FAQs

Yes, BFC Forex is fully authorized and monitored by the RBI in India. We are the one of the most trusted brands in the country for money transfer.

Contact our branch teams, who will be able to help you understand the best way for your transfer in terms of cost and timings, keeping in mind the type of transaction you are making.

There will be nominal charges for a person to send money from India will incur charges.

• Foreign bank charges
• Goods & Services Tax
• Processing fees for Remittance
• TCS where applicable

We deal in all major currencies like USD, EUR, GBP, JPY, CAD, AUD, NZD, SGD, HKD etc.

The main purposes for remitting money from India through BFC Forex are as below:

• Education
• Medical

 

For the full list click here.

There are two ways of remitting money overseas 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.

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

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.

The exchange rates are based on the prevailing market values.

48 hours is the minimum time that is required to send money abroad.

You can send and receive money worldwide at BFC forex branches locations near to you. Visit our Outward Remittance page and Money Transfer page or please contact us for more information.

No, exchange rates are dynamic and are constantly being updated to ensure you have our latest and most recent rates.  Please always check the exchange rate before you process your transactions.

Up to Rs 49,999/- can be paid in cash, and any amount over Rs 49,999/- has to be paid using a travellers’ or corporate bank account only.

The travel card is convenient, safe, secure, cost-effective, and can be reloaded as and when required. You can load 10 currencies onto one card i.e. USD, GBP, EUR, CAD, AUD, CHF, SGD, JPY, AED, HKD. Please contact us for more information.

The transaction fee is the commission we charge for offering our services to you. This is based on the amount you send. Contact us for more details on the transaction fee.

Each country has its own currency. In any money transfer or foreign exchange transaction, there is a local currency and a foreign currency which will have different values. The difference between these two rates will have an impact on the money you Buy and Sell.

Total entitlement per traveller is USD 250,000 or its equivalent of other currencies in a calendar year. Of this, only USD 3000 cash is entitled to a traveller per trip and the remaining will be provided in the form of a Travel card only.

Resident Indians who travel for holidays, or, any employee of corporate travel for official trips, are eligible to buy foreign exchange.