Best way to remit money on medical expenses to beloved ones
It is not a myth that some foreign countries provide world-class medical treatment, So we tend to get there to get better health care for faster recovery when we or our loved ones suffer from an illness. But that could cost you a little. You have to find a way to transfer money abroad. Here you will have a quick look into that to help you find the best one.
For international money transfer, you can approach an RBI authorized forex service provider for outward remittance. They will be able to give you the best money exchange rates since forex is their major business, unlike banks.
You can remit up to $250000 without any interruptions under the LRS scheme of RBI via wire transfer or demand draft. This limit could be exceeded, with the submission of supporting documents of the hospital.
The wire transfer could be the best one in case of an emergency since the process is fast and could be completed within 48 hours. Since the transfer is directly between bank accounts using the SWIFT network. While in demand draft, it could take days and is not optimal for emergency cases. Since the draft has to be mailed by the sender to the receiver.
For a successful transfer, you will be required to have an ID card issued by the Government, a PAN card, self-declaration form, Passport, and hospital documents.
Speak with your forex dealer to know more about remitting money and, they will assist you in everything.