactions. SWIFT code is an important part of wire transfer; it’s a unique identification code to identify banks and other financial institutions. SWIFT code is used to exchange messages between banks when it comes to international wire transfers. Wire transfer is fast and is usually complete within two or four business days. However, the duration to complete the transaction also depends on the destination country and specific currency exchange requirements. Banks collect a fee for this service, which the sender needs to pay.
Foreign currency demand drafts (FCDD)
Banks issue foreign currency demand draft in major foreign currencies. The beneficiary can directly deposit the foreign currency demand draft to his/her overseas account. However, compared to FCDD, people now prefer wire transfer as it is much convenient, fast, and secure.
2. Through Foreign money changers
You can send foreign currency to the USA from India through foreign money changers. To make the transactions you have to complete the KYC process. For this, you have to submit your identification proof along with address proof.
3. Third Party Services
There are a number of third party services that help you transfer foreign currency from India to the USA. These third party services route the transfer of foreign currency through the banks. For this, you have to provide KYC (Know-Your-Customer) details to the third party services before you can make a transfer.
Send a wire transfer to loved ones at best forex rates online!