International Money Transfer in Easier Ways with Unimoni
Our globalized world has brought the demand for international money transfers to the fore. Each day, thousands of people from Jagityal in Telangana, India engage in economic activities for various reasons, be it sending money to their family living abroad, funding education, or participating in business transactions, and they always need fast and trusted means by which such funds can be safely transferred.
We aim to help you learn about international money transfers from Jagityal, highlighting Unimoni as a reliable counterparty to ensure the smoothness of the transactions.
How to Do Overseas Money Transfers from Jagityal?
For money transfers abroad from Jagityal, the rules imposed by the Indian Reserve Bank, which describes the LRS scheme of a bank liberalization, should be strictly followed. This scheme regulates the bounds and reasons for foreign remission. Here's a step-by-step guide on how to conduct overseas money transfers in compliance with the LRS.
- Understand LRS Limits
Under the Liberalised Remittance Scheme, the Reserve Bank of India has fixed a maximum allowable amount for overseas money transfers. At this point, the limit is the currency equivalent of 250,000 USD per fiscal year. Ensure that your desired transfer sum lies within this limit.
- Determine the Purpose of Money Transfer
The LRS provides money transfers for specified purposes. Ensure that your transfer aligns with one of the following reasons:
- Travel outside of India
- Gifts
- Donations
- Going overseas for employment
- Moving overseas
- Families helping close relatives living overseas
- Treatment costs abroad
- Education abroad
- A business trip or conference tour
- Financial support for relatives living abroad.
- Prepare Required Documentation
Foreign money transfers from Jagityal require a PAN card. A valid PAN card should have been in place right before the transaction. Secondly, ensure you have documents that can prove the reason for the transfer, like admission letters for study abroad, employment contracts, or medical treatment certificates.
- Select a Reputable Service Provider
Money transfer services must be chosen from those that have developed a reputation and are consistent with regulatory standards. Unimoni has a reputation for integrity and consistency, and for this reason, it is preferred.
- Initiate the Transfer
Having chosen your service provider and assembled all the needed documents, make a transfer. Send correct details with the recipient’s information and the purpose of the transfer.
- Monitor Exchange Rates and Fees
It is essential to keep tabs on the rates of foreign currency exchange as well as any charges that may be levied during the process of transfer. A transparent pricing structure is essential for determining the overall price of your transaction.
- Comply with KYC Procedures
The provider-required Know-Your-Customer (KYC) procedures should be followed. This can be done by submitting documents that can identify an individual and other relevant information.
Why is Unimoni the Best Option for Sending Money Abroad from Jagityal?
Here are the key reasons why Unimoni is the best option for sending money abroad from Jagityal:
- Simple and Transparent Approach
Unimoni embraces a straightforward approach for international money transfers, making it convenient for the end-user.
- Reliable and Swift Methods
The dependable and speedy transfer mechanisms ensure the recipient receives funds in their account within the given timeline.
How to do Outward Remittance from Jagityal with Unimoni?
Outward remittance is the inflow of funds from one country to another to address externally directed needs. It is most often called a wire transfer or money remittance. Unimoni is one of the trustworthy options for outward remittance.
The following points sum up the procedure of outward remittance from Jagityal with Unimoni:
- Choose the Best Method
The most effective and dependable option for sending funds overseas is with authorized dealers who have regulatory licenses such as those issued by the country’s Central Bank- the RBI. Remittances for outdated funds are best remitted using an Authorized Dealer II like Unimoni.
- Select the Beneficiary and Provide Details
Select the outward remittance beneficiary. Send clear and complete information about the recipient for hassle-free transaction processing.
- Provide Bank Account Details
The beneficiary's bank details and to whom you will send the money should be accurate and complete.
- Decide the Amount to be Sent:
Determine the amount you wish to remit and ensure it meets the standards and the proper requirements.
- Select the Payment Method
Select a payment option that accommodates your preferences and needs. Unimoni has a broad spectrum of payment modes for your comfort.
- Provide Address Proof and Information
The information required to verify the transmitter address and any additional compliance and security information must be supplied.
Unimoni Advantage Over Other Banks & Foreign Companies
Unimoni, a leading foreign exchange services platform offering outward remittances, has unrivaled benefit capabilities compared to other banks and forex companies. Here's why Unimoni takes the lead:
- Extensive Network
With its vast network of branches, Unimoni will help you cross through your expectations. The availability of Unimoni at all locations maintains a level of accessibility and sets it apart from its competitors.
- Speedy and Satisfactory Services
The team of professionals provides services that are fast and satisfactory, and, due to this, no one can stand closer to Unimoni when it comes to the financial sector. The pursuit of a superior customer experience becomes a standard of quality itself.
- Competitive Currency Exchange Rates
With Unimoni, one gets unbeatable prices for buying and selling foreign currency, thus making it easier to conduct currency exchange. The firm ensures customers receive the best rates on their foreign exchange transactions.
- Prepaid Multi-Currency Card
Unimoni offers a chip-enabled, prepaid multi-currency card as an alternative option for foreign currency exchange via a highly secured method. This card adds flexibility and security to international travelers.
- Forex Travel Card
The Forex Travel Card, also known as the International Travel Card by Unimoni, allows for a single or multiple currency load on a card. The card promises competitive exchange rates, hence being a cost-effective tool for transacting on the international platform.
Services such as those offered by Unimoni have made it easier than ever for people in Jagityal to send money abroad. Living up to the promise, Unimoni offers highly competitive rates, low fixed fees, and hassle-free service where money can be sent within minutes, and residents' hard-earned money can safely reach its destination. With Unimoni, your trusted partner for international money transfers, you will now be connected to your family or business associates worldwide.
Conclusion
Now that you are aware of the procedure involved in sending money abroad, choose Unimoni and stay relaxed. Our dedicated team of customer support executives will assist you further in solving all your queries. So, why wait anymore?
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FAQ
According to the RBI, under its LRS, the maximum amount that can be transferred internationally every financial period is 250,000 USD.
A full one-way transfer process (sender to receiver side) can stretch from 12 to 48 business hours.
One of the cheapest ways to send money abroad from Jagityal is via Unimoni. This forex service allows superfast money transfer at a highly affordable exchange rate.
If you transfer money to support educational needs abroad, there is an exemption from TCS up to a maximum of ₹7 Lakhs.
You would require the following documents: A2 cum LRS declaration form, PAN card copy, remitter’s photograph cum address proof (Aadhaar/Passport, etc.), and relationship evidence (e.g., Passport/ marital certificate) to confirm the relationship between the sender and the beneficiary.
The price range varies based on the amount you are sending, whether you are sending it across borders, how soon it is needed, whether you pay for it, and the delivery method used.
Same-day international wire transfers through the conventional SWIFT network are impossible. But the task should be done the same day if you put in your request before the bank has its cut-off. Otherwise, it may be processed on the next working day.
Yes, you may accelerate an international transfer process to the same day using the same-day international money transfer process. This usually involves an added expense for which these processes can receive the money and credit it to the recipient within 24 hours.
If you have wired money from your account but the other party has not yet received it, you can track the transaction online. At Unimoni, representatives make this far easier are they are available 24/7 to provide you with valid information.
Yes, TCS (tax collected at source) applies to remittances, travel, and investments made under the LRS. TCS rate will be 20% on all remittances beyond the 1st of July 2023, except those intended for educational or medical purposes.
