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Sending money from one country to another is called an international money transfer. People usually use this service for supporting family members, paying for education medical expenses or investing in a foreign business. There are several ways to send money abroad, and it's essential to know the options available to choose the best way that suits your needs.
Financial service companies are often better than banks when sending money abroad. They can offer customers lower transfer fees, better exchange rates, and more convenient transfer options. When it comes to international money transfers, financial service companies typically charge lower fees compared to banks. They have lower overhead costs and can negotiate better exchange rates with their partners. Additionally, financial service companies have access to a broader range of currency markets and can negotiate better rates for their customers. These companies also offer various convenient transfer options, such as online and mobile transfers, making it more convenient for customers to transfer money abroad from anywhere in the world.
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Why Choose Unimoni Financial Services?
Unimoni is a good option for international money transfers from Mumbai. It is an Authorized Dealer-II (AD-II) money transfer service regulated by the Reserve Bank of India (RBI). It gives you peace of mind that your money is safe and that your transfer will be processed quickly and efficiently. Unimoni offers a variety of international money transfer options, including telegraphic transfers, wire transfers, and cash pick-ups. You have the opportunity to transfer money directly to the recipient's bank account.
Procedures for International Money Transfer
Know the procedure for sending money abroad through Unimoni in Mumbai:
- Visit any Unimoni branch.
- Submit your ID and address proof.
- Provide the beneficiary's details, including their name, address, proof of residence (POR), and bank account details.
- Pay the required fees.
- You're done! Unimoni will process the transfer, and the beneficiary will receive the money within a few business days.
Statement of POR
Purpose codes for remittance are a way to categorize the reason behind a money transfer. They are mandatory for numerous financial institutions, including banks and money transfer services, while sending money overseas.
The purpose code for remittance can be a two- or three-character code that shows the motive for the money transfer. Some standard purpose codes include:
- S0014: Repatriation of Non-Resident Deposits (FCNRB/N. RERA etc.)
- S0015: Repayment of loans & overdrafts taken by ADs on their account.
- S0019: Maintenance of foreign nationals residing in India.
- S0020: Medical expenses abroad of self or family members.
- S0021: Educational expenses abroad of self or family members.
- S0025: Business travel.
- S0026: Personal journey.
Selecting the appropriate purpose code while making a money transfer is of utmost importance. It ensures that the transfer is processed accurately and in compliance with all relevant laws and regulations by both the sender and the recipient. Moreover, it helps to safeguard financial institutions against any potential financial crimes or fraudulent activities.
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Unimoni is an excellent choice to transfer money internationally from Mumbai. It is a trustworthy and secure service that offers competitive fees and fair exchange rates. If you are looking for a quick and hassle-free way to send money overseas, Unimoni is worth considering.
Contact us for more details: https://remitforex.com/services/contact.html
FAQ
You can send money abroad from Mumbai using Unimoni through the following methods:
- Online: You can send money abroad online through the Unimoni website or mobile app.
- In-branch: You can visit any Unimoni branch in Mumbai to send money abroad.
- Agent locations: You can also send money abroad through Unimoni agent locations in Mumbai.
The following documents are required to send money abroad from Mumbai using Unimoni:
- Valid ID proof of the sender, such as a passport, driver's license, or Aadhaar card
- The PAN card of the sender
- Bank account details of the recipient
- Statement of POR
If you want to transfer money from Mumbai to another country using Unimoni, the fees and exchange rates will depend on the amount you want to transfer, the destination country, and the transfer method you choose. You can use the Unimoni website or mobile app to get a quote for your transfer before you send the money. This way, you'll know exactly how much you'll be charged before you make the transfer.
How long does it take for an international money transfer from Mumbai using Unimoni to be processed?
The processing time for an international money transfer from Mumbai using Unimoni varies depending on the destination country and the transfer method used. Most transfers are processed within 2-4 business days.
Unimoni is a well-known company that provides international money transfer services. It offers a diverse range of transfer options, competitive fees, and reasonable exchange rates. Additionally, Unimoni is regulated by the RBI, which gives you peace of mind that your money is safe and secure.
