International Money Transfer in Easier Ways with Unimoni
There can be several reasons why you may need to send money abroad. To cater to such requirements, several international money transfer methods vary across speed, cost, benefits, and numerous other factors. However, things can get pretty complicated if you do it for the first time.
Need to make an send money abroad from Hyderabad – Liberty? Unimoni has your back! We are the most secure international money transfer platform in India, facilitating easy, reliable, and quick international fund transfers at the most competitive exchange rates. Keep reading this guide to understand how to send money abroad in a few easy steps.
How to Initiate an Overseas Money Transfer from Hyderabad – Liberty?
You can send money abroad from Hyderabad – Liberty via Unimoni in 5 easy steps. They are as follows:
- Step 1: Visit Your Nearest Unimoni Branch
Unimoni has 307 branches and 15,000 agency locations across India. Open the branch locator on our website or app and select your state. Choose the branch nearest to your location and get all the locational and contact details.
- Step 2: Submit the Necessary Documents
To make an international money transfer via Unimoni, you need to submit the following documents:
- ID proof (Aadhaar Card/ passport/ driving license/ etc.)
- PAN card
- Proof Of Relationship or POR Statement
- Bank account details
- Step 3: Select Your Desired Currency and Denominations
In this step, you must select a particular currency and denomination depending on where you want to send the money.
- Step 4: Provide Transaction Details
Provide all the details related to the transaction. This includes the beneficiary’s bank account details, name, address, proof of residence, etc.
- Step 5: Pay the Transaction Fees
You can pay your transaction fees via multiple modes like net banking, debit card, and credit card.
And you're done!
Unimoni will conduct a KYC check on its end and complete the transaction at the blocked rate within the next two business days.
Why Is Unimoni the Best Option for Sending Money Abroad from Hyderabad – Liberty?
Here are some reasons why Unimoni is the best for online money transfers:
- Simplified Procedure
At Unimoni, we believe in simplifying international money transfers. You just need to visit a branch that is nearest to your location, choose the currency and denominations, provide the transaction details, and pay the fees.
We just conduct a KYC check to verify your identity before initiating the transfer.
- Competitive Foreign Exchange Rates
Unimoni, being one of India's biggest forex platforms, offers highly competitive exchange rates. They include the associated overseas money transfer fees and absorb any international currency rate fluctuation risks that may occur during the transaction’s course.
Check out the current rates of your desired currency by visiting our online currency converter.
- Multiple Funding Options
We offer numerous payment options to help fund your transfers. They are – UPI, net banking, debit/credit cards, or cheque/cash deposits. Additionally, we accept NEFT/RTGS payments for large transfers.
- Quick Money Transfer
After the KYC process is completed, we immediately initiate a fund transfer. Thanks to our strong global financial network, the money gets transferred to the beneficiary’s account within 2 business days.
Best Ways to Send Funds from Hyderabad – Liberty
Now, there are several methods to send money from Hyderabad – Liberty, each having its speed, limits, and regulations. Here they are:
- Emigration
If your family, friends, or loved ones have emigrated to a foreign country temporarily or permanently, sending money to them has never been easier. Unimoni allows seamless one-time and recurring money transfers across multiple currencies.
Thus, to provide monetary support for expenses like visa charges for migration, permanent residency fees, and other deposits related to clearing the PR Visa, international fund transfer for emigration can be an ideal choice.
Limit: Individuals desiring to migrate to a foreign country can withdraw an amount equal to $250,000 or the threshold specified by the Emigration Government. The RBI may permit remittances above this limit only to meet incidental costs in the country of immigration.
- Overseas Education
Overseas education international fund transfers are ideal for making foreign university fee payments, exam fees, accommodation costs, etc. Via Unimoni, you can set up recurring payments to ensure your family member’s education goes unhindered.
The RBI allows such remittances through service providers with an Authorized Dealer II license. Furthermore, these transactions are only processed after verifying the university offer letter, remitter's PAN card, and other KYC documents.
Limit: As per RBI’s Liberalized Remittance Scheme (LRS), Indian residents can remit up to $250,000 within a financial year. This can be done via a single transaction or multiple ones throughout the year.
