International Money Transfer in Easier Ways with Unimoni
With an increasing number of people moving abroad to pursue higher education or better career prospects, initiating International Money Transfer has become quite common. However, overseas money transfers can be complicated and time-consuming, leading to unnecessary delays.
Need to make an outward remittance from Warangal? Look no further than Unimoni. We are India’s leading international money transfer platform, facilitating fast and secure fund transfers to any part of the world. Moreover, initiating international transfers with us is easy and takes only a few steps!
Keep reading to learn the best methods to send money abroad and more.
Best Ways to Send Money Abroad from Warangal
Following are some of the best methods to send money abroad from Warangal:
- Family Maintenance
Family maintenance outward remittances are the best way to cater to your loved ones’ expenses when they are living abroad. Unimoni allows you to make overseas money transfers across numerous currencies to any part of the world.
You can make family maintenance remittances for the following cases:
- Student loan payments.
- Student’s living expenses while they are abroad.
- House maintenance costs when you are away.
- Financially supporting family members.
Limit: Up to $250,000 or an equivalent amount in a different currency within a financial year, as per RBI's LRS.
Overseas Education
Have a family member or relative who is studying abroad?
With Unimoni, you can ensure timely payments of educational expenses like semester fees, tuition fees, accommodation expenses, exam fees, etc. However, to initiate such transactions, you need to submit a few documents, like the university's offer letter, your PAN card, and KYC documents.
Limit: Under RBI’s LRS, you can make a maximum outward remittance of $250,000 (through single or multiple transactions) within a financial year.
Emigration
People usually emigrate to foreign countries in search of better employment opportunities. However, when applying for permanent residency, there can be several expenses like visa fees for migration, permanent residency fees, deposits related to the PR Visa, etc.
With Unimoni’s seamless international money transfers, you can easily take care of these expenses for your loved ones.
Limit: Up to $250,000 or the limit set by the Emigration Government. The RBI only permits Remittances above this threshold for meeting incidental expenses.
Gifts
Are your friends abroad celebrating their anniversary, birthday, or any other special event?
Show them your love by sending gifts in the form of money. Unimoni also allows you to add a personal message while initiating such transfers. However, an Indian resident cannot gift foreign currency to another resident for depositing the money in the latter’s foreign currency account.
Limit: Maximum $250,000 in a financial year as per the RBI’s LRS scheme.
How to Make an International Money Transfer from Warangal?
You can send money from Warangal to any part of the world in just 5 simple steps. They are:
- Step 1: Find Your Nearest Unimoni Branch
For initiating International money transfers, you need to arrive at our Unimoni branch. We have 307 branches in 15,000 agency locations across India.
Just open the branch locator on our app or website and select your state. You will get a list of the branches nearest to your location, along with all their location and contact details.
- Step 2: Provide the Required Documents
For international money transfers, you need to submit the following documents:
- PAN card
- ID proof (Aadhaar Card/ passport/ driving license/ etc.)
- Bank account details
- POR Statement
- Step 3: Choose Your Desired Currency and Denominations
Now, you need to select your desired currency and denominations. We provide international fund transfers for a wide range of currencies all across the globe.
- Step 4: Furnish all the Transaction Details
Next, you need to provide all the transaction details like the beneficiary’s bank account details, name, proof of residence, etc.
- Step 5: Fund Your Transfer
Fund your transaction via multiple payment methods like UPI, debit/credit cards, NEFT/RTGS, net banking, or cash/cheque deposits.
After this, we conduct a KYC check to authenticate your documents. Once successful, we transfer the funds at the blocked exchange rate to the beneficiary’s account within the next 2 business days.
Why Choose Unimoni for Sending Money Abroad from Warangal?
Check out why Unimoni is the best platform to send money abroad from Warangal:
- Competitive Exchange Rates
Compared to other leading banks and financial services institutions, Unimoni provides highly competitive foreign exchange rates. They absorb international currency rate fluctuations and include the overseas money transfer charges that come with such transactions.
