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International Money Transfer for Family Maintenance
Sending money abroad is a highly demanded forex service. ‘Family maintenance’ tops the list for usage of remittances. It is important to select authorized service providers for remittance under ‘Family Maintenance’ for an easy and secure transaction. LRS allows the resident citizens of India to remit up to USD 2,50,000 or its equals abroad per financial year for the maintenance of close relatives.
Authorized Purposes:
Remittance under ‘Family Maintenance’ can be for the following:
- Maintenance of your house while you are away
- Financial support for family members
- Student’s living expenses abroad
- Payment of student loan etc.
Swift Transfer is the most popular and secure mode of sending money overseas. It ensures speed in the fund transfer process and perfect safety for your money.
Documents Required for Family Maintenance Remittance:
Major documents required include:
- Any Officially Valid Document (OVD) with the address of the remitter
- PAN card copy of the remitter
- Retail outward remittance application – A2 cum LRS Declaration
While transferring money for family maintenance; you need to ensure that you have given the receiver’s details properly. The beneficiary has to ensure that he/she receives the fund on time and both the sender and receiver have to keep all receipts for the future references.It is very important that you have chosen the right authorized dealer like Unimoni Financial Services, while sending money abroad for family maintenance. Through Unimoni, overseas remittances have become easy, reliable and secure! We invite you to try our services and save more on your money transfers!
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Outward remittance from India to other countries
FAQs
Sending personal remittances, or international money transfers for family maintenance, is a popular way to support family members living abroad. These transfers can cover essential expenses like food, shelter, clothing, education, and healthcare. The maximum amount of money that can be remitted for family maintenance varies depending on the country of residence and the destination country. However, some general guidelines apply. For instance, residents of India can remit up to USD 250,000 per financial year under the Liberalised Remittance Scheme (LRS), which includes remittances for family maintenance, education, and medical expenses.
1. Resident Indians: Residents can send money internationally for family maintenance under the Liberalised Remittance Scheme (LRS). Under this scheme, residents can remit up to USD 250,000 per financial year for various purposes, including family maintenance, education, medical expenses, and maintenance of close relatives residing abroad.
2. Non-Resident Indians (NRIs): NRIs can send money internationally for family maintenance under the Money Transfer Service Scheme (MTSS). Under this scheme, NRIs can remit up to USD 100,000 per financial year towards the care of close relatives residing in India.
3. Foreign Nationals: Foreign nationals in India can send money internationally for family maintenance under the MTSS. They can remit up to USD 2,500 per transaction to maintain close relatives residing abroad.
The documents required for international money transfers for family maintenance in India vary depending on the scheme and remitted amount. However, some general guidelines apply.
For Resident Indians Sending Money under the Liberalised Remittance Scheme (LRS):
1. Proof of identity and residence of the remitter may include a passport, driver's license, or Aadhaar card.
2. PAN card of the remitter:For remittances exceeding USD 7,500 per transaction or USD 250,000 per financial year.
3. Bank account details of the beneficiary: This includes the bank's name, branch, account number, and IFSC code.
There are several different methods of international money transfer for family maintenance, including:
1.Bank transfers: This traditional method of sending money abroad is often considered the most secure option, but it can be expensive and time-consuming.
2 Money Changers: Several Money Changers like Unimoni specialize in international remittances. These services are often more affordable and faster than bank transfers.
3.Online transfer: Services are typically the most convenient option, but they may not be as secure as traditional bank transfers. Remitforex is the best among them!
A transaction fee is the fee the money transfer provider charges for processing the transfer. It typically includes costs associated with the transfer, such as currency conversion and service charges. The transaction fee is usually a percentage of the amount being transferred, but it can also be a flat fee. The transaction fee amount can vary based on several factors, such as the money transfer provider, the amount being transferred, the origin and destination countries, and the type of transfer.
For the best rate, please reach us at https://www.unimoni.in/contact.php