- Family Maintenance
If you have family members living abroad, family maintenance outward remittances are the best way to meet their financial needs. Trust Unimoni to send money across various currencies to your loved ones in any corner of the world.
Limit: Under RBI’s LRS, Indian residents can send up to $250,000 or an equivalent amount within a financial year for family maintenance expenses.
- Gift Purposes
If you wish to send money as a gift to a friend living in a foreign country, gift remittances can be an excellent choice. Through Unimoni, you can securely send funds to your friends or loved ones in any part of the world. What's more, you can add a personal message while initiating the transfer.
However, this only applies if you wish to send money to a foreign resident. Under RBI's LRS, you are not allowed to gift money in a foreign currency to a resident individual to be credited to their foreign currency accounts.
Limit: $250,000 per financial year under RBI’s LRS scheme.
What are the Applicable Taxes on Outward Remittances?
Some taxes will be applicable on outward remittance from Hyderabad – Liberty. They are as follows:
- TCS: Outward remittances above ₹7 lakhs within a financial year will be applicable for 5% tax collection at source (TCS). Moreover, TCS at 0.5% is applicable on remittances funded by financial institutions (education loans) for payments exceeding ₹7 lakhs.
- FATCA/CRS: All transactions conducted on Unimoni are FATCA and CRS compliant. Thus, we deduct the applicable TDS and file tax reports with the appropriate authorities.
- GST: 18% GST is chargeable on the forex margin and transaction fees.
The Unimoni Advantage Over Other Banks & Forex Companies
When looking for a money transfer service from Hyderabad – Liberty, Unimoni can be a significantly better option than other banks and forex companies. Here are some reasons why:
- Unimoni charges more competitive exchange rates compared to banks and other financial companies.
- It has access to numerous currency markets, enabling multi-currency transfers
- Charges lower transfer fees for international transactions.
- Offers a wide array of payment options like UPI, NEFT, debit/credit cards, etc., to make money transfers easy for customers.
- Has an Authorized Dealer II license enabling it to initiate overseas education international fund transfers.
- Provides numerous outward remittance options like wire transfers, telegraphic transfers, bank transfers, and cash pick-ups.
Conclusion
So, if you need to make an international money transfer from Hyderabad – Liberty, choosing Unimoni can be a smart move. Just download our app or visit our website and check out our latest exchange rates for a currency of your choice. Then, visit our nearest branch or avail our online services, and we will facilitate quick and secure international fund transfers with zero hassles on your end.
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FAQ
Yes, you can initiate overseas fund transfers from Hyderabad – Liberty through international money transfer platforms like Unimoni.
The most cost-effective way to send money abroad from Hyderabad – Liberty, India, is to make an outward remittance via Unimoni. It offers highly competitive exchange rates, better than banks and other forex companies.
Unimoni is the best company to make international money transfers as it provides competitive exchange rates, lower transfer fees, and multiple online and offline payment options.
You can make international payments via service providers like banks, post offices, money exchangers, digital payment platforms, and money transfer services. Apart from that, you can also make the most of affordable forex services like Unimoni.
Under the Reserve Bank of India’s Liberalized Remittance Scheme (LRS), individuals can make outward remittances worth $250,000 within a financial year.
As per RBI’s LRS, you can send up to ₹7 lakh within a financial year without tax.
Bank transfers are the cheapest way to send money abroad. However, they can be slower than transfers initiated via debit/credit cards. In addition, you can save a great deal by opting for forex service platforms like Unimoni.
Yes, you can make a SWIFT/ Wire transfer via your bank account to send money abroad. However, it may take up to 3 to 5 business days. On the contrary, you can opt for Unimoni that provides a much faster processing time.
Sender's ID proof and PAN, recipient's bank account details and POR statement are required for initiating an international fund transfer from Hyderabad – Liberty with Unimoni.
If your parents are Indian residents, they can send up to $250,000 within a financial year under RBI’s LRS. However, if they are NRE account holders, there is no upper limit.
