India
United Arab Emirates
Currency Trading
Tamil Nadu
Mumbai

Can you send money from India to UAE?

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Wiki User
February 05, 2010 4:48PM

hi,

I have been wanting to do this hence have done a lot of research

on this and the best way so far to do this is to open an NRE

account and have the money deposited in that account in India.

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"Satish's_update_on_the_above_answer_:_You_cannot_deposit_money_in_an_NRE_account_in_India,_unless_it_is_transferred_from_abroad._If_you_money_is_parked_in_a_Resident_account,_then_contact_your_bank,_who'll_help_you_in_transferring_funds_abroad_by_'Wire_Transfer'_or_'Demand_draft'._Or,_you_could_directly_contact_the_RBI,_who'll_provide_you_with_necessary_guidelines."

id=

"Satish's_update_on_the_above_answer_:_You_cannot_deposit_money_in_an_NRE_account_in_India,_unless_it_is_transferred_from_abroad._If_you_money_is_parked_in_a_Resident_account,_then_contact_your_bank,_who'll_help_you_in_transferring_funds_abroad_by_'Wire_Transfer'_or_'Demand_draft'._Or,_you_could_directly_contact_the_RBI,_who'll_provide_you_with_necessary_guidelines.">

Satish's update on the above answer : You cannot deposit money in

an NRE account in India, unless it is transferred from abroad. If

you money is parked in a Resident account, then contact your bank,

who'll help you in transferring funds abroad by 'Wire Transfer' or

'Demand draft'. Or, you could directly contact the RBI, who'll

provide you with necessary guidelines.

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TransferNShop's update -

You can only send money abroad using Bank Wire Transfer which is

available with almost all banks in India. Following are some

important points.

1. You cannot send more than $2,00,000 per year outside India as

per reserve bank of India's guidelines.

2. You need a PAN card for the same.

3. You need to specify a reason for transferring money. e.g.

gift, business, etc

4. If the reason is not Gift, then you will need to produce a

copy of Invoice.

5. If you can submit the duly signed forms before 11:30 AM then

the transfer is done on the same day.

5. Total time duration is 48 hours.

6. The sending charges are less than Rs. 300/-

7. The receiving bank charges around $25 - $ 30 which the sender

can decide who will bear.

8. In case of 'Gift' the receiver has to bear these charges.

9. You will need receiver's name, address, bank name, bank

account number, bank branch, bank address, bank SWIFT code (ask the

bank), your pan card number, invoice (if needed) and a Pen to fill

forms :-) (filling forms takes around half hour if the bank

executive cooperates well)


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