What is Forex / Currency Remittance?
Meaning, Full Form & Guide (2026)
Quick Definition
Forex remittance is the process of sending Indian Rupees abroad in foreign currency (USD, GBP, CAD, AUD) to pay tuition, living expenses, or blocked accounts. Under LRS (Liberalised Remittance Scheme), Indian residents can remit up to USD 250,000/year. TCS (Tax Collected at Source) of 0.5–5% applies above ₹7 lakh.
Forex / Currency Remittance — Full Explanation
Best channels: bank wire (SBI, HDFC), Wise (formerly TransferWise), BookMyForex, or university-tied services like Flywire and PayMyTuition. Compare exchange rates and transfer fees. Avoid airport money exchange counters — rates are significantly worse.
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