International Money Transfer From India to the Philippines
Thanks to technological advancements and improved transportation facilities, countries could participate in international trade, tourism, and other developments. People are prepared for frequent overseas excursions to better their business because the business environment has altered. Indians emigrate to advanced countries for more excellent education, better medical treatment, better job possibilities, and even to settle. If you need to send money abroad and need an approved money transfer company, remitforex can assist you in the best way possible.
Important points to consider
You must think and act wisely when you are transferring money abroad. Sometimes these money transactions involve vast amounts of cash, so you should understand the pros and cons of each service.
- Exchange Rates
- Service Provider
- Transaction Charges
- Money Transfer Limits
- Time for Overseas Transfer
RBI's Role in Foreign Money Transfers:
The Reserve Bank of India closely monitors all international money transfers, and service providers must submit transaction reports regularly. Under the Liberalized Remittance Scheme, the Reserve Bank of India set specific limits for overseas money transfers from India (LRS). A resident Indian can send up to USD 2,50,000 abroad in a fiscal year. If you need an exception exceeding this limit, you must first obtain RBI approval. The RBI has established various purposes and standards for international money transfers. You can send money abroad through an Authorized Service Provider for a variety of reasons, including:
- Overseas Education
- Overseas Employment.
- Emigration Fees.
- Visa Fees.
- Maintenance of Close Relatives.
- Medical treatment abroad Etc.
Million Happy Customers
Billion Remittance in a year
Transactions processing every year
Branch Network.
Agent Locations
Corporate Tie-ups
Education Consultancies Onboard as Partners
To make an international money transfer to the Philippines, you'll need the following documents:
The RBI allows money transfer agents to conduct foreign money transfers as long as they acquire the necessary papers and ensure authentic transactions. The reason for the transfer mainly determines the documentation needed for an international money transfer. For overseas money transfers, a PAN card is required.
- A2 Form.
- PAN Card copy.
- Other KYC documents (based on purpose).
Why should you use remitforex to send money to the Philippines?
remitforex of Unimoni India is an Authorized Dealer II and a market leader in India for Send Money Abroad, with an extensive branch network. Unimoni was the first company in India to be granted an Authorized Dealer II status, and it specializes in sending money abroad for the vast majority of Indians. If you need to conduct an international money transfer to the Philippines, please contact us by visiting www.remitforex.com and submitting a query, or by calling us at 1800 102 0555 , WhatsApp us at +91 8129922232 , or emailing us at care@remitforex.com.
Frequently Asked Questions
To send money to the Philippines, you pay a small, flat fee for the amount that's converted (you'll always see the total cost upfront).
To send money in USD to the Philippines, you pay a small, flat fee for the amount that's converted
When sending an international bank wire, you will need to provide the recipient's name, address, banks SWIFT BIC, and bank account number, plus the International Payments System Routing Code, for certain countries.
Each country globally will have its own set of tax laws and rules for collecting cash from overseas. Money sent for business motives will normally be taxed as an external income. If you’re looking to manage a large amount from overseas, you should recruit an account person or approach your local tax office for any further guidance.
All country’s governments will also have their own set of ordinances for receiving money, depending on the amount sent and the motive. If you’re seeking to receive a large amount of PHP from India, it is again a practical idea to contact an accountant and ensure your actions are legal and any necessary taxes are paid in full.
Yes. Unimoni dealing with overseas money transfers must be authorized with their relevant regulatory body.