international-money-transfers

BuyForexOnline international money transfers

Make international money transfers using BuyForexOnline.

BuyForexOnline is an Indian online forex platform that gives its customers the convenience of low exchange rates and the facility to transfer money overseas without physically going to a forex provider or bank branch. The company is headquartered in Bengaluru and launched its website in late 2013. BuyForexOnline has partnered with a Reserve Bank of India (RBI) licensed forex provider to execute international money transfers from India.

BuyForexOnline foreign exchange rates

BuyForexOnline has a moving ticker tape on the top section of its website that displays current foreign exchange rates for the 14 currencies you can remit overseas. These rates are updated every hour on working days (Monday to Friday, not including Indian bank holidays). The exchange rates listed below are indicative in nature and are correct as on 15 May 2018.

Currency codeCurrencySend money at
AEDUAE dirham18.91
AUDAustralian dollar51.32
CADCanadian dollar53.29
CHFSwiss franc69.28
EUREuro81.5
GBPBritish pound92.7
JPYJapanese yen0.64
SGDSingapore dollar51.21
USDUS dollar68.78

Keep in mind that the rates displayed do not take into account the transfer fees or the charges that the intermediary bank will charge for the transfer.

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How much does it cost to transfer money with BuyForexOnline?

BuyForexOnline charges a flat transfer fee of INR325 for each money transfer. The sender also has to pay Goods and Services Tax (GST) as per Indian tax laws.

Minimum transfer amount and available countries

There is no minimum amount that you need to transfer using BuyForexOnline. However, before initiating any transfer, you should know the Indian regulations regarding international money transfers. Indian residents can transfer a maximum of US$250,000 or its equivalent in a single Indian financial year.

You can transfer money to bank accounts in more than 200+ countries using BuyForexOnline. Contact BuyForexOnline’s customer service if you are unsure whether it supports the country you are looking to transfer to.

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What types of transfers can you carry out with BuyForexOnline?

  • Wire Transfers.

BuyForexOnline can help you make a wire transfer (TT/Swift Transfer) to beneficiary bank accounts in more than 200 countries across the world.

The registration and transfer process

You need to have an account with BuyForexOnline to make an overseas remittance. The steps are:

  • Step 1. Create an account by entering your name, email address, mobile number and password.
  • Step 2. Log in and create your remittance request by selecting the currency and amount you want to transfer. You also need to select the purpose of transfer.
  • Step 3. Select the destination country, the currency and enter the amount you are looking to transfer. You will get to see the converted amount in INR along with the beneficiary bank fees.
  • Step 4. Fill in your details, such as name and government-issued ID (passport number/Aadhaar number). You also have to enter your Permanent Account Number (PAN) if you are an Indian national.
  • Step 5. After submitting the form, a BuyForexOnline customer service representative will call you within 24 hours for confirmation. Subsequently, you will receive an email with relevant forms to be filled out and details of the documentation required. You have to fill in the forms and send them back along with soft copies of the documentation by return email.
  • Step 6. After verification of the documentation, you will get a confirmation email that specifies the BuyForexOnline account number to make the payment for the wire transfer amount.
  • Step 7. You can choose to pay the full amount either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) using your bank account, after which you’ll get a payment verification number which you need to send to the BuyForexOnline customer service representative.
  • Step 8. The wire transfer is processed and you will receive a confirmation email along with a copy of the invoice.

The wire transfer usually reaches the beneficiary bank account within two working days.

Customer service

Contact a BuyForexOnline representative to clarify any query over email or over the phone.

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Pros and cons of using BuyForexOnline

Pros

  • No minimum amount.
  • Low transfer fee of INR325.
  • Entire wire transfer process can be completed online without physically visiting a foreign exchange provider.
  • You can transfer money from India to more than 200 countries.
  • Non-Indian nationals can also use BuyForexOnline to remit money overseas subject to validation.

Cons

  • Not all currencies are supported.
  • It is not possible to lock exchange rates for two or three days like some competitors.
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What other products and services does BuyForexOnline offer?

  • Buying and selling foreign currency. You can buy and sell foreign currency notes through BuyForexOnline.
  • Forex travel card. BuyForexOnline facilitates the issuance of prepaid forex travel cards in 15 different currencies.

Frequently asked questions about BuyForexOnline

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A final word

BuyForexOnline offers overseas remittance services from India as a completely online solution, which can be an attractive alternative to sending money overseas through a bank. However, since exchange rates are dynamic, do make a point of checking the current rates before carrying out any money transfer.

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