Ebix Forex International Transfers: What you need to know

Aman Saxena

EbixCash can be found across India and in a couple of airports to help buy, sell and transfer foreign currency. If you are looking to do money transfers online, BuyForex is their online arm to help you do so.

Let’s take a deep dive into how EbixCash works for international money transfers and see if their rates are competitive.

And if you want to transfer money to local bank accounts around the world when you’re on the go, look no further than Wise. With an award-winning app and the real exchange rate, you can save money versus banks or foreign exchange counters on every transfer.

Open your free Wise account now

Send money abroad with EbixCash

The easiest way to send money with EbixCash is to hop on the BuyForex website. There you can pick out of the two options whether you want to send money as a wire transfer or sending a demand draft.

You can choose from 16 different currencies to send money. The currencies include:

Australian DollarCanadian DollarEuroBritish Pound
US DollarUAE DirhamSingapore DollarHong Kong Dollar
Japanese YenSwedish KronaDanish KroneThai Baht
Swiss FrancSouth African RandSaudi RiyalMalaysian Ringgit

You can also send money in Norwegian Krone and New Zealand Dollars.

To comply with the Foreign Exchange Management Act (FEMA), your money transfer will need to fall into one of these categories:

  • Travel Overseas
  • Educational Expenses
  • Film Shooting
  • Emigration Fees
  • Emigration Consultancy Fees
  • Medical
  • Remittance by Tour Operators
  • Disbursement of Crew Wages
  • Fees for Conference & Training
  • Visa

You can get a quote through the BuyForex website and proceed with your transaction. The next step will require doorstep pick up of the documents to verify your transaction.

Also, you need to be an Indian resident and hold a PAN card for any money transfers with BuyForex.

To complete your transfer, make sure you enter in your recipient’s personal and bank details. And then you can make a payment with your debit card, Netbanking or credit card on the website.¹

How to open a EbixCash account

With EbixCash & BuyForex.com, you can register on the portal or just continue as a guest to complete your transfer.²

EbixCash transfer limit

With EbixCash, you will have to follow FEMA’s regulation for sending money abroad. The cap is $250,000 USD per year, or its currency equivalent.³

EbixCash charges and fees

You can expect two main fees with EbixCash. The first is a service charge for the money transfer itself.

To get an idea of what this looks like, you can expect a transfer fee of ₹750 when you are sending 1000 Euros to family in Europe.

The second fee is hidden away in the exchange rate you get with EbixCash.

By setting their exchange rate to be weaker than the real exchange rate, EbixCash and BuyForex are able to sneak in a hidden fee. So with every Rupee you convert into your sending currency, they are able to take a small slice as a fee.

Time it takes with EbixCash

EbixCash does not tell you upfront what your delivery time will be for your transfer. You will have to speak with a representative at the company to get a clear idea of when your recipient can expect it.

The true cost of international transfers with EbixCash

Let’s break down how much it can really cost to send money with Ebix Cash.

Say you have family in Germany that you want to send 1000 Euros to. Here is how EbixCash’s marked up exchange rate stacks up against a cheap and transparent provider like Wise:

EbixCash⁴Wise
Amount to Send€ 1000€ 1000
Exchange Rate₹ 87.87₹ 87.0277
Cost in Rupees₹ 87,870₹ 87,027.77

With Wise’s real exchange rate you can save over ₹800 right away on the transfer. It is that simple.

Open your free Wise account now

A cheap, fast and transparent alternative: Wise

Wise

Wise makes it easy for you to send money around the world from one single account. You can transfer money directly to local accounts in over 150 different countries.

And you can do it all right from your mobile or at home. There is no waiting on documents getting picked up or speaking to a representative. You can complete and pay for your transfer right from the app or website.

Wise uses smart technology to keep it simple. You will always get the low transfer fee, real exchange rate and delivery time upfront on every transfer.

So signup for a free account today and join the over 8 million customers that use Wise for their global money transfers.

Sources used for this article:
  1. EbixCash & BuyForex.com
  2. Opening an account
  3. Transfer Limits
  4. EbixCash Money Transfer

All sources checked as of 8 September, 2020


*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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