International Money Transfer in Easier Ways with Unimoni
Marathahalli-Bangalore has acquired greater prominence as an international money transfer hub in recent years. The large migrant population and a growing number of technology companies with global operations have led to the increasing demand for fast, convenient, and cost-effective ways to send money abroad from Marathahalli.
Unimoni has become a leading supplier of international money transfer services in Bangalore's Marathahalli area. Through competitive exchange rates and transfer fees, Unimoni has become a reliable source for transferring money for the region's diverse needs.
Why is Unimoni the Best Option for Sending Money Abroad from Bangalore-Marathahalli?
With a customer base of over 14 million individuals and a robust infrastructure of 307 branches and 15,000 agency locations in India, Unimoni provides a secure, personalized, and efficient platform for international money transfers.
Let us look at the key reasons as to why Unimoni is the best option for sending money abroad from Bangalore-Marathahalli.
- Extensive Network - Unimoni has more than 307 branches and 15,000 agency points all over India; thus, transferring money is made easy.
- Competitive exchange rates - Unimoni offers some of the best forex rates in the market, and its transfer fees are also low compared to banks' charges and other online providers' charges.
- Trusted Brand - Unimoni, formerly known as UAE Exchange, has over 30 years of experience in money transfer, forex, and payments.
- Secure Platform - Customer money is safeguarded by leading banks and protected through regular audits and a dedicated anti-fraud team.
- Smooth Process - The company provides an option for easy documentation and offers personalized service to facilitate quick money transfers.
- Personalized Offerings - Solutions are customized to address students' and customers' international money transfer needs.
- Worldwide Connect: The money transfer service is secure, allowing you to send money to over 200 countries globally with Unimoni easily.
- Monthly Advances - Unimoni is trusted with transfers for foreign accounts of over $5 million monthly.
Main Reasons For Outward Remittance from Bangalore-Marathahalli
Highlighted below are the crucial reasons behind sending money abroad from Bangalore-Marathahalli:
- Overseas Education
RBI allows remittances for education fees and expenses abroad under the Liberalised Remittance Scheme (LRS). As an AD-II licensee, Unimoni is empowered to settle such international remittances.
Before processing the education expense transfers, Unimoni verifies the needed documents, such as the university acceptance letter, ID proof, and address proof. The payment is routed directly to the university/college and paid by Unimoni on behalf of the student.
The RBI rule under LRS stipulates that resident individuals can remit up to USD 250,000 per financial year for various purposes, including education abroad.
TCS levy of 5% was introduced in Budget 2020 to be required on overseas remittances above ₹7 lakhs for education. However, the TCS rate for education loans is merely 0.5% on sums over Rs 7 lakhs.
- Emigration
Unimoni is an RBI-licensed company processing remittances abroad for immigration/emigration under RBI's remittance scheme. Funds can be transferred for visa fees, PR deposits, residency permits, etc. The documents needed are an Outward Remittance form, PAN card, emigration visa, and passport for verification purposes before the funds are transferred abroad for immigration purposes.
- Family Maintenance
Remittance under ‘Family Maintenance’ can be for the following:
- Maintaining your home while you are away
- Financial help to family members
- Student’s living expenses abroad
- Repayment of student loans, etc.
Documents for Family Maintenance Remittance
- Any Official Valid Document (OVD) containing the remitter's address.
- Copy of the PAN card of the remitter.
- Form A2.
- Gift Purpose
The gift transfer can be made under LRS only by a resident person. An HUF, partnership firm, company, trust, association of persons, corporate/business entity, body of individuals, or any artificial legal person cannot avail of the benefits of remittance under this scheme.
Required KYC documents for remitting funds under gift purposes:
- Any of the 'Officially Valid Document' (OVD) with the address of the resident Indian.
- PAN Card Copy
- Form A2
Tax on Gift Remittance
With effect from 01.10. 2020, any amount or total of the amounts being remitted outside India by a person resident in India under 'Gift Remittance' over Rs.7 Lakh in a financial year will lead to TCS (Tax Collected at Source), which is @5%.
Connect with Us
With 23+ years of outward remittance expertise, Unimoni offers customized, systematized, and user-friendly solutions for Bangalore-Marathahalli. We offer competitive rates, the best technology, and exceptional customer service for hassle-free, transparent, and innovative cross-border transactions.
Contact us for all your international remittance needs.
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FAQ
You can transfer money internationally from your Indian savings account via a SWIFT transfer with Unimoni.
Yes, you can start a SWIFT/Wire transfer from your bank account to do international fund transfers. In general, it takes 2 to 4 business days. Choose Unimoni for an efficient transfer time at lower charges.
The remittance limit under the RBI's Liberalized Remittance Scheme program is USD 2,50,000 (2 Crores) for a financial year.
Funds can only be transmitted to immediate relatives within the 'maintenance of close-relative' classification. This refers to the parent (father/stepfather/mother/step-mother), the spouse, the children (son/daughter/step-son/step-daughter), spouses of the children, grandchildren, and the brother (brother/step-brother/sister/step-sister) and their spouses.
Yes. For any transaction under LRS to be executed through Authorized Persons, resident individuals must include their Permanent Account Number (PAN) as required.
No. There are no limitations on how often you can send money to a spot abroad under LRS. The allowable purchase/transfer of foreign currency through all sources in India per financial year is USD 2,50,000 or less.
An international money transfer usually is more complicated to stop or change than a domestic one. Typically, international money transfers comprise more steps and result in long delays in the process. If you need to cancel or modify an international money transfer, it is essential to contact Unimoni as soon as possible.
Unimoni accepts a variety of identity papers (e.g., a valid driver's license, proof of address, a PAN card, and so on) to support the smooth processing of International money transfers.
RBI provides licenses to many financial institutions regularly audited by them, keeping them well-versed in the latest rate changes and guidelines and making them accountable for providing reasonable rates. Unimoni is an authenticated service provider with an authorized Reserve Bank of India license.
Unimoni pursues to perform impeccable transactions in the shortest time possible. This process takes 12-48 business hours.
