How to receive from or pay money abroad

There are several modes by which you can make or received payment for your transactions with the foreign entity such as an e-commerce website, service provider, or a customer.

I will explain some of the easy ways which are useful for startups, small businesses and Individuals. 

1. PayPal:

PaPal is a open digital payments platform and has nearly 200 million active account holders. PayPal provides ways to transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. 

Paypal enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.

As per Indian law one cannot hold balance in PayPal. The amount received through PayPal will be automatically transferred to the linked bank account of the PayPal account holder within 7 days so the option of holding money in PayPal account is not available in India. 

You can also create and manage invoices and send payment links via emails by using PayPal. 

Visit PayPal: http://www.qqc.co/Ag7Ny

2. Online Payment Gateways:

A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar.

Some payment gateway providers facilitate cross-border transactions as well. These facilitate small value export transactions. The transaction limit is set for export of goods and services of value not exceeding USD 10,000. 

Some popular payment gateways are as follows:

1. Instamojo 

2. CC Avenue

3. Citrus Pay

4. Direcpay

5. Google Wallet

3. Postal order or postal money transfer:

Person resident in India can receive payment for other than exporters, by postal order by post office outside India or postal money order issued by foreign post office.

You can do money orders online by going e-post office website http://www.qqc.co/Ag7Kw.  

4. International Card

Payment for imports can be made by person resident in India from International Card against charge slip signed by the importer. At any bank's ATM, you may utilize your international ATM card to get money converted in the local currency. You can check with your bank for International debit card facilit. 

5. Bank Wire Transfer

Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office

You can use wire transfer services offered by various banks to receive from or send money to foreign clients. Money will be received in the receivers country currency and bank will charge conversion charges.

6. Money Transfer Companies

There are several money transfer companies such as Western Union, which can be used to send or receive payments. Money sender can send money online by using the website or can go to the money transfer agent of western union to send the payments worldwide.

Contact for any queries on: csanandparab@gmail.com