What are the steps to opening a bank account from overseas?

More and more Indian’s are travelling and settling abroad for better ventures. Although these individuals have settled abroad, they still look for ways and means to invest in their home countries. In this case, these investments can be in the form of an NRI account.

However, opening this account from abroad may seem like a tedious task. Some individuals are also under the impression that one would need to visit the home country to get this process done. However, you can now open this account from the comfort of your overseas home just by following these given steps:

Step1: Downloading the form or fill it online

Once you have settled on your choice of bank or financial institute, you can look up the website. Most of these websites come with a form to open a NRI account, which is downloadable. Some banks will also offer the choice of filling up a form online.

Step 2: Get the document requirements and account opening funds ready
Like any other account opening process, you will be required to submit documents pertaining to you proof of identity as well as your residence. You will also need to provide document proof of your NRI or PIO status through copies of your passport, valid visa or PIO card. In addition to this, you will need to submit documents required for the type of account you would want to open. Once all the required documents are collected, you will also need to enclose a certain amount of funds with your application. A check or demand draft is a normal requirement for most banks and financial institutions.

Step 3: Attestation of the required documents

Most banks and financial institutes require documents that are attested by an official institute. You can always approach the Indian Consulate, overseas bank or a foreign notary to notarize your documents. Alternatively, you can furnish the additional approved documents with a self-attestation documents.

Step 4: Additional KYC

Some banks and financial institutes may require account applicants to fill up additional KYC documents. Most of these documents relate to the tax residency status or other related details under the FATCA and CRS requirements. With these documents, you may have to submit additional documental proof along with attested copies.

Step 5: Dispatch the requirements to required destination

Once you have completed the required set of forms and documents, you can dispatch the requirements to the required bank branch. Some banks may even provide a PO box service in certain countries, wherein applicant may drop off the application.

Step 6: Call for assistance

If there is a need for any requirements for assistance, you can always call a bank or financial institute on the helpline. In most cases, a representative will be assigned to your applicant, wherein which, you can contact them whenever you need any clarification or assistance.

Quickremit: How to take advantages of these 5 benefits today

Remitting funds home has been an option for plenty of NRI’s residing abroad. These individuals normally send money back home on a regular basis or whenever there is any financial requirement. Although this may be a convenient service for those who want to send money back home, other factors can influence this remitting procedure.

Factors such as poor customer care service, delays in service and various other similar problems can affect a user’s preference to use this service to transfer funds abroad. However, services like quickremit will provide you with the solution to this problem. Given below are the advantages of this service and how you can benefit from it:

1. Beneficial exchange rates: Quickremit offers better exchange rates as compared to other remitting services. No doubt, this service, like any others, would want to stay above the competition. However, this remitting service focuses on providing the ideal rates that will suit the needs of the customers rather than attracting them. Through this service, you will benefit with each transfer you make, especially if you make consecutive transfers in the long run. As a use of this service, you will save a lot of funds, especially if there is a requirement to make multiple transfers.

2. Cost effective on your funds: The charges of the remittance you make depend on the type of model you opt for. Most services charge a service amount based on the amount you are sending along with their own standard rate. Additionally, they will even charge for the type of model you opt for. Combining all these factors together, you may end up paying more funds as service charges, as compared to the actual amount you need to send. However, quick remit offers a fixed pricing, making it easier on the pocket. Additionally, it will help you save more funds in the long run.

3. Processing time: As compared to other remitting services, quickremit is fast. Therefore, you can use it especially during an emergency remittance. Normally a transaction for other services would take 2 to 7 days. This also depends on the type of remittance model one opts for.

4. Multiple Distribution Options:One of the benefit that this remittance service offers is the choice of multiple options that are. For this remittance choice, you do not require a fixed bank account in your home county to make a transfer. You can use any bank account to directly remit the funds. Additionally, you can also issue a demand draft at your beneficiary’s doorstep, which is extremely convenient. This is extremely beneficial if you’re remitting to a remote or suburb part of India.

5. Secured Service: when using other services it is common for the transaction to be delayed or even denied. Additionally, transparencies in the charges are not often highlighted, thus creating a sense of doubt. However, most of the quickremit services are provided by reputed companies, thus ensuring that they provide a trustworthy service.

Why using a forex card when travelling abroad will benefit you?

There are plenty of expenditures to consider when you travel abroad. However, in order to comply with these expenditures, you will need to carry some form of the local currency. While carrying physical cash will assist you, it also carries a lot of risks. Alternatively, traveler’s checks are slowly becoming outdated, with the local merchants opting for modern version of money transfers. In this case, plastic money in the form of forex cards are becoming a popular choice.

