Overseas Fund Transfer: Here is how to transfer funds from India to the USA

December 31, 2021 Off By admin
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The process to transfer funds from India to the USA is straightforward through Money2World. However, it is always good to be cautious and diligent while making any such overseas fund transfer. Here is the process to transfer funds from India to the USA in a secure manner:

  1. Visiting the Transaction Portal – One can initiate an overseas funds transfer by visiting the Money2World portal. However, to avoid any fraudulent or phishing incidents, one should manually type the address for the transaction portal in the web browser’s address bar instead of opening it by clicking the links through messages or search engine results. Once an individual has logged into the user account, one should also ensure that the activities over the webpage are securely protected. This can be confirmed by checking the page link, which should have a prefix HTTPS://. If the prefix is present, it means that the transaction data is being transmitted in an encrypted manner, thereby staying confidential and secure from any interceptors or hackers. 
  2. Transaction Details – After you have logged into the portal, you need to provide details of the transaction, including the funds to be transferred to the recipient, the bank account details of the recipient, the purpose code of the transaction, and the details of the remitter. The recipient’s bank account details must be cross-checked before initiating the fund transfer. Any inadvertent mistake in the account details may cause the transaction to be rejected or credited to the wrong bank account. Further, the remitter also needs to provide the details of earlier overseas transfers initiated under the Liberalized Remittance Scheme (LRS). As such, it is always helpful for the remitter to keep a proper record of their remittances if they need to transfer funds overseas regularly. 
  3. Funding the Transaction – Post providing the remitter’s transaction details and KYC details, the portal requires funding the transaction through online payment or NEFT/ RTGS transfer. The amount to be transferred in foreign currency is converted to Indian rupees as per the exchange rate visible on the screen. Further, as per the prevailing tax laws, the bank must collect tax at the source for international funds transfer beyond specified limits. This amount is also added to the transaction amount, and the remitter can take credit of such TCS (Tax Collected at Source) while filing their Income Tax Return. 
  4. Transaction Confirmation – Once the transaction details have been validated and funding is done, the bank will process the transaction and generate a SWIFT code for such remittance. Such SWIFT receipt is the conclusive proof of funds being remitted to the receiver and can be shared with the receiver to confirm the credit details to the overseas bank account. 

SWIFT (Society for Worldwide Interbank Financial Telecommunications) provides a safe and secure mode of remitting funds across different countries and is widely accepted globally. SWIFT copy will contain the details of the amount of funds remitted, currency, value date, beneficiary details, and who bears the charges for such transfer across the different intermediaries involved in the remittance process. Since the bank collects all such fund transfer charges upfront, the detail will show “OUR”, meaning that the bank will bear the charges of such remittance. Once the SWIFT has been generated, it means that the bank has remitted the funds to their Correspondent Bank with further details of the receiving bank. Such a bank then transfers the funds to the receiver’s correspondent bank with further details of the beneficiary. Once the receiver’s correspondent bank has received the funds, they credit the receiver’s bank account. 

Money2World thus allows you to remit money from India to different countries, including the USA, in a cost-effective manner. Further, with secure firewall protection on the transaction portal, one can stay relaxed about having a safe overseas funds transfer.