International Money Transfer in Easier Ways with Unimoni
International money transfer services that are both fast and dependable are more critical than ever in today's globally linked society. Access to a smooth transfer procedure is essential for supporting loved ones overseas, to send money abroad, investing in international chances, or covering expenditures while traveling. Dealing with complicated processes, hefty fees, and fluctuating currency rates may be intimidating to send money internationally.
Unimoni is a reliable partner for anyone in Vadakkancherry who wants to send money overseas. Unimoni, as a top Indian platform for outward remittance, provides an easy and competitive solution to send money abroad. Read on to explore everything about Unimoni's convenient money transfer service from Vadakkancherry.
How to Make an International Money Transfer from Vadakkancherry?
The procedure to send money abroad with Unimoni is simple and convenient. The following is a detailed step-by-step instruction on how to send money abroad from Vadakkancherry:
- 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.
How to send money from Vadakkancherry?
Depending on your specific financial situation, Unimoni provides several options for outward remittance from Vadakkancherry:
- Family Maintenance:
Helps family members financially by allowing easy money transfers across different currencies.
Spending on housing repairs, tuition, living expenses overseas, and supporting family members fall under this category.
The Liberalized Remittance Scheme (LRS) of the Reserve Bank of India imposes a maximum restriction of $250,000 each fiscal year.
- Emigration:
For migration-related costs, such as permanent residency fees, visa fees, etc., individuals can pay emigration remittances to family members either once or regularly.
The RBI will only allow remittances over this level for incidental expenditures, up to a maximum of $250,000 each fiscal year or the amount specified by the Emigration Government.
- International Education:
The Overseas Education program helps pay students' tuition, fees, and living expenses while studying overseas by facilitating international money transfers.
An acceptance letter from the school, PAN card, and Know Your Customer paperwork are all necessary evidence.
As per RBI regulations, the maximum limit within a financial year can be $250,000, whether it's in a single transaction or many transactions.
- Gift Purposes:
Send monetary presents to foreign pals with personalized messages.
This service is only available for sending money to people in other countries; it cannot be used to deposit foreign currency into an account held by another Indian person.
Under RBI's LRS, you can borrow up to $250,000 every fiscal year.
Unimoni Advantage Over Other Banks & Forex Companies
Among the several options for moving money out of Vadakkancherry, Unimoni stands out for several reasons:
- Convenient and Quick Transfer Process
Simplified processes provide a smooth and easy transfer.
Initiate the procedure by visiting the local bank, providing the required data and papers, and funding your transfer.
- Competitive Exchange Rates
Access to several currency markets guarantees competitive exchange rates.
Use the Unimoni app or the website's online currency converter to see the most up-to-date rates for the currency of your choice.
- Speedy Money Transfer
After the transaction is started, the beneficiary's account usually gets the funds deposited within two business days.
Applicable Taxes on International Fund Transfers
Some tax considerations may arise from transferring funds internationally, such as:
- Any foreign transactions above ₹7 lakhs per fiscal year are subject to Tax Collection at Source (TCS), and any education loan payments exceeding ₹7 lakhs are subject to 0.5% TCS.
- Forex margin and transaction costs are subject to an 18% GST.
- Compliance with FATCA/CRS laws, including TDS deductions and submitting reports with tax authorities.
So, choose Unimoni and:
- Take advantage of inexpensive money transfer costs, guaranteeing efficiency.
- Get the most out of your money transfer using Unimoni’s cheap foreign exchange rates.
- Explore a wide variety of personalized solutions for international money transfers.
Choose Unimoni
Regarding International money transfer from Vadakkancherry, Unimoni offers an efficient and affordable option. Unimoni ensures your money gets where it needs to go quickly and safely with minimal transfer fees, competitive exchange rates, and a streamlined process. Unimoni is here to help with all your international money matters, whether you need to send money overseas, purchase or sell foreign currency, or get a Forex card that works with many currencies.
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FAQ
Under the LRS plan, the Reserve Bank of India has capped outward remittances to $250,000 each fiscal year.
As per RBI’s Liberalized Remittance Scheme (LRS), you can send a maximum of ₹7 lakh per financial year without paying tax.
You can use international payment services from Unimoni to send money abroad from Vadakkancherry.
You will need to provide your photo ID, PAN card, the receiver's bank information, and a proof of residence statement to send money abroad from Vadakkancherry via Unimoni.
Your parents can send up to $250,000 every fiscal year if they are Indian residents. There is no upper threshold, though, for NRE account holders.
Yes, you may send money anywhere with a swift money transfer from Vadakkancherry or wire transfers. Three to five business days is the usual timeframe for the transfer.
Due to its low transfer fees and competitive exchange rates, Unimoni provides the most cost-effective option for sending money abroad from Vadakkancherry.
Unimoni is the best platform for making overseas fund transfers, providing better exchange rates and lower fees than banks and other forex companies.
Unimoni's money transfer services and those of banks, money exchangers, and digital platforms are all viable options for making international payments.
Although bank transactions are considered faster, they are more expensive. Unimoni is the best partner to work with if you're looking for fast transfers at cheap prices.