But what is a forex card? The forex card is a banking card that holds foreign currency. You can load this card with single or multiple currencies and use for any transaction in that particular country.

Additionally, you can use this card to also withdraw funds. Further, this card can also be used at the local merchant establishments, anytime you want to make a money transfer. This banking card is the ideal card for those who want to make a foreign trip totally hassle-free and convenient.

What are the advantages of a forex card?

• Helps in more savings: the forex cards allow you the flexibility of spending as much as you need. This is an ideal choice as compared to traveler’s checks where the entire amount needs to be uncashed when you needed money. With these checks, if the requirement does not match the amount on the check, you will end up wasting funds.

• Widely acceptable:More and more establishments are accepting this forex cards for any financial transfers. Therefore, not only can you use this card in restaurants or shops, you can even use in taxis and local merchant shops too.

• Safe and secure:as mentioned previously, carrying cash and travelers checks are risky. However, you can only use the forex cards if you know the password to it. Most of this card comes with a chip and pin feature that allows you to safeguard against any fraud. It also comes equipped with a backup card in the event that the previous card is damaged or stolen.

• Easily reloadable:These cards are reloadable at any time and any location. The card holder can reload the card as many times they want within the validity period of the card.

• Online transactions:you can also use the card to make any online purchases and various transactions such as bill payments, booking air tickets, etc.

• Retaining the forex card after return: As per the banking rules, you can retain the forex card only if the balance remaining on the card is less than US$ 2000. Otherwise the amount needs to be refunded within 90 days from the date of arrival.


Even with the growth in usage of other banking cards, international forex cards are turning out to be a more viable option for those travelling abroad. So instead of asking what is a forex card is, you can now use the card for any of the travel purposes you require.

Do you know these facts about international money transfer?

In the previous decades, transferring funds from one location to another, especially in a different country may seem difficult. However, with today’s progression in technology and economy, you can easily make these transfers just with a single click of a button. However when it comes to making any international money transfer there are certain factors you will need to consider. Given below are the details that will help you make the most of this form of money transfer.

Fact 1: Exchange rates are not fixed

When making an international money transfer, your foreign funds will be converted into the local currency. However, the rate of conversion will affect the funds you will want to repay. In other words, the volatile conditions of the market will play an important role in determining the amount you will transfer. Keeping this in mind, you must understand that the conversion currency rate is not fixed. The value of the currency can either rise or fall in a blink of an eye. While it may seem like a small amount, when transferring large amount, you might face with some amount of loss. Alternatively, if the conversion rate is high, you might save more funds. Keeping a look on the market conditions will help you discover signs of the market trends, thus allowing you to discover the best time to make a transfer.

Fact 2: Transferring large funds will help you save more

When you make an international money transfer, you will need to pay additional funds in the form of service charges. In most cases, the charges depend on the amount you will be sending. This is applicable for each transfer you make. Therefore, if you are prone to making multiple international transfers, you will need to review them. Calculate and see how much you end up paying for the service charges overall. If you end up spending a lot of funds on the service charges alone, it is a time you reconsider the regularity of your transfers. Opt to send more funds within short transfers to reduce the overall costing of this service. In this way, the conversion charges will also reduce on an overall.

Fact 3: There are discounts available in the market for such transfers.
Most money transfer organizations will offer discounts and deals when there is a high likelihood of transferring. Special holidays and auspicious times see a rise in international money transfers. In such a case, you can look out for discounts or deals that can help you spend less while transferring funds abroad. Additionally, if you are looking to open an account in these places, look out for deals and discounts associated with opening a new account. In most institutes, you get great deals and discounts for loyal customers.

Why should you keep tabs on your home loan rates regularly?

The financial market always enjoys volatile conditions. All the components that are affected by these conditions also enjoy this volatility. One of the many components that are affected by this condition are the different loans, such as the home loan.

In this case, if you have applied for this loan, you will need to keep track of all the influential features of it, including the rates. Which begs the question, why? There are plenty of reasons for it. While it may seem like a tedious job, in reality, there is a certain practicality and benefit to it.

Here are three important reasons for keeping tabs on home loan rates today:

Allows you to negotiate for a better home loan deal:

There is always a considerable gap between the date of your loan application and the approval. Without careful consideration, this time, the factor can work against you. In this time frame, other competitive banks and financial institutes will make offer better rates, than to what you have provided. In this case, it would be a drawback to you if you miss out on these deals. Therefore, it is important that you keep a look out for any offers that indicate better rates so that you can make the most of it.