You can visit our online currency converter to check out the latest rates for your preferred currency.
- Fast & Easy Procedure
We aim to make your international fund transfer experience simple and hassle-free. Thus, we just ask you to come down to a Unimoni branch that is nearest to your location. There, you can select the currency and denominations, enter the transaction details, submit the necessary documents, and fund your transaction.
Our team will take care of the rest.
- Quick Fund Transfer
After successful KYC verification, we immediately initiate the transfer process. Our robust global financial network ensures that the money gets credited to the beneficiary’s bank account within the next 2 business days.
- Online & Offline Payment Options
To make international fund transfers convenient, we offer multiple payment options. They include – debit/credit cards, net banking, UPI, NEFT/RTGS, and even cheque/cash deposits.
The Unimoni Advantage Over Other Banks & Forex Companies
If you are looking to send money abroad from Warangal, Unimoni can be a better choice over banks and other forex companies. Here’s why:
- Simple fund transfer process.
- Competitive foreign exchange rates across numerous currencies.
- Lower transaction fees compared to banks and other financial services institutions.
- Numerous payment options like debit/credit cards, NEFT/RTGS, UPI, net banking, etc.
- Multiple processes to send money internationally, like telegraphic transfers, bank transfers, wire transfers, and cash pick-ups.
- Options of making overseas education remittances as Unimoni is an Authorized Dealer II license holder.
What are the Applicable Taxes on Outward Remittances?
When opting for a money transfer service from Warangal, some taxes will be applicable. They are as follows:
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GST: 18% GST on the transaction fees and forex margin.
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TCS: Tax collection at source (TCS) at 5% will be chargeable on outward remittances above ₹7 lakh. 0.5% TCS will be applicable on fund transfers initiated by financial institutions (education loans) for payments of more than ₹7 lakh per financial year.
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FATCA/CRS: All Unimoni fund transfers are FATCA and CRS compliant. The platform deducts the applicable TDS and files reports with the tax authorities to maintain transparency.
Conclusion
Thus, when you are searching for a money transfer service from Warangal, Unimoni is a name you can trust. Our competitive exchange rates, quick fund disbursals, and low transaction fees ensure that you can sustainably transfer funds as many times as you need.
Moreover, customers trust us with more than $5 million of their funds each month, which is safeguarded by our banking partners and regularly audited by our dedicated anti-fraud and data protection team. Contact Unimoni today for further details.
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FAQ
The maximum transferable amount is $250,000 within a financial year if your parents are Indian residents. In case they are NRE account holders, there is no maximum limit.
Given its low transfer fees, competitive exchange rates, and quick fund transfers, Unimoni is the best platform in India for overseas money transfers.
You can make overseas fund transfers from banks, post offices, digital payment platforms, money exchangers, and money transfer services. However, you can also opt for Unimoni where you can be sure of low exchange rates and super-fast processing times.
The cheapest way to make international payments from Warangal, India, is via Unimoni. You can benefit from the platform's highly competitive foreign exchange rates, quick fund transfers, and low transfer fees.
As per RBI’s Liberalized Remittance Scheme (LRS), Indian residents can make international fund transfers of up to $250,000 within a financial year.
Yes, international money transfer platforms like Unimoni allow you to make overseas fund transfers from Warangal to any part of the world with ease.
The cheapest method to send funds abroad is bank transfers. But they are slower than debit/credit card transfers. Thus, you can consider forex services like Unimoni for faster and cheaper international fund transfers.
Remitter’s PAN and ID proof, beneficiary’s bank account details and POR statement are the documents required for initiating international fund transfers from Warangal.
Yes, you can initiate a SWIFT/ Wire transfer from your bank account to make international fund transfers. It usually takes about 3 to 5 business days. For a faster transfer time at lower rates, consider Unimoni.
Under RBI’s Liberalized Remittance Scheme (LRS), you can send a maximum of ₹7 lakh per financial year without tax implications.
