International Money Transfer From South Korea
Whether you need to send money to pals down the block or family on the other side of the world, Remit Forex will get your money to them swiftly and securely.We realize that global ambition brings global obstacles, and we're here to help by providing seamless cross-border financial services. Consider us your digital financial advisor, who assists you to spend your hard-earned money abroad. You can concentrate on what is truly important when you have all of your international money transfer solutions in one location. We've designed it just for go-getters like you so that you can transfer those huge sums with ease.
Make use of simple procedures.
India to other nations money transfer is not as tough as you might think. We ensure that we will provide you with the most cost-effective and straightforward international money transfer solutions available.
Documentation Required for Money Transfers
The purpose of the transfer mainly determines the documentation needed for an international money transfer. A PAN card is mandatory for overseas money transfers. The following is a list of the essential papers for money transfers:
- A2 Form.
- Copy of your PAN card.
- Other documentation proving your identity (based on purpose).
Role of RBI in Foreign Money Transfer
The Reserve Bank of India closely monitors all international money transfers, and service providers must provide transaction reports regularly. Under the Liberalized Remittance Scheme, the Reserve Bank of India imposed specific restrictions for overseas money transfers from India (LRS). A resident Indian can transmit up to USD 2,50,000 abroad in a fiscal year. If you need an exemption exceeding this limit, you must first obtain RBI approval. The RBI has established several purposes and standards for international money transfers. You can transfer money overseas 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
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How can you send money internationally from India to South Korea securely and conveniently?
- Select a legal remittance partner: For a secure and hassle-free international money transfer from India to South Korea to other countries, always use an approved dealer having an AD II license from the Reserve Bank of India.
- Know how much you can spend: Under the RBI's Liberalized Remittance Scheme, recipients receiving money from India are subject to specific restrictions and guidelines. An Indian citizen can send up to USD 250,000 per year to meet their needs in another country.
- Foreign exchange rates: For a seamless and cost-effective way to transfer money overseas from India to South Korea to other countries, it is always good to gather information on the most recent exchange rates and related costs of the services accessible.
Better Payment Experience through Remit Forex:
Remit Forex is an online platform of Unimoni India, Authorized Dealer II and is a leader for Send Money Abroad in India with a good number of branch networks. If you are looking to send money abroad from India, and especially from India to South Korea, please feel free to get in touch with us by visiting our website www.remitforex.com and put a query or chat with us at the toll-free number 1800 102 0555 or WhatsApp us at +91 8129922232 or mail us care@remitforex.com. We assure you of the best money transfer experience through Remitforex
Frequently Asked Questions
- You can quickly transfer big sums of money from India to South Korea via remit forex.
- Choose the recipient and provide specific information about them.
- Provide accurate bank account information and update the amount sent to South Korea.
- Select a payment method.
- Give the senders address proof and information.
Remit Forex processes outward remittances through India's trustworthy and authorized banks. We track orders and update you on their status until the funds are transferred from India to the beneficiary's account. Remit Forex processes your online transaction through a secure HTTPS connection with the highest levels of encryption available.
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.
Remember, 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 per cent on remittances for 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 per cent 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
- Overseas education
- Overseas Employment
- Emigration Fees
- Visa/emigration Fees
- Film Making
- Maintenance of close relatives
- Medical treatment abroad
According to the RBI's LRS policy, Indians can transmit up to $250,000 (or its equivalent) per person per year to South Korea. You can send money to South Korea online or with a demand draft.
A bank transfer from India to South Korea can take up to 48 hours to complete. The funds are occasionally credited within 24 hours of the transfer. It usually takes three working days to finish.
There is no minimum amount set by Remit Forex or the banks involved in the international money transfer.