Allows you the option of a home loan transfer:

In the initial years of the home loan repayment tenure, you will be paying a significant portion of the principal amount. At times, competitive banks and financial institutes will offer a home loan transfer, allowing you to transfer your current bank for better rates. If the decision looks profitable to you, you can take the necessary steps to make the transfer. In such a case, you must focus on the lowest interest rates rather than prepayment offers. This will help you minimize your interest repayments in the long run.

Adjust your monthly cash flow.

Once you keep track of the market conditions, you will soon notice certain signs that indicate if the home loan rates will change. Home loan borrowers much look out for such kind of news. You may need to pay a higher amount of EMI for the next month if the home loan rates increase. This is high possibility for those with floating interest rates. Therefore, keeping an eye out on these rates is almost crucial.
Any changes in your home loan rates can incur additional expenditures or savings. However, this is a risk that depends solely on the market conditions. Therefore, keeping an eye on the market conditions will help make you take the necessary steps to help ease the financial pressure or save for another loan.

Online money transfer: 3 tips to ensure a secured way to send money

In today’s day and age, you can now transfer funds with a click of a button. You can even make these transfers from one continent to another. This is beneficial for those who make regular transfers or even large amounts on a regular basis.

However, when you are making an online money transfer, one of the most important factors to consider is the security of the transfer. You would not want your money transfers to be deposited in an unintended account or even unable to trace it when transferred. Additionally, you would not want it to be accessed by any third party source.

To avoid such a situation, you can follow these few security tips to ensure that you get a secure way to send funds whenever you want.

Tip 1: Use a secure system

When transferring funds online, you will need a system to do so. You can opt for your own computer, laptop or even your phone. However, you must take steps to ensure that your system is secured and no outsiders can access at any time. Ensure that you install secured software on your system to prevent any viruses or malware from getting installed on your system. Additionally, if you need to make any important transfers, avoid using any public system such as cyber café computers for this purpose.

Tip 2: Avoid unreliable third party websites:

When you make an online money transfer, you will need to log onto a software or website to make the transfer. However, plenty of hackers and unauthorized users tend to upload websites that pass off as legitimate official ones. When you use these websites, your account data can be stores or even your transfer can be altered. These unsecured websites use the techniques of spamming and phishing to collect your data and information from your account. This data can be either made public or even used to compromise your account.

Tip 3: avoid public internet networks:

When logging onto the website, you will need a steady internet connect to do so. However, when making any financial transactions, it is best to use a secured network connection. In this case, you should avoid using public net connections. Although public Wifi’s are convenient, they also do not possess the required security features to ensure a secure finance. Therefore, when you are making a transaction, anybody can access the information. By using the right combination of software’s and skills, a hacker can easily access your information.

Transferring your finances online will save you a lot of effort, resources and time. However, it is important to keep the security features in mind when making any important financial transfers.

Know the difference between the savings accounts for the NRO and NRE account

Although plenty of NRI’s have settled abroad, these individuals still look for options to invest in back home. These options can range from different types of funds, convertible debentures  and even stock market options. However, without the basic requirements of a bank account, it is difficult to invest in these options.

In this case, an individual can invest in the different saving accounts, designed specifically for the NRI’s. The NRO and the NRE account both come under the NRI savings account, which can be used for these purposes alone. Here are the different types of NRI savings account and how they can be utilized:

NRO Savings Account:

The NRO savings account can be opened by an Indian origin individual whose possesses a PIO or OCI status. This account holds a restricted reparability. In other words, only a fixed amount can be transferred back to the home country in a single financial year. In this account, the account holder can transfer at most 1 million USD, only after providing an undertaking along with a certificate from a chartered accountant. Like other savings account, this account also earns an interest, which is applicable to certain types of taxes. One of the major advantages of this account is that is can be held jointly with an NRI as well as a resident Indian. Additionally, this account can be transformed into a normal account once the account holder returns home permanently. If you want to invest your earnings from your home country, this is the best account you can opt for. Income in the form of rent and dividends can be used to invest in the account.

NRE Saving Account:

One of the main advantages of the NRE savings account is that it is freely repatriable. The principal amount and the interest that is earned in the NRE account can be easily repatriated. Additionally, this account is also free from taxation. This account can be jointly held with another NRI, however, it cannot be held with a resident Indian. If you want your overseas account to be transferred to your home country, this is the best account available. You can also use this account to maintain your savings in the rupee currency while keeping it liquid.

Since each NRI’s financial individual is different, one can use these differences to their own advantage. However, in the end, the choice depends on the account holder. These two types of accounts are beneficial to those who stay abroad for at minimum period of least a year before returning back to India. These savings accounts are the best accounts for NRI’s as they are easily maintainable. Additionally, banks and financial institutes are making it easier to maintain these account through secure and convenient sources allowing you to access them from any location.