Want to make an international money transfer to your child overseas? Or maybe one of your relatives living abroad is facing a financial emergency and is in urgent need of cash. Whatever may be your reason for overseas money transfer, outward remittance is the best way to do it.

Simply put, it is a money transfer method which enables you to move money from a domestic bank to an international one. Now that the basics are out of the way let us understand the variousways you can carry out outward remittance.

Wire Transfer

Fast, secure, and efficient, wire transfer is a form of electronic fund transfer and one of the most popular ways to send money abroad. You can wire transfer money in two ways, which are:

Bank Wire Transfer

If you have a bank account, you can transfer funds abroad online or offline via a bank wire transfer. To initiate a transaction, you need to provide information like the details of the beneficiary, the currency in which the transfer needs to occur, bank account information, address of the bank, etc. Note that the details required may differ slightly depending on your bank.

Once you provide the required details, the bank transfers the funds directly to the beneficiary’s bank account or via a bunch of intermediaries. All the communication takes place using a SWIFT code on a secure network. Hence, you never have to worry about your funds going missing due to a security breach throughout the process.

Fund Transfer Through Different Service Providers

Don’t have a bank account? You can make international fund transfers through an authorised agent or service provider as well. Here, you only need to provide the beneficiary details, cash, and your own identification documents. The agents then verify the details and send the money to the beneficiary’s account through wire transfer.

Whether you choose to make a bank wire transfer or go via a third party, you will have to pay transfer fees and exchange rate charges. The amount you pay will vary between banks. The upside? The transfer process is quick and very secure.

Foreign Currency Demand Draft

Most banks offer a foreign demand draft (DD) facility for outward remittance. Here, the demand draft is made with the foreign currency you choose, and an equivalent sum is deducted from your bank account. Moreover, banks charge extra for issuing a draft, and you have to bear the courier charges involved as well.

The entire process of transferring funds through this mode takes about 10-12 days. Additionally, since demand drafts are easily traceable, you can be at peace that your funds will not go missing.

Online Fund Transfer via Internet Banking

Some banks allow you to transfer funds abroad via Internet banking too. All you need to do is log in to your internet banking account, enter the beneficiary details, the receiving bank’s code, and other required information to start the transfer process. Remember, since the process doesn’t involve intermediary bank accounts, you might have to bear hefty taxes and high exchange rates along the way.

Send Outward Remittance Through a Trusted Partner Today!

Now that you know the different outward remittance, the next step is choosing the right banking partner to help you out. For instance, at IndusInd Bank, we offer facilities to transfer funds in 16 different currencies at your convenience.

What’s more, if you need any assistance, we are just a call away. Visit the IndusInd Bank website to learn about our outward remittance services, and carry out international fund transfers to your loved ones without hassles.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Most of us are meticulous business planners. However, there are times when you want to scale up business without having to disturb your savings.

At this point in time, borrowing money from friends and family could be an easier option. However if amounts are large, it may not be a good idea to stress their finances. A better option would be to leverage an asset you own—your house or commercial or your own rented or vacant properties.

This is what we term as a ‘Loan Against Property’ LAP, given that there are various credit instruments available in the market, how can LAP be the preferred option? Let’s take a real-life situation, and understand how can LAP be the best one.  

Ayush, a salaried individual, has exhausted his savings, but is yet to clear a massive hospital bill towards the treatment of his ailing father. His brother Anuj, a self-employed individual wants to make a large investment to fulfil his business expansion plans. Both brothers also need money to fund higher education of their children.

Both Ayush and Anuj need a hefty amount within in a short period of time. Their common friend, Indu, has advised them to put their assets to good use. Ayush owns a house where he resides, and Anuj has a commercial space from where he conducted his business. They could easily mortgage both properties, and cover their expenses by opting for a LAP.

But won’t they have to forego their property?

No! availing a LAP does not mean you cannot use the said premises until you pay off the debt. You can continue living in the house or working from the commercial space, even after availing of a loan against it. The lenders will not take possession of your asset when you take a LAP, unlike Gold loans wherein  you have to hand over the Gold to the lender in exchange for the money. Only the original property papers remain with the lender to ensure no further sale takes place until the loan is repaid.

