Last updated on May 28th, 2020
“Money can not be created or destroyed. It can only be transferred from one account to the other.”
– Harsh, The Philosopher
Quite often, people move to a developed country for the dollar figure. Due to the exchange rate difference, it makes sense to earn good money overseas and send a portion of it to pay off debts or help parents/siblings back home.
However, sometimes the process goes the other way round i.e. you need to send money from India to overseas. For example, you might need funds to finance a new business or to buy a piece of land or to build a house.
Unfortunately, when you want to send money from India to abroad, the rules are not as straightforward as they are the other way around.
First, you have to deal with different types of bank accounts you may need to open as an NRI.