To Transfer money overseas from India is a common practice for various purposes, such as paying for goods and services, sending money to family and friends, and making investments.
There are various ways to transfer money overseas from India, including banks, online money transfer services, and foreign exchange dealers. However, to transfer money overseas from India, you will need to submit a few important documents to the bank or the money transfer service. These documents are necessary for the bank or the service to verify your identity, address, and the purpose of the transfer.
PAN Card
The PAN (Permanent Account Number) card is a unique identification number issued by the Indian government. It is a mandatory document that you must submit to transfer money overseas from India. The PAN card is used for various purposes, including filing tax returns, opening bank accounts, and conducting financial transactions above a certain threshold. If you do not have a PAN card, you can apply for one through the Income Tax Department of India.
Aadhar Card
The Aadhar card is a unique identification number issued by the Indian government based on biometric and demographic data. It is also a mandatory document that you must submit to transfer money overseas from India. The Aadhar card serves as a proof of identity and address and is used for various purposes, such as availing government schemes and services, opening bank accounts, and conducting financial transactions. If you do not have an Aadhar card, you can apply for one through the Unique Identification Authority of India (UIDAI).
Passport
If you do not have a PAN or Aadhar card, you can submit a passport as a proof of identity. A passport is a travel document issued by the government of a country and serves as a proof of citizenship. It is a valid identification document and can be used for various purposes, including traveling abroad, opening bank accounts, and conducting financial transactions.
Address Proof
You will need to submit a document that serves as proof of your address. This could be a utility bill, a rent agreement, or a bank statement showing your address. The document should be in your name and should not be more than three months old. The address proof is necessary for the bank or the money transfer service to verify your residence and to send any communication to you.
Purpose of Transfer
You will need to provide a written statement explaining the purpose of the transfer. This could be a letter, a receipt, or an invoice showing the details of the transaction. The purpose of the transfer is necessary for the bank or the money transfer service to understand the reason for the transfer and to ensure that it is in compliance with the laws and regulations of India and the destination country.
Receiving Bank Details
You will need to provide the details of the receiving bank, such as the name, address, and account number of the recipient. You may also need to provide the SWIFT code of the receiving bank, which is a unique identification code used to identify banks in the international financial system.
Identification of Recipient
You will need to provide proof of the identity of the recipient, such as a copy of their passport or national identification card. This is necessary for the bank or the money transfer service to verify the identity of the recipient and to ensure that the money is being transferred to the correct person.
In addition to these documents, you may also need to provide proof of the source of the funds being transferred. This could be a salary slip, a bank statement, or any other document showing the source of the funds. The bank or the money transfer service may also require you to fill out a declaration form stating that the funds being transferred are not derived from any illegal or unlawful activity.