Why should Ayush and Anuj opt for a LAP? They could opt for other loans as well

There are many instruments available in the market, like business loans, Gold loans, or even personal loans. Amongst all the other loans available, a LAP is a popular choice for the following reasons:

Quick and Simple Procedures

When you encounter a sudden financial emergency, a swift loan disbursement becomes the need of the hour. Getting approval for a LAP is a fairly simple and quick process. For instance, a borrower seeking a LAP from IndusInd Bank can get it sanctioned and disbursed within 4 working days.

Secure a large amount at once

The value of a property is usually higher than other regular assets. A LAP covers up to 70% of the market value of a residential property, and 60% of the market value in case of a commercial one.

Enjoy the benefit of lower interest rates

A competitive interest rate is a vital feature of a LAP. You can therefore, take advantage of  it, and repay the amount in a manner that suits your financial well-being.

Advantage of longer loan tenures and easier monthly repayments

LAP offers a longer repayment tenure that goes up to 15 years, which in turn reduces the burden of EMIs. Most other credit instruments that offer large payouts and low-interest rates, along with the option of using the money freely, come with very short repayment tenures.

Funds for multiple purposes – without restrictions

Usually, home loans can only be taken for the purchase of a residential property, and some business loans restrict the usage of the funds to business purposes only. But the funds borrowed under a LAP can be used for multiple purpose, without any restrictions. In this case, both Ayush and Anuj can now secure their children’s future as well as invest the remaining amount in their business.

Availability of top-up loan

Once you’ve mortgaged your property for a loan and suddenly have another huge expense coming your way, you can opt for additional financing on top of the existing LAP. It will save you the hassle of applying for a new loan.

Beyond individuals – This loan option is available to Companies/Firms as well

If a privately owned company, partnership firm, or even an unlisted public company owns a commercial property, the company can still take a LAP just as easily as an individual.

No hidden/additional charges

Loans usually come with a lot of charges such as pre-closure, processing, and many more. In case of a LAP, such charges are either eliminated or brought to a minimum. Using their most valuable assets –

So, if you own a property, opt for a LAP and unlock its hidden potential to clear your other dues on time. If you’re thinking of availing the benefits of a LAP, to expand your business or cover your personal expenses, visit https://www.indusind.bank.in/in/en/personal/loans/loan-against-property.html and check out IndusInd Bank’s popular ‘Loan Against Property” features designed to give you the most optimum and financially sound solution to your financial needs.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

If you are an NRI but have strong financial and family ties in India, managing the flow of money could be a tricky part. Many Non-resident Indians have their utility bills and house EMIs to pay in India while living abroad. Some might be making additional money through renting out their homes in the country. Managing finances and avoiding tax trouble is undoubtedly a priority on their list. An NRE account could be a solution to all their finance management woes. They can deposit earnings in the NRE account and withdraw the money in rupees to manage expenses in India. The best thing about an NRE account is that you can fully repatriate the amount held in an NRE account. This article is all about the benefits of an NRE account and other ways to save tax:

Benefits of NRE Account

Tax Exemption

The interest earned on the principal amount is tax-free.

Good for Investments

Account owners can use the funds deposited in NRE account for making investments in India. Be it mutual funds or equity; it is easy to get started smoothly.

Ease of Transferability

Account owners can transfer the principal amount and interest earned from the NRE account to another account in a foreign bank. Also, they can transfer funds from one NRE account to another NRE or NRO account.

Easy Withdrawal

Account holders get an international debit card with an NRE account, which can be used to withdraw money anytime. They can also access online and mobile banking services to manage money easily.

Other Ways to Manage Tax Deductions

Get a PAN Card

A Permanent Account Number is the identification of the taxpayer in India. It helps prevent tax fraud, and one needs a PAN number to claim an income tax refund. However, if you do not have a PAN number, you will likely pay a higher tax amount for investments and earnings made in the country.

