5 things to know about outward remittance

1. It is the transfer of funds from India to another country.

2. It is a safe and quick way of sending money abroad.

3. It can be used to cover tuition fees, living expenses, pay for medical treatment abroad, buy assets, etc.


4. It can be easily executed through online banking using the swift code of the receiving bank, PAN, and purpose of remittance along with name and amount.

5. RBI regulates foreign transfers under FEMA and the liberalised remittance scheme.

(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)