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Send Money Abroad-Transfer Money Internationally

Your loved ones overseas have a helping hand. However, there are many regulations, currency fluctuations, and hidden fees that can make the process of sending money abroad more complicated than it needs to be. Without appropriate guidance, it can become a frustrating, expensive, and risky process.

Choosing an RBI-authorized AD II license holder for international money transfer as your captain makes all the difference. Here's why:

An authorised service provider's commitment to transparency and upfront fee structures ensures you have complete knowledge about the charges before embarking on your send money abroad journey. The RBI authorization signifies strict adherence to regulations and financial stability, safeguarding your valuable resources.

In short, opting for an RBI-authorized AD II license holder offers the expertise, reliability, and security you need to ensure your international money transfer from India reaches its destination safely, swiftly, and cost- effectively.


Online money transfers around the world from India 24/7

Easy Steps to Send Money Abroad

Choose Your Desired Currency Amount

Choose Your Desired Currency Amount

Select currency and denomination you need to carry along

Enter Transaction Details

Enter Transaction Details

Enter remittance purpose with remitter and beneficiary details

Make Payment Online

Make Payment Online

Make payment via multiple payment options like debit card, credit card and net banking

KYC anf fulfillment of remittance

KYC and fulfillment of remittance

Transaction complete with receipt of forex order completion at blocked rate

Different Ways to Send Money Internationally


Both demand drafts and wire transfers are methods for sending money internationally from India, but they differ in speed, security, and cost. Here's a breakdown to help you decide which option is best for you:

Demand Draft (DD)

A demand draft is a physical document that is similar to a cheque. It instructs a bank to pay the recipient a specific amount of money. To send money via demand draft, you can purchase it from your bank by specifying the recipient's name and bank account details. You must pay the amount you want to send and any applicable fees. After that, the bank will send the draft to the recipient's bank. The recipient's bank will credit their account once they present the draft and provide proper identification.

Demand drafts are usually less expensive than wire transfers, especially for smaller amounts. However, depending on the delivery method and the banks involved, the demand draft may take several days or weeks to reach the recipient.

Wire Transfer

Forget traditional banks! Financial service providers offer a swift and secure option for international money transfers with wire transfers. Opt for a reputable financial service provider like Unimoni, which specializes in international money transfers. A routing or SWIFT code is required for these payments. In most cases, wire transfers are received within two business days. International wires must clear a domestic ACH and its foreign equivalent, necessitating the extra day.

How to Transfer Money Internationally through Wire Transfer via Unimoni?


foreign currency exchange
  • Visit any Unimoni branch.
  • You (the sender) provide your money changers with the following information:
    • Recipient's name and bank account details (account number, routing number)
    • Transfer amount
    • Any additional information like transfer purpose or instructions (optional)
    • Money changers use the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network to exchange encrypted instructions about the transfer details.
    • The recipient country's banks might facilitate currency conversion and ensure funds reach the correct destination account.
    • Foreign exchange markets might be used for currency conversion.
  • Funds are deducted from your account and deposited into the recipient's account, usually within the same business day for domestic transfers and within a few business days for international money transfers .
  • After the transfer is complete, you will receive a confirmation message.
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Best ways to send money internationally


Choosing the most suitable way to transfer money with Unimoni depends on your preferred payment methods. Some payment methods are faster than others, while some can be instant. Every month, our customers trust us to send over $5 million of their money, safeguarded by leading banks and regularly audited with data protection & and a dedicated anti-fraud team. Check out the details & documents required to Send money abroad from India.

International money transfer for overseas education is mainly intended for university fee payments abroad. Reserve Bank of India permits only the service providers with Authorized Dealer II licence to remit money for education purposes abroad. The transactions are processed only after verifying the remitter's PAN card, university offer letter and other basic KYC.

Overseas university fee payment

MONEY TRANSFER LIMIT

The RBI has set specific limits for international money transfers under the LRS (Liberalised Remittance Scheme). Resident individuals can send up to USD 250,000 per financial year for multiple permitted purposes. The limit applies from April to March. Examples include emigration, medical treatment abroad, overseas education, and maintenance of close relatives

Taxability:

After the Union Budget 2020-21, a 5% TCS applies to overseas remittances exceeding Rs. 7 lakhs under LRS. This applies to remittances for medical treatment, investment, or maintenance of close relatives abroad. Remittances supported by financial institutions for overseas education purposes have a lower TCS rate of 0.5%. This applies only to the remittance portion exceeding Rs. 7 lakhs financed by an educational loan.

Why people choose Unimoni for International Money Transfer?

  • Easy processing with simple documentation.
  • Personalized service to each student.
  • Quick transfer at unbeatable rates.
  • Most trusted and secured service provider for your international money transfer.

