Outward Remittance for Migration
Outward remittance for migration involves transferring funds from the migrant's home country to the destination country to support needs such as travel, settlement, and ongoing living expenses. If you are migrating from India to any countries abroad, you may need to pay fees to Migrant/Legal entities for Migrating. The Remitter should only be the Migrant and the Beneficiary should be the Migrant/Legal entities only
A reliable service provider like Unimoni can streamline these transfers, ensuring security and cost-effectiveness. Here's a detailed breakdown of each phase
Pre-Departure Remittances
Sending money before moving to another country is called pre-departure remittance. This money covers important costs for a smooth transition to the new country. These costs include:
Visa and paperwork fees: This includes fees for visa applications, medical exams, and background checks.
Travel costs: This includes the cost of flights and other transportation like trains or buses.
Hiring fees: This includes payments to hiring agencies or employers for finding a job. Initial living costs: This includes deposits for housing and initial expenses for food and temporary lodging.
Specific country fees: This includes fees like landing charges and customs duties.
Training and certification: This includes costs for required training and getting certifications recognized in the new country.
Other costs: This includes expenses for travel or health insurance and administrative fees.
Post-Arrival Remittances
Post-arrival remittance refers to funds sent after the migrant arrives, supporting settling-in and ongoing living expenses. This may also include family support, in which regular remittances are provided to support family members back home.
Remittance Channels and the Role of Unimoni
Various channels facilitate these transfers, each offering different advantages. Unimoni, as a trusted service provider, plays a crucial role in ensuring secure and efficient international remittances. With the AD-2 license and RBI’s approval, we help people in India to send money internationally.
SWIFT/Wire transfers: SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a network financial institutions use to send and receive information about financial transactions in a secure, standardized, and reliable environment.
Unimoni Forex/Travel Cards
Unimoni also offers different types of Forex Cards tailored to specific needs, so you can easily avoid the hassles of carrying multiple currencies. They are:
Multi-currency Forex Card: This card allows you to load multiple currencies onto a single one, providing flexibility for travel and expenditure in various countries.
One-currency Forex Card: This card is ideal for travel to a specific country, offering the convenience of loading and spending in the local currency.
Student Forex Card: Explicitly designed for students studying abroad, with features such as higher load limits and reload options until the course duration is completed.
Tax Implications
Knowing the tax implications is important when remitting funds abroad for migration purposes. In India, the Liberalized Remittance Scheme (LRS) allows individuals to remit up to USD 250,000 per financial year without prior approval from the Reserve Bank of India (RBI). However, for amounts above this limit, certain tax obligations may apply. Recent guidelines suggest that Tax Collected at Source (TCS) of 20% may apply to remittances above a specified threshold. It is crucial to consult with financial advisors like Unimoni to understand how these regulations affect your remittance and ensure full compliance with tax laws.
Considerations
Key factors to consider when transferring money internationally:
Exchange Rates and Fees: Unimoni provides transparent fee structures and competitive exchange rates to maximize recipients' benefits.
Regulatory Compliance: Unimoni adheres to stringent legal requirements in home and destination countries, ensuring smooth and compliant transactions.
Security and Fraud Prevention: Security and Fraud Prevention: Unimoni employs robust security measures to safeguard transactions against fraud and unauthorized access.
Liberalized Remittance Scheme (LRS)
The Reserve Bank of India (RBI) 's Liberalized Remittance Scheme (LRS) allows resident individuals to remit up to USD 250,000 per financial year for various purposes, including employment-related expenses.
Unimoni can assist with outward remittances under LRS by providing detailed guidance on compliance with RBI regulations, ensuring smooth and lawful transactions. By effectively planning and managing pre-departure and post-arrival remittances with Unimoni, migrants can ensure financial stability and support for themselves and their families during their transition to a new country. Unimoni's commitment to security, efficiency, and cost-effectiveness makes it a preferred choice for international money transfers. Contact us for more information.
Frequently Asked Questions
Choose Unimoni, which offers competitive rates and low fees for secure methods to transfer money
Reputable services like Unimoni ensure safety with robust fraud prevention and compliance measures.
Fees vary based on transfer method, amount, and destination; Unimoni provides transparent fee structures to maximize recipient amounts.
Transfer times vary, bank transfers may take hours to days, while money transfer operators like Unimoni can process transactions almost instantly.
Limits depend on the regulations of both countries and transfer methods; Unimoni offers guidance on restrictions