Send Money Abroad From India to UAE
Want to show your loved ones living in UAE some love through gifts but don't know what to give them? Transferring funds to them, which they can then use to purchase something of their choosing, is a better option in such cases. When you send money to loved ones, you're also sending happiness. We understand how tough it is to be apart from your family, so remitforex now offers secure money transfer solutions to over 200 countries. Make a rapid, paperless, and hassle-free money transfer from India to the UAE.
Our Benefits
The following are some of the essential advantages of sending money to the UAE using remitforex.
- Transfer Quickly
Your money will be delivered within 1 to 3 working days if you start the transaction process before the deadline.
- Low Fees
When sending money from India to the UAE, remitforex charges are low.
- Exchange Rate Preferences
Our exchange rates are competitive, making them cost-effective for you.
Make a note of these.
When sending money to UAE, you must think and act appropriately. Because these money transactions can often involve large sums of money, it's essential to know the benefits and drawbacks of each service.
- Exchange Rates
- Service Provider
- Transaction Charges
- Money Transfer Limits
- Time for Overseas Transfer
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.
RBI's Role in Foreign Money Transfers
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 set specific guidelines 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.
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Billion Remittance in a year
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To make an international money transfer from INDIA to UAE, you'll need the following documents.
The RBI allows money transfer agents to conduct foreign money transfers to 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
- ID proof
- Other KYC documents (based on purpose)
Why remitforex for international money transfer to UAE?
remitforex is an online platform of Unimoni India (Authorized Dealer II leader) for Send Money Abroad in India with many branch networks. Unimoni is the first Company in India to get an Authorized Dealer II license and specialize in Sending Money Abroad for most Indians. If you want to make an international money transfer in INDIA, please feel free to contact us by visiting our website www.remitforex.com and putting a query or chat with us at the toll-free number 1800 102 0555 or WhatsApp us at +91 8129922232 or mail us at care@remitforex.com.
Frequently Asked Questions
- Direct and assured hassle-free services
- Automated procedures with assured appropriateness and protection
- Best exchange rates prevalent in the market
- Extensive alternatives to send money abroad directly to foreign accounts
- Steady market survey for finest quality currency remittance services
- Better and well-regulated traceability
- Easy and safeguarded means to send money from India to Dubai as well as rapid platforms for regulated currency exchanging
- Overseas Education
- 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 transferor
- Duly filled A2 application form cum declaration with customer signature
- Other KYC’s as requested by authorized service provider for transferring funds to Dubai
According to the RBI's LRS policy, Indians can transmit up to $250,000 (or its equivalent) per person per financial year to the UAE. You can send money to the UAE 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.
- Name of the Beneficiary Bank, Swift Code, and Correspondent Bank Details.
- 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
A bank transfer from India to UAE can take up to 48 hours to complete. The funds are occasionally credited within 24 hours of the transfer.
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.