International Money Transfer From India to Saudi Arabia
International remittances have increased in tandem with the number of Indians travelling abroad. Making international money transfers from India has been much more accessible in recent years, and you can do so through any of the RBI's authorized agencies. Various remittance brokers may be found in India to assist you in sending money abroad. The question is, are all of these agents authorized? What criteria should we use to choose the approved agents? In this post, we will explain the most significant aspects of money transfers and ensure that these transactions are secure.
Money Transfer Essential Documentation:
The RBI allows money transfer agencies to perform international money transfers to Saudi Arabia by collecting proper documents and guaranteeing legitimacy. The reason for the transfer mainly determines the documentation needed for an international money transfer. The following is a list of the essential documents required for money transfers:
- A2 Form.
- PAN Card copy.
- Other KYC documents (based on purpose).
The advantages of using remitforex
- The safest and most reliable method of sending money internationally from India.
- Competitive exchange rates
- Direct credit to your beneficiary account with minimal charges in less than 48 hours
- Multiple currency transfers are possible.
- There are about 165+ places in India that are part of the network.
Million Happy Customers
Billion Remittance in a year
Transactions processing every year
Branch Network.
Agent Locations
Corporate Tie-ups
Education Consultancies Onboard as Partners
Authorized Purposes for International Money Transfer to Saudi Arabia
Through an Authorized Service Provider, you can send money abroad to Saudi Arabia for different purposes like:
- Overseas Education.
- Overseas Employment.
- Emigration Fees.
- Visa Fees.
- Maintenance of Close Relatives.
- Medical treatment abroad Etc.
Money Transfer Essential Documentation:
The RBI allows money transfer agencies to perform international money transfers to Saudi Arabia by collecting proper documents and guaranteeing legitimacy. The reason for the transfer mainly determines the documentation needed for an international money transfer. The following is a list of the essential documents required for money transfers:
- A2 Form.
- PAN Card copy.
- Other KYC documents (based on purpose).
Limits on Overseas Money Transfers:
The Reserve Bank of India has imposed some restrictions on international money transfers. All residents including minors, are entitled to freely remit up to USD 2,50,000 every financial year for any permissible current or capital account transaction under the RBI's Liberalized Remittance Scheme (LRS). You must first obtain RBI approval if you need an exception exceeding this limit.
SWIFT:
SWIFT is the most frequent method of international money transfer. It's a messaging system. This network allows information to be transmitted from one bank to another. Indian banks and RBI-approved Authorized Dealers have made arrangements with central banks to accept SWIFT messages, ensuring that outward remittances from India are safe and secure.
Authentic International Money Transfer to Saudi Arabia:
If you are looking to make an international money transfer to Saudi Arabia, please feel free to contact us by visiting our website www.remitforex.com and submitting a query, or by calling us at our toll-free number 1800 102 0555 , WhatsApp us at +91 8129922232 , or sending us an email at care@remitforex.com. You can also come to our remitforex –Unimoni branch in India near you for a hassle-free and quick transfer.
Frequently Asked Questions
- Reliable and hassle-free services
- Best exchange rates in the industry
- Automated procedures with ensured appropriateness and protection
- Numerous options for sending money directly to international accounts
- Consistent market research for the best currency remittance services
- Improved and well-managed traceability
- Simple and secure methods of sending money from India to Saudi Arabia, as well as quick platforms for regulated currency exchange.
- Education Abroad
- Overseas Employment
- Emigration Fees
- Visa Fees
- Maintenance of Close Relatives
- Medical Treatments Abroad
- Gift Remittance/Donations
- Film making
- Government distributed photo ID proof of the money remitter.
- PAN card copy of the fund transferrer
- Duly filled A2 application form cum declaration with customer signature
- Other KYC’s as requested by authorized service provider for transferring funds to Saudi Arabia
According to the new rule, all remittances over INR 7 lakh will be subject to a 5% TCS (tax collected at source) under the RBI's Liberalized Remittance Scheme (LRS). The application of Tax Collected at Source was notified by the Finance Act of 2020 on March 27th, 2020, with effect from October 1st, 2020.
To keep in mind, TCS (tax collected at source) will only apply to amounts above INR 7 lakh in a fiscal year, not the overall amount. For example, if you transfer INR 10 lakh in a financial year, TCS will apply a 5% rate to the extra INR 3 lakh, resulting in a tax of INR 15,000.
TCS will apply at a rate of 0.5 percent on remittances for the purpose of foreign study, but only if the amount transferred is the result of a loan from a financial institution. Consider the following scenario: the total sum is INR 15 lacs. TCS of 0.5 percent will be applied to Rs. 8,00,000 (amount after Rs. 7 lac is deducted) and the tax collected will be Rs. 4000 in this case.
- Name of the Beneficiary Bank, Swift Code, Routing Number, and Correspondent Account Number
- Name and Address of Beneficiary (as given in bank)
- KYC requires the remitter's name, account number, and transaction purpose.
- A2 form completed and signed cum declaration
According to the RBI's LRS policy, Indians can transmit up to $250,000 (or its equivalent) per person per financial year to the Saudi Arabia. You can send money to the Saudi Arabia either online or with a demand draft.
There is no minimum amount as such set by remitforex or the banks involved in the international money transfer.