For every financial year, a sum of $250,000 can be transferred internationally by the citizen of India.
Transferring money abroad is not that hard as you might think it is. Yes, in the past, it was a hassle. However, with technology, transferring money is a breeze of a task. Although, there is a limit as to how much money you can use abroad. The limit is capped at $250,000 per financial year. All this comes under the LRS scheme or Liberalized Remittance Scheme, set up by the RBI to regulate the amount of money transferred out of the country.
Moreover, to transfer money out of the country, you will require your PAN card details. Before, for amounts below $50,000, the necessity of a PAN card wasn’t there. However, since the LRS scheme is being introduced, you require the PAN card details of the person transferring it for any transfer to be made possible. Moreover, to transfer the amount, the purpose of transferring has to be mentioned. Failure to do so could result in the revoking of the transfer.
There are many portals through which the transfer can take place. It can be done through your net banking (if your bank supports international transfers), PayPal, forex websites, western union, and many others. Do note that you would be levied a charge by the service provider to transfer funds which may or may not be fixed based on the service provider you choose.