FAQs
Get answers to frequently asked questions regarding our services.
How can I locate the nearest branch?
I have a concern about a transaction, who can I contact?
What is a transaction fee?
What is an exchange rate?
Where do I find the exchange rates?
Can I send money to a friend or relative staying overseas?
Yes, you can send money to a friend or relative abroad under GIFT REMITTANCE category. For further information contact us or visit your nearest BFC Forex branch
Can I transfer funds for the remittance from a joint account or a business account?
You can transfer fund from a joint account provided you are the primary account holder, but you cannot transfer from a business account.
Can I trust BFC Forex for safe and secure money transfer?
How do I know what is the best option to send money from India?
Remittance charges – how you get charged when you transfer money from India?
There will be nominal charges for a person to send money from India which will incur charges such as -
- Foreign bank charges
- Goods & Services Tax
- Processing fees for Remittance
- TCS where applicable
What are the currencies that you deal in?
What are the Main Purposes of International Money Transfer from India?
The main purposes for remitting money from India through BFC Forex are as below:
- Education expense overseas
- Medical treatment
- Remittance for travel related purpose both for business and leisure
For the full list click here.
What are the modes for Outward Remittance from India?
- Wire Transfer
- Foreign Currency Demand Draft
Wire Transfer
When money is needed in an emergency like Education, medical treatment etc. case wire transfer can be an effective means to send money from India. Complying with the RBI regulations for sending remittances outside of India, BFC Forex will transfer money to the beneficiary’s bank account. Electronic mode of transfers through swift technology is the most convenient and is fast. It delivers the intended cash with the least security threats and with no risks.Demand draft
In case of demand draft, it must be paid under the name of the beneficiary.What could be the reasons for the delay in my fund transfer from India?
The most common reason for delay in remittance from India, is a delay in the international banking system due to incorrect account details preventing funds from being transferred to the beneficiary’s bank account.
Other Common factors influencing delay are:
- Transfer time
- Payment method
- Currency used
- Weekends and holidays
- Cut off times
- Time zone
- Enhanced due diligence checks at beneficiary’s bank
What documentation is required to Send Money from India?
The documentation required depends on the purpose of your remittance but typically the following is required -
- Government-issued valid photo ID with address proof
- Valid PAN Card copy
- Signed A2 Form
Along with the documents the remitter needs to share the following information of the beneficiary:
- Beneficiary name & address
- Beneficiary bank name
- Swift code and correspondent account
- IBAN & SORT code wherever applicable
- Remitter name & Remitter account number
- Purposes of the transaction with KYC form
For a full list of what is required, click here.
What exchange rate/rates are you offering currently?
What is a Gift remittance?
A Gift Remittance is an outward remittance by an Indian citizen made to an immediate family member or a close friend. A resident individual, however, cannot gift to another resident in foreign currency for the credit to the latter’s foreign currency account held in the abroad country under LRS (Liberalized Remittance Scheme). “Gift”, being of a personal nature, should be made in favour of an individual and not to a corporate or to himself/herself.
What is the limit for remitting money abroad?
A resident/citizen of India can remit up to USD$ 250,000 or equivalent value in a financial year under the Liberalized Remittance Scheme (LRS) guideline of the RBI.
What is the minimum time that it takes to send money abroad?
Which remittance option is best for me?
Are the exchange rates the same every day?
How can I pay to BFC Forex services?
What are all the features of the Multi-currency Travel card?
- i. Avoiding risk of carrying all your FX in cash.
- ii. Can be used to withdraw cash from VISA enabled ATMs and Merchant Outlets across the world.
- iii. Cost-effective and can be reloaded as and when required.
- iv. You can load 10 -14 foreign currencies in one card. Please contact us for more information.
What is a transaction fee?
What is an exchange rate?
What is the limit entitled by a Resident Indian and Corporate official?
Who is eligible to avail foreign exchange?
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