Send money overseas from India using BookMyForex international money transfers
BookMyForex is a fully fledged money changer (FFMC) licensed by the Reserve Bank of India (RBI). It started operations in November 2012 and has tied up with major Indian banks and foreign exchange providers to offer its customers preferential rates and seamless service.
Customers can use BookMyForex to transfer money overseas and can lock exchange rates for up to three days by paying a nominal amount, regardless of the exchange rate fluctuation after they book the order.
BookMyForex foreign exchange rates
BookMyForex displays live rates that are refreshed every three seconds. The exchange rates for the 12 currencies you can remit overseas, using BookMyForex, are listed below as an example. These rates are accurate as of 15 May 2018.
|Currency code||Currency||wire transfer rate|
|HKD||Hong Kong dollar||8.9277|
|NZD||New Zealand dollar||47.0315|
BookMyForex claims that the rates it offers has no hidden charges, apart from a nominal bank fee, which you will see before you complete the order. BookMyForex also claims that it will beat any competing provider if you find a better rate elsewhere.Back to top
How much does it cost to transfer money with BookMyForex?
BookMyForex does not charge any fees to its users for transferring money, but there is a bank fee of INR225 and Goods and Services Tax (GST) as per Indian laws which the customer is responsible to pay.
Minimum transfer amount and available countries
BookMyForex does not have a minimum amount for its overseas money transfer service. Before making any overseas money transfers from India, it is important for you to know the rules and regulations that cover international remittances from India.
You can transfer a maximum of US$250,000 in a financial year as per RBI rules. This is also the maximum limit for overseas transfers by an individual using BookMyForex.
You can transfer money from India to most countries across the world using BookMyForex. Contact BookMyForex customer service for further details if you are unsure whether it supports the country you are looking to transfer money to.
What types of transfers can you carry out with BookMyForex?
- Wire Transfers. BookMyForex can carry out a wire transfer (Telegraphic Transfer/Swift Transfer) from India to recipient bank accounts overseas.
The registration and transfer process
You must have an account with BookMyForex to make a wire transfer. Follow the steps below:
- Step 1. Select the currency and the amount you want to transfer.
- Step 2. Open an account by filling in your name, email address and mobile number.
- Step 3. After logging in, you’ll be able to see the total charges for the transfer amount.
- Step 4. Select the transfer type and whether you are an Indian resident. You also get an option to upload soft copies of relevant documents for Know Your Customer (KYC) purposes.
- Step 5. Enter contact details, including the recipient bank SWIFT code.
- Step 6. Have the partner branch pick up your KYC documents (free for transfer amounts of INR 50,000 or more) or go to the partner branch and complete the wire transfer formalities.
The money is usually credited to your recipient’s bank account within two days.
You can contact a BookMyForex customer representative over chat, email, over the phone or through their Android or iOS app.Back to top
Pros and cons of using BookMyForex
- You can lock the exchange rate for up to three days by paying 2% of the order amount.
- Low transfer fees/bank charges in comparison to banks and other competing providers.
- Foreign nationals can transfer money overseas subject to verification from BookMyForex.
- Carry out money transfers to most countries across the world.
- No minimum transfer amount.
- BookMyForex does not support all currencies, so you may have to consider an alternative provider if you’re looking to transfer money in an exotic currency.
- The entire process cannot be completed online since the partner branch must verify KYC documents. Alternately, you can opt to have the partner branch pick up the KYC documents from you (free for amounts greater than INR 50,000).
What other products and services does BookMyForex offer?
- Buying and selling foreign currency. You can buy and sell foreign currency notes using BookMyForex.
- Foreign currency demand draft. BookMyForex will issue foreign currency demand drafts. You can carry these with you while you travel abroad or you can send them overseas through international post/courier.
- Forex travel card. BookMyForex issues prepaid travel cards (single currency/multi currency) which are currently available in 17 currencies.
How does BookMyForex compare to other providers
FAQs about BookMyForex
A final word
BookMyForex is an alternative option to major Indian banks for international money transfers from India. BookMyForex could be a cost-effective solution for sending money abroad. Be sure to compare the exchange rates it offers against its competitors before transferring money overseas.