Here are your top picks for an easy remittance….
Philippines is a country with beautiful beaches and attractions. Recently, moving from India to the Philippines has increased drastically in pursuit of job, leisure, health care, etc and which finally resulted in a hike in fund transfer from India. Hence, it is obvious that many people will be having confusion in choosing the safest and steadfast option to send money to Philippines. Whatever be your worries and queries, you are at the right place to sort out them with the easiest options.
So, are you in a real hunt to find the best and apt ways to remit money to the Philippines? Do you have confusions like
What is the best way to send money to Philippines?
How can I send money to Philippines with ease?
What all things I should keep in mind before proceeding with fund transfer?
Then scroll down, your missing piece of the puzzle waits down!
Whatever be your purpose of remittance is, the safest method to send money abroad is via any authorized dealers who are having a license from regulators like the Reserve Bank of India. Sending money abroad to the Philippines comes under the Authorised Dealer (Category-11) holding license and legal permission by the Reserve Bank of India for money remittance abroad for 17 purposes.
- You can choose options like FCDD, Swift transfer, etc according to your needs for sending money to the Philippines
- For transferring money to the Philippines, you should keep in mind that the remitter should be a resident individual who has been in India for the past 182 days in the current financial year.
- The amount can be transferred only as approved under FEMA (Foreign Exchange Management Act) only for one or more purposes.
- KYC verification is required for all the transactions before processing.
- Under the LRS scheme, a resident individual has the right to remit an amount equal to USD 2,50,000 per financial year for a limited purpose under the AD II category.
- The documents required for transferring fund to the Philippines depends on the purpose of the transaction. However, the remitter PAN card is mandatory for most of the transactions
- You must fill up an A2 form provided by the service provider, including the details of remitter, beneficiary, account details, etc. to ease the procedure of transferring funds from India to the Philippines.
Plenty of service providers are sprouting around the financial market nowadays, hence the real deal is to find out the plums and lemons, which is to identify an authorized dealer among many, who can help you in making a trouble-free and secured transaction. Considering the points listed above and the facilities available, now go ahead and send money to Philippines without any worries…