Pay and Claim Home Loan Interest

NRIs can claim tax deductions related to their property in India. For instance, paying the interest on a home loan or property tax makes you eligible for a tax deduction. Thus, it makes sense for NRIs to invest in a property in the country.

Final Words

Tax Deduction at Source (TDS) is a significant pain point for NRIs. There are many ways to save on taxes, and opening an NRE account is the first step to strategically planning your investments, earnings, and spending. You can open an NRE account with IndusInd Bank to enjoy a competitive interest rate along with tax-saving benefits. With their many features and unmatched customer service, banking within or outside the country will always be a hassle-free experience.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

How much foreign currency to carry? And what’s the best way to carry it? These are two of the most common concerns people face when planning their trip abroad. Sure, you can go the old school way and carry cash. Or, you can even carry your credit card if you aren’t sure of how many wads to pack. But there’s a better alternative to both these options – a forex card.

With these instruments in your wallet, you can outmanoeuvre most of the shortcomings of carrying cash or credit cards. However, before applying for a card, you must know what you’re looking for, lest you end up signing a bad deal.

To help you out, here’s a list of five features you should look for while picking a card. 

#1 Online Reload Facility

Your card should have an online reload facility so that you can transfer funds from your bank account instantly. This feature can be a life-saver if you run out of funds while you’re overseas and do not have the time to visit a branch or wait for a fund transfer.

With IndusInd Bank’s forex cards, you can reload your existing card online, from anywhere in the world, at any time of the day. 

#2 Low Exchange Rates

When you buy a forex card online and load it with the currency of your choice, your foreign exchange rate remains unchanged after you load the card. So, you no longer have to worry about exchange rate fluctuations, which sometimes can significantly increase your expenses.

So, when buying a card online, read the exchange rates listed on your bank or card provider’s website, and choose the most affordable ones. Or, if you want to cut your search short, you can choose IndusInd Bank’s affordable forex cards. With us, you get to enjoy some of the most pocket-friendly exchange rates.

#3 Multi-currency Advantage

As the name suggests, a multi-currency card can hold more than one currency. So, this feature can come in handy if you plan to visit multiple countries during your trip. IndusInd Bank’s multi-currency card allows you to load it with up to 14 foreign currencies, including:  

1. Australian Dollar (AUD)
2. Canadian Dollar (CAD)
3. EURO (EUR)
4. Great Britain Pound (GBP)
5. Singapore Dollar (SGD)
6. Saudi Arabian Riyal (SAR)
7. UAE Dirham (AED)
8. US Dollar (USD)
9. Hong Kong Dollar (HKD)
10. Japanese Yen (JPY)
11. New Zealand Dollar (NZD)
12. South African Rand ZAR
13. Swiss Franc (CHF)
14. Thai Baht (THB)

So, look for a forex card that supports the currency of the countries you plan to visit. By doing so, you will not have to arrange for cash every time you cross a border, nor will you have to worry about exchange rate fluctuations

#4 EVM Chip-enabled Cards

Magnetic-strip cards are prone to card skimming, allowing hackers to clone and misuse them. Moreover, some tampered ATMs and PoS machines can even store your card information! 

Fortunately, today you can find more secure EVM chip-enabled cards. So, make sure that your card has this feature. 

IndusInd Bank’sIndusForex cards adhere to the latest EMV standards and are secure against card skimming and counterfeit. We also send you SMS alerts every time you make a transaction, so you can block your card instantly if you get notified of a suspicious transaction. 

#5 Offers and Benefits

Some banks offer you special perks, discounts, access to airport facilities, discounts on processing fees, concession on airport transfers, etc., on their card. 

So, when you pick a card, check if such additional benefits can be helpful on your trip and can save you money. 

To Summarise

To make your card-shopping easier, here is a checklist of what to look for: 

• Online reload facility
• Supports multiple currencies
• Low exchange rates
• Secure, EVM chip-enabled
• Offers and benefits

With IndusInd Bank’s forex cards, you can enjoy all these features and many more! Visit our website, buy forex card online today, and enjoy zero paperwork requirements and super-fast processing.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.