What is the most efficient way to transfer money from India to Singapore?

[Devil Veil]

I have a "small business venture" in India, looking to transfer money from India to Singapore.

Thanks.

 

[kingboonz]

How much are you talking about?

 

[quxton]

I have a "small business venture" in India, looking to transfer money from India to Singapore.

Thanks.

Try InstaReM

Fee is INR750 for every INR100,000. Gives you wholesale FX rate.

Sign up as a Corporate and indicate staying address as India.

 

[Devil Veil]

How much are you talking about?

About 300-600 SGD every week.

 

[Devil Veil]

Try InstaReM

Fee is INR750 for every INR100,000. Gives you wholesale FX rate.

Sign up as a Corporate and indicate staying address as India.

Compared to Western Union, how does this differ? Thanks.

 

[quxton]

Compared to Western Union, how does this differ? Thanks.

FX rate and even fees are a lot better, plus InstaReM is a digital service without need to visit the agents.

 

[Devil Veil]

FX rate and even fees are a lot better, plus InstaReM is a digital service without need to visit the agents.

You are obviously an agent for them.

Do share in detail how it works. I sign up, link a bank account and will be able to receive money from my partner in India?

 

[revhappy]

Indian rupee is not a fully convertible currency. So it is not so straight forward to transfer money out of India. I don't even know how foreigner businesses do it. I know how resident Indians can do it. There is a liberalised remittance scheme and the limit is 250k USD per year. Need to go to an authorized money changer or bank and fill some forms.

In OPs case I have no clue how you will do it. It is not straight forward that is what I can say.

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