We appreciate your choice of our services. You can now send money abroad conveniently and safely through Unimoni at competitive exchange rates. Opt for Online Money Transfer for secure and prompt International Money Transfer from the comfort of your home or office. Say goodbye to the need to visit banks or remittance centres. Unimoni offers the best service at low fees, making them a popular choice for Outward remittances. Join over 14 million people who choose Unimoni for International money transfers Through 310 branches & 15000 agency locations across India. We are fast, secure & cheaper than most banks & online service providers like Unimoni.  With Unimoni's online money transfer service, you may send it anywhere from the comfort of your home. It's never been easier to send money internationally.

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Emigration

Emigration is moving from one country to another. People usuallyimmigrate to foreign countries for improved quality of life. Any person applying for PR in a foreign country must pay a permanent residency fee, a visa fee for Migration, and certain deposits to clear the PR Visa. International fund transfers for Emigration or permanent residency can be now quickly done.

Importance of International Money Transfer

International Migration has been increasing over the last two decades. Emigration is usually time-consuming and involves numerous procedures and payments. Hence the requirement for international money transfers for Emigration in India is gaining momentum. An individual wanting to migrate to a country abroad can now withdraw foreign currency up to the amount prescribed by the Emigration government or USD 250,000. Remittance above this limit may be permitted by the Reserve Bank of India (RBI) only for meeting incidental expenses in the country of immigration.

Documents Required:

The following are the primary documents required for Emigration Remittances:

  • Retail Outward Remittance Application form – A2 cum LRS Declaration.
  • PAN card copy.
  • Emigration Visa.
  • Passport Copy.
international money transfer for emigration

Key Features:

Unimoni assures you of the emigration remittances on time without compromising on an regulatory aspects. With prior experience and expertise, the company can help you in emigratio remittance most securely and reliably.

People choose unimoni for Emigration because:

  • Pay fees for Migration as per the AD II license.
  • Quick transfer at unbeatable rates.
  • Send money for Migration in a trusted and secured manner.
  • Direct credit to overseas accounts
  • Easy processing with simple documentation.
  • Minimum charges for processing

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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
  • Form A2
Send money abroad for Family Maintenance

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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International Money transfer for Gift Purpose

You can now gift your international friend by sending money abroad. A gift remittance is where a citizen of India is permitted to send a gift to someone outside India. A resident individual, however, cannot gift another resident in foreign currency for the credit to the latter's foreign currency account held in the country abroad under LRS (Liberalized Remittance Scheme).

Who can avail of benefits under this scheme?

The gift transfer can be made only under LRS by a resident person. A HUF, partnership firm, company, trust, any association of persons, the body of individuals or an artificial juridical person cannot avail benefits of remittance under this scheme."Gift", being personal, should be made in favour of an individual and not to a corporate or to themself.

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.
  • The service provider requires other KYC documents.
Send money abroad for gifting

Limit on Gift Remittance

Under the LRS, resident individuals can remit a maximum of $250,000 abroad in a financial year under the 'Gift Remittance' category.

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 attract TCS (Tax Collected at Source) @ 5%.

Key highlights of gift remittances with Unimoni

  • Quick transfer at unbeatable rates
  • The most trusted and secured mode of transfer
  • Direct credit to an overseas account
  • Easy processing with simple documentation

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Countries to Send Money through Unimoni

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UK
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Australia
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Canada
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New Zealand
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Italy

FAQ's

Unimoni is an RBI Authorized Dealer II, a leader for Send Money Abroad in India with 300 plus branch networks. Visit one of their branches, provide the necessary information and funds, and they will transfer the money to the recipient. Unimoni will facilitate the transfer at the best currency exchange rates. Unimoni's Mobile App, Unimoni Wallet, allows international transfers from the comfort of your home or office.

Customers can book and pay outward remittances within our portal.

Contact us through the toll-free number 1800 102 0555, WhatsApp number 9946086666, or mail at customercare@unimoniindia.com or request a call back to book a send money abroad option.

We are happy to help you!

Under the 'maintenance of close relative' category, funds can be transferred only to immediate relatives such as parents (father/stepfather/Mother/step-mother), spouse, children (son/daughter/step-son/step-daughter) and their spouses, grandchildren and brother/step-brother/sister/step-sister and their spouses. Instead of being defined under the Companies Act of 1956, 'relatives' are now defined under the Companies Act of 2013.

Yes. To complete any transactions under LRS through Authorized Persons, resident individuals must provide their Permanent Account Number (PAN) as it is mandatory.

Sending money through wire transfer enables the beneficiary to get credit in his account. An international wire transfer electronically sends money from one bank account to another across different countries. It allows you to transfer funds to a recipient's bank account abroad. It's important to note that specific procedures and requirements for international wire transfers may vary depending on the country, bank, and applicable regulations. It's advisable to contact us directly for detailed instructions and information specific to your situation. Remember that international wire transfers can involve fees and exchange rate conversions that may impact the total amount received by the recipient.

