International Money Transfer in Easier Ways with Unimoni
Money transfer from a city like Varanasi to abroad is not an easy task. It comes with its own set of complications and necessary procedures. Various rules and regulations need to be followed while transferring funds. Since the transfer of money abroad is usually an urgent need, there should be no confusion regarding the procedure.
Fret no more as Unimoni is here to help you out. With guaranteed safety, security, and reliability you can trust Unimoni with all your transfer needs blindfolded. Let's discuss how you can send money internationally using this platform.
Steps to do Money Transfer with 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.
Why Would You Need to Send Money Abroad from Varanasi?
Other than the monetary usage, the process put to use also plays a great role in decision-making. Some options provided are instant, and some take comparatively more time. Throughout the year, our users entrust us with over $5 million of transfer funds.
With this comes the great responsibility of providing top-notch security which is done through a data-specialized and anti-fraud team. Let's have a look at the varied paperwork required to send money for different reasons.
Overseas Education
Covering up for the educational fees for a family or relative will include a swift money transfer from Varanasi with ease.
- Limit: The Reserve Bank of India has a set of guidelines that need to be followed for online money transfers. Indian residents are only allowed to transfer up to USD 250,000 every financial year. Following the union Budget of 2020-21, the financial bill has undergone amendments. Under this, a taxation of 5% is levied on amounts over 7 lakhs. TCS is maintained at 0.5% on remittances funded by financial institutions.
Emigration
Indians shifting to abroad permanently or temporarily, require fluid money transfers. Unions act as support to conduct all these transactions easily. As per requirement, one can also send money back to India in the same way.
- Limit: A person who wishes to immigrate overseas may now withdraw foreign cash up to USD 250,000, or the amount specified by the government for emigration.
Family Expense Management
If you have aging parents or other family members living in abroad sending money at regular intervals is unavoidable. Unimoni can help you with fulfilling your responsibilities by staying in India.
- Limit: Under the LRS, Indian residents are permitted to send up to USD 2,50,000, or equivalent amounts, overseas once a financial year.
Gift Purposes
This purpose for which money might be required to be transferred from Varanasi to abroad is also well known. And definitely, the union is your best pick.
- Remittances under the 'Gift Remittance' category are limited to $250,000 per resident. Any amount sent under the category of "gift remittance" which is more than Rs. 7 lakh would be subject to TCS at a rate of 5%.
What are the Taxes involved in Outward Remittance?
There are several taxes implicated in overseas money transfers. However, no extra tax has to be paid under the Rs. 7 lakh limit. If the funds are through a loan, an additional amount of 0.5% will have to be paid beyond this amount.
- GST: 18% GST is applicable on the transaction fees and forex margin charged by Unimoni.
- Income Tax: Remittances up to Rs. 7 lakh in a financial year are tax-exempted. Amounts over Rs. 7 lakh are added to taxable income.
- Tax: Transfers received in the foreign country may be taxed by authorities. This depends on the resident’s tax status and purpose of receipt.
- FATCA/CRS: All transactions are FATCA and CRS compliant. Unimoni deducts applicable TDS and provides you with filed paperwork for transparency.
Connect with Us!
Money transfer service from Varanasi to abroad can be confusing. It is a stressful process that comes with a lot of doubts about security as real money is considered. Hence using a reliable platform like Unimoni ensures that the money is safe, secure, and reaches on time. Transfers involve transfer fees, exchange rates, speed, amount, and other factors that require proper attention. Unimoni is the one-stop solution for all of these processes. It is a great pick for outward remittance as it provides affordable services.
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FAQ
Transfers from Varanasi can take place to different countries using various methods including banks and offline outward remittance services like Unimoni taking varying fees and time.
In Varanasi, India, the most affordable way of sending money abroad is usually through Unimoni. With us, you will get the best transaction rates and can be assured of no hidden fees.
Many companies offer international money transfer services. However, Unimoni stands apart due to its unique characteristic features, fees, and exchange rates.
International payments to an individual can be executed easily in today’s time. With Unimoni, you just need to visit your nearest branch with the necessary documents, and our representative will help you out..
The Reserve Bank of India (RBI) has set limits on the amount of money an individual can send. This depends on the reason for the transfer and other supporting paperwork for compliance. Under the LRS or Liberalised Remittance Scheme, you can send upto INR 7 Lakhs without tax.
Turn to Unimoni where you will get the cheapest means of foreign currency transfers from the Varanasi region of India. This is one factor that should be considered as a high priority.
Residents sending money from the Varanasi district of India to another country have to present their documents like identity cards, passports, PAN card, Aadhaar Card, etc.
Yes, locals in Varanasi can transfer money internationally from their accounts through various channels. Online banking and wire transfers are the most common ones. Contact Unimoni for more details.
Usually, a maximum amount of INR 7 lakhs can be sent every financial year from India to abroad. This is in accordance with the LRS or Liberalised Remittance Scheme.
