Chapter IVMoney Transfer

Saturday, 23 May 2026 · The wire desk

Money to somewhere else, quickly.

Tuition to Boston. Family maintenance to Dubai. Hospital fees to Zurich. We send outward remittances over wire, Western Union, and MoneyGram — at interbank rates, with the paperwork already filed.

Start a transfer See corridors

Spread0.50%

Half the spread of our currency-cash service — we hold less risk on a wire than on physical notes.

SettlementSame day

Wires to the US and Europe land within 24 hours if you confirm before 14:00 IST.

Form A2We file

Purpose codes, declarations, and 15CA where applicable — our compliance desk handles it.

Recipient costNil

Sent fully-loaded. Your beneficiary receives the amount you quoted, not a deducted figure.

SWIFT MT103Outward · 22 · 05 · 2026

Customer Credit Transfer Confirmation

:20:: Sender's reference; IF-WX-2026-04829
:23B:: Bank operation; CRED
:32A:: Value date / amount; 260522USD2800,00
:50K:: Ordering customer; Valued Customer
Bangalore, India
:52A:: Ordering institution; HDFCINBB · iforex India Pvt Ltd
:57A:: Account with institution; BOFAUS3N
:59:: Beneficiary; MIT Bursar’s Office
Cambridge, MA · USA
:70:: Remittance information; TUITION · SPRING 2026 · STUDENT ID 12345
:71A:: Details of charges; OUR

Amount routed

USD2,800.00

Routed13:15 IST

Accepted13:18 IST

Paid06:42 EDT

— Specimen · MT103 confirmation —Sent to your inbox

§ I · Today’s corridors

Ten routes, walked daily.

The corridors where most of our retail volume goes. We move money along all the rest too — these are simply the ones our desk knows by heart.

Corridor	Currency	Common purpose	Rail	Fee	Lead time
BLRBOS01 Bangalore → Boston, USA	USD	Tuition, Living	Wire	₹500	24 hrs
DELDXB02 Delhi → Dubai, UAE	AED	Family maintenance	Wire	₹350	Same day
BOMSFO03 Mumbai → San Francisco, USA	USD	Tuition, Gift	Wire	₹500	24 hrs
HYDLHR04 Hyderabad → London, UK	GBP	Tuition, Medical	Wire	₹500	Same day
PNQSYD05 Pune → Sydney, Australia	AUD	Tuition, Living	Wire	₹500	24 hrs
MAASIN06 Chennai → Singapore, Singapore	SGD	Investment, Family	Wire	₹400	Same day
CCUYYZ07 Kolkata → Toronto, Canada	CAD	Tuition, Living	Wire	₹500	24 hrs
CJBZRH08 Coimbatore → Zurich, Switzerland	CHF	Medical, Tuition	Wire	₹500	24 hrs
JAIJED09 Jaipur → Jeddah, Saudi Arabia	SAR	Family maintenance	MGRAM	₹300	30 mins
AMDMUC10 Ahmedabad → Munich, Germany	EUR	Tuition, Business	Wire	₹500	Same day

Lead times start from order confirmation and exclude weekends + recipient-bank holidays. Wire = SWIFT outward remittance. WU = Western Union. MGRAM = MoneyGram.

Need a corridor not listed? Speak to our wire desk →

§ II · By purpose

Five reasons to wire money.

Each purpose comes with its own paperwork and tax-collection rules. We’ve indexed them — pick yours and we’ll prepare the matching form set.

Tuition for students.

Fees and living costs for an Indian student studying abroad. The largest remittance category we handle.

Typical: USD 8,000 – 60,000
Docs: Admission letter / I-20 / CAS · Visa · Fee structure or invoice
TCS: 0.5% if funded by an education loan; 5% if self-funded (above ₹7L annual)

Medical treatment abroad.

Hospital fees, post-operative care, and accompanying-attendant living costs for treatment outside India.

Typical: USD 5,000 – 250,000
Docs: Hospital cost estimate · Doctor's recommendation letter · Visa (medical category)
TCS: 5% above ₹7L per FY · attendant amounts pooled with primary patient

Family maintenance to your relatives.

Living support sent to spouses, parents, or children resident abroad — the second-largest category we handle.

