Updated February 11, 2018
You can send money from India to the Philippines through BANKS in India.
You will send using wire transfer, also called Swift transfer or telegraphic transfer.
You can do it over the counter, or through your online banking.
For faster processing, you will send money using funds from your bank account in India, whether you are a Foreign National, Resident Indian, Person of Indian Origin, or an Overseas Citizen of India.
One of the more popular banks for sending money from India is ICICI Bank. You can use its Money2World online remittance service. You can use your ICICI bank account or your account in any other bank in India.
Another is State Bank of India. You can use its SBI outward remittance services.
State Bank of India and ICICI Bank are among the top 3 banks in India.
Can you send money abroad online through foreign exchange dealers in India?
Yes. There are authorized foreign exchange dealers in India that transfer money online to the Philippines and to other countries, but they work with banks in India. If you like to try them, make sure that they are authorized by the Reserve Bank of India (RBI) and they work with banks in the transfer of funds abroad. The others are called Full-Fledged Money Changers (FFMCs).
International non-bank remittance companies like Western Union and Moneygram are not yet allowed to transfer money from India to other countries. They can, however, transfer money from other countries to India. Outward, No. Inward, Yes.
Moneygram, though, is a partner of Thomas Cook India, an integrated travel and financial services company that you can also use to send money from India to the Philippines, either online or at their office. You can use their online international transfer service as long as you can show them proof of your relationship with your recipient in the Philippines.
You can use Thomas Cook if your receiver in the Philippines does not have a bank account — your receiver can claim your money at the offices of its partners Moneygram and XpressMoney in the Philippines.
For OFWs or other Filipinos working in India:
If you will send money from India to the Philippines frequently, advise your recipient to open an account with BPI, Metrobank or PNB, since these are the Philippine banks with correspondent banks in India.
Scroll down to see lists of banks in India which have correspondent relationships with BPI, Metrobank and PNB.
For Filipinos and other Foreign Nationals with visa to work in India:
you are allowed to open a Resident Rupee Account in India so that you can send money using your funds in your bank account.
Scroll down below to see documents needed to open a Resident Rupee Account in India.
How much money can you send from India to other countries?
For Foreign Nationals working in India:
You can send all your Net Salary.
Net Salary = Gross Salary minus Tax and other mandatory deductions
There might be situations when you are able to send only up to 75% of your Net Salary.
And as a Foreign National, you CANNOT send to just anyone!
You must send money only to your family members.
You will declare your Net Salary and your family members using a form that you will sign.
The Maximum Amount that you can send out of India depends on 3 factors:
1. Your resident status
2. Your bank account type related to resident status
3. Your purpose in sending money from India
For small-value remittances, the maximum limit is US$25,000 per financial year.
For higher-value purposes like real estate investment, the maximum limit is US$250,000 per financial year. You will be asked to present documents that include your PAN card. A cancelled cheque might also be required
Resident Status:
RI = Resident Indian
NRI = Non-Resident Indian
PIO = Person of Indian Origin
OCI = Overseas Citizen of India
FN = Foreign National
– can be:
Foreign National of Non-Indian Origin Visiting India
Foreign National of Non-Indian Origin Working in India
Type of bank account related to resident status:
RRA = Resident Rupee Account
RFCA = Resident Foreign Currency Account
NRO = Non-Resident Ordinary Account
– can be opened by foreign nationals of non-Indian origin visiting India
– can be maintained for only up to 6 months
NRE = Non-Resident External Account
FCNR = Foreign Currency Non-Resident Account
– can be maintained for not less than 1 year and not more than 5 years
. Financial support for a close relative
. Education abroad
. Emigration fees
. Employment abroad
. Medical Treatment
. Purchase of medicines and other items for personal use
. Visa fees
. Police verification
. Donation
. Gift to an individual (another person, not gift to yourself)
. Purchase of real estate property outside India by a resident Indian
. Payment of life or general insurance premiums by a resident Indian to an insurance firm outside India
Other remittance rules:
You can send in US dollars, British pounds, euros, Saudi riyals and 12 other major currencies.
You cannot send money to Bhutan, Nepal, Mauritius or any country identified as non-co-operative by the Financial Action Task Force (fatf-gafi.org).
BPI Correspondent Banks in India:
ICICI Bank (recommended by many online)
DBS Bank, Mumbai Branch
Citibank NA
Dena Bank
Punjab National Bank
State Bank of India
Standard Chartered Bank
Union Bank of India
Hongkong and Shanghai Banking Corp. (HSBC)
JPMorgan Chase Bank
Syndicate Bank
Bank of Nova Scotia
Deutsche Bank
Bank of Tokyo-Mitsubishi UFJ
BNP Paribas India
ANZ Banking Group
Royal Bank of Scotland
Swift Code for all branches of BPI and BPI Family in the Philippines is: BOPIPHMM
PNB Correspondent Banks in India:
ICICI Bank
Australia and New Zealand Banking Group Ltd.
Bank of America, Mumbai
Bank of Tokyo Mitsubishi UFJ, Mumbai
Bank of Nova Scotia, Mumbai
BNP Paribas India
Citibank Europe, Mumbai
Credit Agricole Corporate and Investment Bank, Mumbai
Deutsche Bank, Mumbai
JPMorgan Chase Bank, Mumbai
Mashreq Bank, Mumbai
Punjab National Bank, Mumbai
Standard Chartered Bank, Mumbai
State Bank of India, Mumbai
Syndicate Bank, Mumbai
Swift Code for all branches of PNB in the Philippines: PNBMPHMM
METROBANK Correspondent Banks in India:
ABN Amro Bank Mumbai
American Express Bank New Delhi
ANZ Banking Group Mumbai
Axis Bank Ltd. Mumbai
Bank of America Mumbai
Bank of Baroda Mumbai
Bank of Ceylon Chennai Madras
Bank of Tokyo-Mitsubishi UFJ New Delhi
BNP Paribas India Mumbai
Citibank Mumbai
Hongkong and Shanghai Banking Corp. (HSBC)
JPMorgan Chase Bank, Mumbai
Masreq Bank Mumbai
Punjab National Bank Mumbai
Standard Chartered Bank Mumbai
State Bank of India Mumbai
Union Bank of India Mumbai
. Original and copy of valid passport with employment visa
. Proof of employment:
Any one of these three:
Original pay slips issued by your company
Form 16 signed by your employer
Certificate from your employer stating your salary details and deductions
. You will fill up and sign a Retail Outward Remittance Application (A2 form)
References:
Websites of:
ICICI Bank
State Bank of India
Reserve Bank of India
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