International Money Transfer in Easier Ways with Unimoni
Today, thanks to digitization and a global financial network, international money transfers have made it possible to send funds to any part of the world. However, varying bank exchange rates, high transfer charges, and long waiting periods can complicate things.
Are you looking to send money abroad from Tanda? Unimoni has your back! We are India’s leading international payments platform, facilitating quick transfers worldwide at competitive exchange rates!
Things to Know When Sending Money Internationally from Tanda
The guidelines set forth by the Indian Reserve Bank, which outline the LRS system of a bank liberalization, must be closely adhered to for money transfers from Tanda to overseas.
- Recognize LRS Limits
The Reserve Bank of India has established a maximum permissible amount for international money transfers under the Liberalised Remittance Scheme.
- Establish the Transfer's Goals
Money transfers are permitted under the LRS for specific uses. Make sure that at least one of the following factors justifies your transfer:
- Journey outside the borders of India
- Presents Donations
- moving abroad to work
- Relocating abroad
- Families supporting overseas-residing family relatives
- overseas treatment expenses
- Studying overseas
- A conference tour or business trip Assistance with finances for relatives residing overseas.
- Assemble the necessary documents and paperwork.
A PAN card is needed for Tanda foreign money transfers. It should have been the case that the PAN card was in effect before the transaction. Second, ensure you have supporting documentation, such as work contracts, medical treatment certifications, or study abroad admittance letters, that can enhance the credibility of the money transfer.
- Choose a Trustworthy Service Provider
It is imperative to select money transfer firms that adhere to regulatory guidelines and have established a positive reputation. Unimoni is recommended since it has a reputation for being trustworthy and reliable.
- Start the Transfer
Once you have selected your service provider and gathered the necessary documents and paperwork, proceed with the transfer. Provide accurate information together with the recipient's details and the transfer's goal.
- Examine Fees and Exchange Rates
It's critical to monitor conversion rates for foreign currencies and any fees that can be incurred throughout the transfer procedure. Determining the whole cost of your transaction requires an open pricing system. You must look for the best and the most competitive for your money transfer process.
- Follow KYC Guidelines
The supplier's requirements Must follow Know-Your-Customer (KYC) procedures. This can be accomplished by providing documents that provide an individual's identity and other pertinent data.
How Can I Transfer Money Overseas with Unimoni?
Thanks to Unimoni's streamlined method, which consists of only five easy steps, sending money overseas from Tanda has always been challenging.
- Step 1: Go to the Nearest Unimoni Branch
Unimoni has an extensive network all over India. We extend service across 300+ branches and 15000+ agent locations. To find the nearest Unimoni branch, use the branch locator. You just have to enter the state name, and you will get the nearest branch.
- Step 2: Submit the Necessary Documents
You must keep all the relevant documents to initiate a seamless international money transfer.
- PAN Card
- ID Proof (Aadhaar Card/Passport/Driver's license)
- Bank details of the beneficiary
- Step 3: Pay the amount and the transaction fee During your first international money transfer, Unimoni need to verify your KYC details. KYC is a mandatory regulation that helps prevent fraud and money laundering. Unimoni makes the KYC process straightforward. After the transaction fees are received, the recipient will get the amount within 2 working days.
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Therefore, Unimoni will handle any necessary international money transfers from Tanda. Thanks to our affordable exchange rates and minimal transfer fees, you can make economical overseas transfers as often as needed.
We also allow you to obtain a multi-currency forex card and many more money transfer options.
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FAQ
You can transfer money internationally from your Indian savings account via a SWIFT transfer with Unimoni.
The remittance limit under the RBI's Liberalized Remittance Scheme Program is $2,50,000 (approx. Rs 2 Crores) for a financial year.
To avail of the money transfer service at Unimoni, you may need
Passport
Valid travel documents
Bank statements
PAN card copy
Outward remittance
Officially Valid Document (OVD) and other Know Your Customer (KYC) documents.
No, there is no frequency limit on remittance under the LRS. However, the cumulative limit is $2,50,000 (approx. INR 2 crores).
The limit of the Reserve Bank of India, under the Liberalized Remittance Scheme (LRS), is that one can transfer a maximum amount of $250,000 (Rs 2 crore) annually.
Yes, with Unimoni, you can send money abroad easily via your bank account.
With SWIFT payments at Unimoni, the settlement is done in 2-4 working days. Before credit of received funds, anti-fraud and anti-money laundering checks are done, causing the processing time to be prolonged.
You can contact your bank/forex service providers and request a wire trace using the SWIFT number. The bank will use this information to check if the money is transferred or still in a pending state. This is where Unimoni comes in, as it can help you with every detail via its payment tracker. Contact us for more.
Every LRS remittance is subject to a 20% tax collected at Source starting July 1, 2023. Meanwhile, transfers of medical and education expenses are subject to a 5% TCS beyond the annual limit of Rs.7 lakhs.
Bank transfers are generally the cheapest way to fund your international money transfer. But when you think of making money transfers, you are looking for something other than the economical method but the most reliable and credible way to transfer money overseas. Unimoni offers competitive rates and delivers the funds within two business days.
