International Money Transfer in Easier Ways with Unimoni
There are many reasons why people are moving abroad for various opportunities, be it work, education, business, etc. With the increased movement abroad, overseas money transfers have also increased abruptly. Everyone wants a reliable and best money transfer platform in terms of speed and cost.
If you are looking for one such international money transfer company, you are definitely in the right place. Unimoni is one of the most trusted and smooth mediums for sending money abroad. In this section, let us thoroughly research how Unimoni is useful and how the process works.
How to Do an Overseas Money Transfer from Moga?
Overseas money transfer has become a lot easier with Unimoni. Let us see some steps that apply to transferring money abroad via Unimoni.
- 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.
Taxes Imposed on Unimoni Money Transfer from Moga
Indian Government has specific rules and regulations, and taxes are imposed on money transfer services from Moga. Some of them include:
- GST: 18 % GST is applicable on forex margin and transaction fees on every international money transfer.
- Tax Collection at Source (TCS): TCS applies to every outward remittance from Moga. According to the Reserve Bank of India's (RBI) Liberalized Remittance Scheme (LRS), a person can transfer up to 2,50,000 USD per fiscal year internationally.
Here, a TCS of 5% is deducted on overseas transactions over Rs 7 lakh. There is an exception for educational funds where a maximum of 0.5% applies to the total sum. - FATCA/ CRS: All international money transfers from Moga follow FATCA and CRS compliances. Unimoni deducts applicable TDS and files reports with tax authorities to maintain complete transparency.
Why is Unimoni the Best Option for Sending Money Abroad from Moga?
Unimoni is the best choice when sending money abroad from Moga. Here are the reasons why:
- Simple and Easy Procedure: Unimoni provides a simplified procedure for sending money abroad internationally. Just visit the nearest branch, submit the necessary documents, give the beneficiary's details, pay the fees, and it is done. After the KYC, it takes just two business days for us to process the funds at the blocked rate.
- Competitive Foreign Exchange Rate: Unimoni allows a very competitive foreign exchange rate compared to other banks or financial institutions. Additionally, you can use Unimoni's currency converter to check the rates of preferred foreign currency.
Contact Us
Unimoni is one of the best options for swift money transfers from Moga. There are several reasons, as discussed above, why Unimoni stands above the rest when it comes to sending money abroad. All you need to follow are some basic steps for outward remittance from Moga.
Besides this, you can always contact us for online money transfers or any queries/doubts.
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FAQ
Yes, you can transfer money internationally from Moga. Unimoni is one of the best options for outward remittance from Moga.
Bank transfer is considered the cheapest way to send money abroad from Moga, India. But, if you want a faster money transfer service at affordable rates, look no further than Unimoni.
Unimoni, with all the added advantages such as simple procedure and flexible payment modes, is the best company for International money transfers from Moga. We are authorized by the RBI and also hold an AD II Licence.
You can pay someone internationally via banks, post offices, NFBCs, and forex companies like Unimoni.
Under RBI's LRS scheme, one can send up to Rs 7 lakh per financial year.
The documents required to send money abroad from Moga include an ID card, PAN card, address proof, bank details, etc.
Your parents can send up to $2,50,000 (approx. INR 2 crore) per financial year from India to the USA under RBI's scheme.
The cheapest international money transfer is done via a bank. But, the procedure might take 4-5 business days. Unimoni, on the other hand, offers instant service that is hassle-free. You can send money abroad at affordable rates within two days.
It generally takes 4 to 5 business days to complete an overseas money transfer after the KYC verification of the details. Rest assured, when you choose Unimoni, we work faster than other service providers.
According to RBI's LRS scheme, one can transfer a maximum of Rs 7 lakh without tax per financial year.
