International Money Transfer in Easier Ways with Unimoni
Bhatkal has a sizable number of citizens working abroad and living as non-resident Indians (NRIs) in various countries like the UAE, Saudi Arabia, Qatar, Oman, Singapore, and others. These NRIs need to send money back home frequently to support their families in Bhatkal. Unimoni offers the perfect solution for hassle-free international money transfers from Bhatkal to any country across the globe.
With easy-to-use online and mobile platforms, an extensive network of authorized agents and branches, attractive exchange rates, and fast transfer times, Unimoni makes outward remittances swift, convenient, and cost-effective for both Bhatkal residents as well as NRIs living abroad.
Why Send Money Abroad from Bhatkal?
There are several important reasons Bhatkal residents send money abroad frequently:
- Supporting Family - Many citizens of Bhatkal live and work in Gulf countries, Singapore, the USA, the UK, and others to earn better incomes. They send money to families back home for expenses.
- Education Abroad - Bhatkal students studying in foreign universities need money transfers from home to pay their tuition fees and living expenses.
- Medical Treatment Overseas - With the high costs of healthcare abroad, money needs to be sent for the treatment of relatives living overseas.
- Investments - Bhatkal NRIs investing in properties, businesses, or financial assets abroad need to transfer funds overseas.
- Visa processing - Money may be required to facilitate visa approvals for family visiting expatriate children.
- Business - Bhatkal importers/exporters remit overseas payments to suppliers and partners via international transfers.
- Migration - Families migrating abroad need to send funds to open bank accounts, make investments, etc.
With so many needs for sending money abroad from Bhatkal, convenient and cost-effective outward remittance channels like Unimoni are essential. Unimoni simplifies the process for frequent money transfers abroad from Bhatkal.
Procedure for International Money Transfer from Bhatkal
- Locate the nearest Unimoni branch by visiting our branch locator. Here, meet our expert relationship managers who will take you through the remittance process.
- Share receiver’s details i.e., recipient bank account number, name, IFSC code, amount to be transferred, transfer reason.
- All done! Our Unimoni staff will take care of the rest.
- For inquiries or assistance, our relationship manager and customer care team are also available in the branch or over the phone.
Unimoni takes pride in offering a tailored approach to each transaction service availed at different branches .
Key Advantages of Using Unimoni for Money Transfers
- Attractive Forex rates
Unimoni provides competitive foreign exchange rates better than banks and other remittance service providers. As a Unimoni customer, you get exclusive promotional offers and deals for international money transfers.
- No hidden charges
Unimoni promises complete transparency in pricing. Unimoni is transparent about its charges. The fees are conveyed upfront before making a money transfer.
- Fast processing
Unimoni uses world-class technology to ensure fast processing of transfers and quick disbursal. In most cases, the money transfer reaches the recipient's account within 48 hours.
- Vast Global Network
Unimoni allows you to send money abroad from Bhatkal to over 100 countries across the world and in 100 major currencies. It has one of the largest global networks for money transfers.
- Secure Transactions
Security is paramount for Unimoni. All transactions are secured through partnerships with reputable banks. Unimoni also strictly adheres to RBI guidelines governing international remittances.
Tax Regulations for Money Transfers from India
As per RBI guidelines under the Liberalised Remittance Scheme (LRS), resident Indians can transfer up to $250,000 (approx. INR 2 crore) abroad annually without any taxes under the LRS limit.
For money transfers above ₹7 lakhs and up to $250,000 in a financial year, a declaration about the amount is required. No taxes will be applied if the funds are being transferred under LRS for eligible purposes.
For outward remittances above $250,000, requisite RBI approval is required and taxes may be applicable.
A legal declaration is mandatory for all personal remittances equal to or exceeding ₹10 lakhs in one fiscal year.
Choose Unimoni
For Bhatkal residents, Unimoni offers the ideal choice for cross-border remittances. Convenient digital channels, transparent pricing, fast transfers, and dedicated customer service make the international money transfer process smooth and hassle-free. With Unimoni, you can send money abroad or receive money from overseas simply and swiftly.
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FAQ
As per the LRS scheme of RBI, in a financial year, an individual is able to send abroad up to $250,000. Although, as of October 1, 2023, if you are to send money outside other than for medical or education purposes and the amount exceeds Rs. 7 lakhs, tax of 20% would be applicable. Transactions of up to Rs. 7 lakhs are tax-free.
Unimoni accepts cash deposits at all the branch locations throughout India. All that is required is for you to visit the branch, meet with our staff, and hand over the cash for your intended remittance.
We, at Unimoni, ensure quick transfers and in most occurrences, the funds are successfully credited to the recipient’s account within 24-48 hours after we have sent the money, due to our wide network of banking worldwide.
Unimoni has mobile applications for Android and iOS platforms that provide an easy and quick way to send money from abroad to India and vice versa, and trace the transaction. It offers you the freedom of doing your transactions anytime, anywhere.
The charge amount of transferring money via Unimoni varies with the amount of money sent and the country of destination. This is made clear to you before concluding the transaction.
Unimoni affiliates with more than 100 banks across the globe! We also support more than 100 different currencies enabling you to send money in any country you wish.
At Unimoni, one can either do money transfer completely through our app or website or visit the nearest Unimoni branch for assistance. It depends on what you want.
To make an international money transfer with Unimoni, you must provide your Aadhaar card or passport. Additionally, if you intend the amount to be transferred exceeds a certain limit, you will be levied tax and additional documentation may be required as per RBI’s directive.
Yes, indeed, RBI has certain regulations and limitations on remittances concerning India. According to the Liberalized Remittance Scheme , Resident individuals can only remit $2, 50,000 per annum for current account and capital account transactions.
