While sending money to India, you have to follow the Foreign Exchange Management Act (FEMA). From the higher-level perspective, the RBI has the goal with FEMA to ensure that the outward international money transfers don’t come from crime or other illegal activities.
The most important rules of LRS regulates the maximum amounts of funds that Indian citizens may send outside of a nation’s border and for which purpose they are allowed to do so.
Money transfer to India or anywhere internationally is one of the most important things that involve many expectations and attention to detail. But when you send money through an online transfer or bank transfer, there are certain limits in which you can send money.
Some limits apply on 24 hours, 30 days, and 180 days. These limits are all different based on your location and your recipient’s location. Sending money to India may involve some limitations as well. Let us see what these limits are and how they apply to which means of transfer you use:
International Money transfers to India:
The RBI applies a set of different rules when you are transferring money from other countries to India. Here the central bank has offered two routes for the inward remittances.
– The rupee drawing arrangement:
For personal transfers, there is no maximum limit over the number of funds you may remit to India. However, this only is related to the transactions between individuals as there are caps on an inward business remittance.
– The money transfer service scheme:
With MTSS transfers, you may remit the maximum of $2,500 to India in a single transfer. The RBI also limits the number of transactions to 30 transfers on a single recipient in a year.
No matter which kind of options you use, inward remittances are heavily regulated in India. This means that you may only transfer funds using regulated agents like online money transfer to India through ACE money transfer. Also, the Foreign Inward Remittance Certificate has to be involved in the process.
Hence, in short, the FIRC is a certificate for proof of remittance transfer to India that ensures the money is coming from a legitimate source and the transaction complies with the appropriate laws and regulations.
Bank wire limits and fees in India:
– National Electronic Fund Transfer:
NEFT refers to the standard and is now free national bank transfer in India. While there aren’t any limits for NEFT transactions, financial institutions only proceed with them one working day between 8 AM and 7 PM. NEFT transactions are now available in India through internet banking and in person at any bank branch.
– Real-Time Gross Settlement:
Allowing the citizens to transfer funds without any charge on the working days between Monday and Saturday, RTGS transactions are meant for the higher amount wires. Moreover, such as the RTGS, NEFT transfers are available online and offline.
You may see many people send money to India online fastly and free of any big charge. This is because they use online money transfers. However, there are limits that you have to face here, but you can make the transactions super instantly. One source of such transactions is ACE Money Transfer.
So once you can proceed with your transfers, you will see how quickly your recipient gets the amount and how efficient the whole process is. This is why you can rely on Online money transfer to be your guide in the way. Sending money to India will be made a lot easier once you use online money transfers.