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Essel Forex international money transfers

Send money overseas from India using Essel Forex international money transfers.

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Essel Finance VKC Forex Limited, part of the Essel Finance Group, is an Indian forex provider that specialises in providing foreign exchange services for personal and business needs in India. It’s a Reserve Bank of India (RBI) licensed dealer and offers online forex services through its website EsselForex.

Essel Forex currencies offered and foreign exchange rates

Essel Forex has a section on its website which displays its current foreign exchange rates for the currencies they offer wire transfers in. These rates are updated once every working day (Monday to Friday, not including Indian bank holidays). The exchange rates for the 15 currencies that Essel Forex has available to transfer are listed below. However, these rates are indicative and are correct as of 15 May 2018.

Currency Currency code Your remittance rates (wire transfer)
AED Arab Emirati dirham 18.6860
AUD Australian dollar 51.2023
CAD Canadian dollar 53.5173
CHF Swiss franc 68.6145
DKK Danish krone 11.3770
EUR Euro 81.4226
HKD Hong Kong dollar 8.8294
GBP British pound 92.3588
NZD New Zealand dollar 47.3174
SAR Saudi Arabian riyal 18.6251
SEK Swedish krona 8.3579
SGD Singapore dollar 51.0800
THB Thai baht 2.1657
USD US dollar 68.2300
ZAR South African rand 5.9369

If you do decide to make any remittances through Essel Forex, you should know that the final exchange rate you will get on your remittance will be the exchange rate applicable at the time of booking the order. The displayed rates also do not include the money transfer costs or applicable taxes that you will incur if you do carry out a remittance through Essel Forex.

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How much does it cost to transfer money with Essel Forex?

Essel Forex charges a flat transfer fees of INRI50. The sender also has to pay Goods and Services Tax (GST) as per Indian tax laws. You can choose to pay the beneficiary bank charges yourself or opt to have them paid by your recipient.

Minimum transfer amount and available countries

The minimum transfer amount you can remit using Essel Forex is an amount of 50 units of the recipient’s currency. So, if you are transferring money to the US, the minimum amount you can transfer is US$50. Similarly, you can transfer a minimum amount of GBP50 to the UK, SGD50 to Singapore and so on.

Before initiating an overseas money transfer, it’s important to be aware of the Reserve Bank of India (RBI) regulations that govern overseas money transfers. The maximum amount of overseas money transfers Indian residents can make from India is US$250,000 (or its equivalent) in an Indian financial year (April to March). This also is the maximum amount that an indian resident can transfer using Essel Forex.

The countries that you can transfer money to are:

Contact Essel Forex’s customer service if you are looking to make an overseas remittance in a currency not in the list above.

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What types of transfers can you carry out with Essel Forex?

  • Wire Transfers.

You can carry out a wire transfer (TT Transfer/Swift Transfer) to beneficiary bank accounts in major countries across the world using Essel Forex.

The registration and transfer process

You need to have an account with Essel Forex to make a wire transfer. Follow the steps below:

You need to have an account with Essel Forex to make a wire transfer. Follow the steps below:

  • Step 1. Click on “Remit” on the homepage of the website and select the currency you want to transfer along with the amount you want to transfer.
  • Step 2. Either enter a username and password combination, or sign in using your Google, Linkedin or Facebook ID.
  • Step 3. Fill in the form with your name, address, city, state/territory and PIN code.
  • Step 4. Select the purpose of the transfer. Then select ID proof and enter an ID proof number. Do note that you have to send soft copies of relevant documentation to the Essel Forex branch by email for validation purposes before the wire transfer is processed.
  • Step 5. Enter beneficiary details including the SWIFT code.
  • Step 6. You will then get to see the total amount you need to pay to complete the transfer. You can make the payment using either National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) using your Indian bank account.
  • Step 7. The wire transfer is then processed.

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

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Customer Service

Get access to Essel Forex customer service by email or over the phone.

Pros and cons of using Essel Forex

Pros

  • Low minimum amount.
  • Low transfer fees of INR150.
  • The entire wire transfer process can be completed online without physically visiting a foreign exchange provider.

Cons

  • Not all currencies are supported.
  • Exchange rates displayed on their website are updated once a day on working days only.

What other products and services does Essel Forex offer?

  • Buying and selling foreign currency. It’s possible to buy and sell cash in 22 currencies using Essel Forex.
  • Forex travel cards. Essel Forex facilitates the issuance of prepaid forex travel cards in 20 currencies.
  • Foreign currency demand draft. Essel Forex can issue foreign currency demand drafts in 15 currencies. You can carry these demand drafts overseas or send them to a recipient outside India by courier.
  • Travel Insurance. Essel Forex can arrange for overseas travel insurance to cover you in case of emergencies during travel outside India.
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Frequently asked questions about Essel Forex

How does Essel Forex compare to other providers?

Our table below shows you the exchange rate and fees of other money transfer specialists.

Name Product Minimum Transfer Transfer Time Transfer Fee
Skrill
Skrill
INR 80
1 day
None
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.
InstaReM
InstaReM
INR 4,000
1-2 days
1%
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
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Compare up to 4 providers


A final word

Essel Forex offers international money transfers from India at low fees. To send money from India to another country, you can consider Essel Forex as an alternative to banks. However, do compare exchange rates that competitors offer before you make any overseas remittances.

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