Typical: AED 2,000 – 20,000 / month
Docs: Beneficiary KYC · Proof of relationship (passport / marriage cert)
TCS: 20% above ₹7L per FY · the most-talked-about TCS slab

Gift to a relative.

A one-time transfer to a non-resident relative, e.g. for a wedding, an anniversary, or a milestone purchase.

Typical: USD 1,000 – 25,000
Docs: Beneficiary KYC · Self-declaration of purpose
TCS: 20% above ₹7L per FY · refundable when filing your annual ITR

Business & investment.

Outward remittance for setting up an overseas business, buying shares, or paying a professional retainer.

Typical: USD 5,000 – 250,000
Docs: GST registration · Form 15CA / CB · Supplier invoice or share-purchase contract
TCS: 20% above ₹7L per FY · structures often arranged via LRS or ODI route

§ III · The three rails

Same money, three different rails.

We don’t make you choose. When you tell us the purpose, amount, and corridor, we propose the cheapest viable rail and walk you through.

Default rail

Bank wire

SWIFT outward remittance

The standard rail for tuition, medical, and business transfers. Funds arrive in the beneficiary's bank account, with a SWIFT MT103 confirmation as proof.

Speed: Same day – 24 hrs
Our fee: ₹500 flat
Spread: 0.50%
Max / transfer: USD 250,000 / FY
Beneficiary cost: Sometimes — bank-side

Best for

Most non-cash purposes.

For urgent

Western Union

Cash-pickup rail

Beneficiary collects cash in minutes from any Western Union agent in 200+ countries. Limits are lower than bank wire but the speed is unmatched.

Speed: Minutes
Our fee: ₹250 flat
Spread: 0.75%
Max / transfer: USD 9,999
Beneficiary cost: Nil

Best for

Small, urgent family transfers.

Best for Gulf

III

MoneyGram

Cash & bank-account rail

Direct credit to the beneficiary's bank account in the Middle East and South-East Asia, or cash pickup at MoneyGram agents elsewhere. Cheapest for AED.

Speed: 30 mins – 4 hrs
Our fee: ₹300 flat
Spread: 0.65%
Max / transfer: USD 10,000
Beneficiary cost: Nil

Best for

Gulf family maintenance.

§ IV · The process

Four steps, most of them ours.

You handle two steps (quote, pay). We handle the other two (compliance, the wire itself). The whole thing takes a working day, often less.

Median end-to-end

7 hrs

from quote acceptance to MT103, measured across 4,200 wire transfers last quarter.

01
Quote
Tell us the corridor, currency, amount, and purpose. We return a fixed quote — interbank rate, our 0.50% spread, the fixed fee, and any applicable TCS shown line-by-line.
02
Documents
Upload PAN, passport, and the purpose-specific paper-trail (admission letter, hospital invoice, KYC). Our compliance desk prepares Form A2 — and 15CA / 15CB where required.
03
Pay
Settle in INR via UPI, NEFT, or RTGS to our scheduled-bank account. The rate locked at quote stays valid for 24 hours.
04
Confirmation
SWIFT MT103 (for wires) or the Western Union / MoneyGram reference number arrives in your inbox the moment the transfer leaves our books. You forward it to the beneficiary.

§ V · Common questions

Eight things people ask the wire desk.

Compiled from our phone log. Tax-and-paperwork questions feature heavily — they should.

+91 80 4148 0020

— End of chapter IV —

Money moves while you sleep.

Submit before 14:00 IST and your wire lands in a US, UK, or European bank account by morning local time. The desk operates Monday through Saturday.

Start a transfer +91 80 4148 0020Mon–Sat · 09:30–20:00 IST

Money to somewhere else, quickly.

Ten routes, walked daily.

Five reasons to wire money.

Tuition for students.

Medical treatment abroad.

Family maintenance to your relatives.

Gift to a relative.

Business & investment.

Same money, three different rails.

Bank wire

Western Union

MoneyGram

Four steps, most of them ours.

Quote

Documents

Pay

Confirmation

Eight things people ask the wire desk.

01How is your spread lower for wires than for cash?

02What's the recipient's bank's role — and will they charge a fee?

03How long does TCS take to refund?

04Can I send money to my own foreign bank account?

05What if the beneficiary's bank rejects the transfer?

06Is there a minimum amount?

07Can companies send wires through you?

08What's the latest cut-off for same-day settlement?

Money moves while you sleep.