Dubai is the fastest-growing financial hub globally with ever-rising economic rates and investments.
People are moving to the famous city to annex as much fortune, adding convenience to their lives and beloved ones. Such immigrants often look for support from back home, too, when relations and friends send money from India to Dubai.
Transferring money from India to Dubai has become more simple and easy. Separation isolates you from your loved ones so you can reach them even amid their needs in an adverse scenario.
Steps to transfer money directly to a person
- Select an authorised dealer for money transfer from India to Dubai
- Choose the beneficiary and give all the valid information about them & the exact location details.
- Select the desirable or necessary money to transfer
- Pick the means of payment
- Share the receiver’s address proof
- Send the money
What are the reasons why people send money from India to Dubai?
- Overseas Education
- Overseas Employment
- Emigration Fees
- Visa Fees
- Maintenance of Close Relatives
- Medical Treatments Abroad
- Gift Remittance/Donations etc.
Above are the main reasons people do India to Dubai fund transfers a more significant number.
What documents are necessary to send money from India to UAE?
- Government distributed photo ID proof of the money remitter.
- PAN card copy of the fund transferrer
- Duly filled A2 application form cum declaration with customer signature
- Another KYC, as requested by the authorised service providers for transferring funds to Dubai
Keeping all these documents ready before your India to Dubai fund transfer will help you make the transaction without many hurdles. But, make sure that you are well equipped with them before you step out to send money from India to Dubai.
Money Transfer from India to Dubai
The general hype of moving out of the home country searching for prosperity is not old folklore. Moving out, especially to places like Dubai for vacation, education, and other variant interests, has gradually gained momentum.
Unimoni India has unique quality features for clients.
- Direct and assured hassle-free services
- Automated procedures with assured appropriateness and protection
- Best exchange rates prevalent in the market
- Extensive alternatives to sending money abroad directly to foreign accounts
- Steady market survey for finest quality currency remittance services
- Better and well-regulated traceability
- Accessible and safeguarded to send money from India to Dubai and rapid platforms for regulated currency exchanging.
Different steps to transfer money to the bank account of the recipient,
To wire transfer from India to Dubai, you may also be forced to obey some money market and overseas trade guidelines that can add to your worries and put you in a great depression.
- Choose your trustworthy partner for a money transfer from India to Dubai.
- Pick the recipient and provide precise details about the receiver and the country, and the correct location. There should not be any error in the cited name of the beneficiary.
- Select the amount you need to send to the account
- Decide on the method for transmitting the amount.
- Make sure to provide the receivers’ exact particulars along with the proper address proof.
You can send money from India to Dubai at ease, so whatever your necessities are, Education, Medical Treatment, Emigration, Employment, Film Shooting, etc.
How long does a bank transfer from India to the UAE take?
A bank transfer from India to UAE can take up to 48 hours to complete. The funds are occasionally credited within 24 hours of the transfer.
Is money transferred from India to the UAE taxable?
Under the RBI’s Liberalised Remittance Scheme (LRS), remittances exceeding ₹7 lakh in a financial year are subject to a 5% TCS (Tax Collected at Source). This provision was introduced through the Finance Act of 2020, notified on March 27, 2020, and came into effect from October 1, 2020. Starting April 1, 2025, the annual TCS threshold for LRS remittances will be raised from ₹7 lakh to ₹10 lakh per financial year.
To keep in mind, TCS (tax collected at source) will only apply to amounts above INR 10 lakh in a fiscal year, not the overall amount. For example, if you transfer INR 13 lakh in a financial year, TCS will apply a 5% rate to the extra INR 3 lakh.
TCS will apply at a rate of 0.5 per cent on remittances for foreign study, but only if the amount transferred is the result of a loan from a financial institution. Consider the following scenario: the total sum is INR 15 lacs. TCS of 0.5 per cent will be applied to Rs. 5,00,000 (amount after Rs. 10 lac is deducted) and the tax collected will be Rs. 2500 in this case.