No. There are no restrictions on the number of times you can send money abroad under LRS. However, the foreign currency you can purchase or send through all sources in India in a financial year should not exceed the cumulative limit of USD 2,50,000. Once you make a remittance for an amount up to USD 2,50,000 during the financial year, you won't be able to send any more money abroad using this scheme, even if you bring back the proceeds of your investments into the country.

The maximum amount that can be remitted for education under the Liberalised Remittance Scheme (LRS) is USD 2,50,000 per financial year (April – March). This limit applies to all resident individuals, including minors. The LRS scheme allows resident Indians to remit money abroad for specific purposes, including education freely. If tuition fees exceed USD 2,50,000, you must obtain special permission from the Reserve Bank of India (RBI). You can apply for this permission online through the RBI's website.

To remit money for education under the LRS, you will need to provide the following documents to the bank or money changer:

  • Your passport or other valid travel documents
  • A letter from the educational institution confirming your admission and the amount of tuition fees
  • A bank statement with enough funds to support your studies.

Yes, you can track it. The way you follow it will depend on the money transfer service you use.

Here are some of the ways to track an international money transfer:

  • Check your receipt. Most money transfer services provide a receipt with a tracking or reference number. You can use this number to track the status of your transfer online or by calling the money transfer service.
  • Sign up for email or text alerts. Some money transfer services allow you to sign up for email or text alerts. Then the service providers will notify you of the status of your transfer
  • Contact the money transfer service. If you cannot find your tracking number or have any other questions about the status of your transfer, you can contact the money transfer service directly.

If there is an issue or delay with an international money transfer, you should contact the money transfer service you used. They will be able to investigate the matter and let you know what is happening.

Here are some of the possible reasons for an issue or delay with an international money transfer:

  • Incorrect recipient information. The transfer may be delayed or rejected if you mistake the recipient's name, account number, or other information.
  • Insufficient funds. The transfer may be delayed or rejected if you do not have enough money to cover the transfer fees.
  • Bank holidays or weekends. Money transfers may be delayed if processed on a bank holiday or weekend.
  • Currency conversion delays. If the transfer involves converting the currency, there may be delays due to the foreign exchange market.
  • Fraud prevention measures. The money transfer service may have put a hold on the transfer if it suspects fraud.
  • Technical problems. There may be technical problems with the money transfer service's systems, which can cause delays.

If the money transfer service cannot resolve the issue, you may need to contact the recipient's bank. They can help you track down the funds or initiate a refund.

The time it takes for an international money transfer to arrive may vary based on various factors such as:

  • The money transfer service you use.
  • The amount of money you are transferring.
  • The currency you are transferring.
  • The destination country.
  • The time of day or day of the week you make the transfer.
  • Any holidays or weekends in the destination country.
  • The need for currency conversion.
  • The need to comply with regulatory requirements.

Generally, international money transfers can take a few hours to a few days. However, some services offer same-day or even instant transfers.

Yes, there are some risks involved in money transfers, both domestic and international. Some of the most common risks include:

  • Fraud: Money transfer fraud is a significant risk that is not easy to detect. Scammers may pose as legitimate money transfer services or use fake websites to trick people into sending money.
  • Currency exchange rate fluctuations: When you transfer money internationally, the exchange rate between the two currencies can fluctuate. It means that the money you receive in the destination currency may differ from the amount you send.
  • Fees: There are often fees associated with domestic and international money transfers. These fees can vary depending on your money transfer service, the money you are transferring, and the destination country.
  • Processing delays: Money transfers can sometimes be delayed due to technical problems or regulatory requirements. It can be inconvenient for the sender and the recipient.
  • Security risks: Some security risks are associated with money transfers, such as data breaches and cyberattacks. Always choose a reputable money transfer service and taking precautions to protect your personal information.

Here are some tips to minimize the risks involved in money transfers:

  • Choose a reputable money transfer service: Research a money transfer service with a good reputation and track record.
  • Read the fine print: Ensure you understand the service's fees and terms and conditions before transferring.
  • Use a secure internet connection: When transferring money online, use a fast internet connection.
  • Be careful about who you send money to: Only send money to people you know and trust.
  • Keep track of your transfers: Keep a record of all your money transfers, including the date, amount, recipient, and fees.

By following these tips, you can help to minimize the risks involved in money transfers.

It is generally more difficult to cancel or modify an international money transfer than a domestic one. That is because international money transfers often involve more steps and take longer to process. If you need to cancel or modify an international money transfer, it is essential to contact the money transfer service as soon as possible. The sooner you reach them, the more likely you will be able to do so. But generally, it is not possible.

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