Sending Money from India to China? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
Wire transfers are an efficient and secure way to transfer money electronically between bank accounts, both domestically and internationally. To send money from India to China, all you need are the recipient’s details, such as their name, bank account number, and the receiving bank’s information. The process is handled through secure channels like SWIFT, ensuring reliability, though the time it takes to complete the transfer may depend on the banks and countries involved.
For money transfers from India to China, traditional banks are often the go-to choice, but they can be expensive due to high transfer fees, sometimes up to Rs. 2000, and slow processing times. Additionally, their exchange rates may not always work in your favor. BookMyForex offers a compelling alternative with zero transfer fees, the lowest exchange rates, and a hassle-free process. The funds via BookMyForex are also transferred via our trusted network of banks but at a much lower cost. It’s the perfect solution for those who want to save money while transferring funds to China securely.
Why Indians Transfer Money to China
Indians transfer money to China for a variety of reasons. Here are some of the most common purposes:
1. Education: China has become a popular destination for Indian students, especially for those pursuing medical degrees. With students studying in universities like Tsinghua University and Peking University, parents in India frequently send money to cover tuition fees, accommodation, and living expenses.
2. Family Support: Indians may have family members living in China, either for work or business. Sending money to support loved ones for their monthly expenses or during festivals is a common practice, ensuring they stay connected and cared for.
3. Medical Treatment: China is known for its advancements in healthcare and traditional medicine. Indians traveling to China for specialized treatments, surgeries, or consultations need money to cover medical bills and related expenses.
4. Business and Investments: China is a global hub for manufacturing and trade, and many Indian entrepreneurs and businesses have dealings there. Money transfers are often used to pay for imports, business investments, etc.
5. Employment and Relocation: China attracts professionals from around the world, including India. Indians relocating to China for work often need to transfer money for initial expenses like housing deposits, setting up utilities, or other relocation costs.
Documents Required for International Money Transfers to China
If you’re planning to send money to China, you’ll need to have a few documents ready to ensure the process is hassle-free. Here’s a quick overview of what you’ll typically need:
— PAN Card
— Remitter Photo Cum Address Proof
— Purpose Based Document (e.g., an admission letter from a university for education, proof of relationship for family support, etc)
For a detailed list of documents based on the purpose of your transfer, visit here
Factors to Consider When Transferring Money to China
1. Exchange Rates: Exchange rates play a crucial role when transferring money to China. The rate determines how much your Indian currency will convert into Chinese Yuan (CNY). Banks and money transfer services often add a 2-3% markup to the mid-market exchange rate, which is the rate you typically see on Google. This markup can vary between different providers, however, BookMyForex offers rates closer to the mid-market rate and provides the lowest rate guarantee. Additionally, exchange rates fluctuate due to market conditions, but with BookMyForex, you can lock in your desired rate using the Book Now and Pay Later feature, ensuring you get the best value for your money.
2. Transfer fees: The transfer fees can have a significant impact on the overall cost of sending money to China. Traditional banks often charge a flat fee of up to Rs. 2000 for international transfers, while some other platforms apply percentage-based fees that can go as high as Rs. 8000, depending on the amount being sent. These hidden charges can make your transfer more expensive than expected. BookMyForex, on the other hand, offers a more affordable and transparent solution with zero transfer fees. To take advantage of this, simply use the promo code "ZEROBANKFEE" when placing your order through BookMyForex.
3. Intermediary and Recipient Bank Charges: When transferring money to China, your funds may pass through one or more intermediary banks before reaching the recipient’s account. These intermediary banks often deduct fees, which are known as intermediary bank charges. Additionally, the recipient’s bank in China might impose its own processing fee for handling the incoming funds. These charges can reduce the final amount received and may come as an unpleasant surprise if not disclosed upfront. With complete transparency, BookMyForex ensures you know all costs involved before making the transfer.
4. Transfer Speed: Transfer speed is often a critical factor, especially if the funds are needed urgently. Bank transfers can take several days, sometimes up to five business days, which may not be ideal for time-sensitive needs. In contrast, online platforms like BookMyForex transfer money to China within 12-48 business hours. For urgent requirements, such as tuition payments, BookMyForex provides same-day transfers to China, ensuring your money reaches its destination without delay.
5. Security and Compliance: Security should be your top priority when it comes to money transfers. It’s essential to choose a platform that uses advanced encryption and secure payment gateways to safeguard your financial and personal information. BookMyForex uses secure payment gateways and implements document watermarking, ensuring your data remains protected throughout the process. Additionally, BookMyForex adheres to all regulations set by the Reserve Bank of India (RBI) and complies fully with the Foreign Exchange Management Act (FEMA).
6. Customer Support: When transferring money overseas, having dependable customer support can make all the difference. Delays, errors, or technical issues can happen, and it’s important to have a provider that can resolve them quickly. Look for a platform that offers multiple ways to reach their support team, such as phone, email, or live chat. BookMyForex ensures a stress-free experience by providing on-call and online customer support, so you can get help whenever you need it, making international money transfers smooth and hassle-free.
7. Tax Collected at Source (TCS): Regardless of the platform you use, TCS applies to foreign remittances. For education and medical expenses exceeding INR 7 lakh, a 5% TCS is applicable and for other remittances exceeding INR 7 lakh in a financial year, a 20% TCS applies. However, transfers below INR 7 lakh in a financial year are exempt from TCS. The good news is that the TCS amount can be claimed when filing your income tax return.
