Outward Remittance for NRE Repatriation

Outward Remittance for NRE Repatriation

Navigating the financial landscape as a Non-Resident Indian (NRI) involves understanding various regulations and opportunities for managing your funds effectively. One crucial aspect of this is NRE repatriation, which allows NRIs to seamlessly transfer their earnings from their home country to their place of residence. Unimoni, a global financial services provider, is committed to simplifying this process for you.

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Understanding NRE Repatriation

As an expatriate, you might have savings in your NRI accounts from living abroad. You likely put your foreign earnings in an NRE account and your income earned in India in an NRO account. When you need to access this money from overseas, you'll need to send it from India to your country of residence. Understanding the documentation and compliance requirements is crucial to ensure a smooth funds transfer.

NRE (Non-Resident External) accounts are Rupee accounts held by NRIs in India. Funds deposited in these accounts come from sources abroad. NRE repatriation refers to the process of transferring funds held in your NRE account back to a bank account abroad. An NRE account is specifically designed for your foreign earnings. You can transfer the money back to your country of residence anytime. According to the RBI, the funds in this account are fully repatriable, and there is no upper transaction limit.

Process Involved

One key benefit of transferring an amount from your NRE account is that the funds transferred are exempt from the tax collected at source (TCS).

The process of transferring amount from your NRE account through Unimoni includes:

1) Share your details with Unimoni:Before repatriating funds, you need to have an NRE account. Unimoni's efficient staff will assist you and provide necessary information to open your NRE account. Share the account details and required documents with Unimoni

Documents needed are:

  • Application form, A2 & LRS forms
  • PAN Card of the Remitter
  • Valid Passport
  • Overseas Citizen of India (OCI) card
  • NRE account details (account number, bank name, branch)
  • Proof of remittance purpose (may vary depending on the amount and reason for repatriation)
  • Details of the beneficiary account (account number, beneficiary’s name and address, bank name, branch name, etc.)
  • SWIFT CODE/ IBAN CODE
  • Tax identification Number
  • Utility bill (Abroad DL, Electricity bill, Phone bill)

2) Review and Confirm:Review the transfer details carefully and confirm with Unimoni. Your amount will be credited within 48 business hours. It's that simple with Unimoni!

Essential Considerations

There are generally no TCS on funds transferred from your NRE account. There is no limit to the amount you can repatriate from your NRE account. All of our process is transparent so that we will provide you with the correct information promptly and we won’t charge any hidden charges.

Get Started with NRE Repatriation with Unimoni

With years of experience in financial services, Unimoni has built a reputation for trust and reliability. We prioritize our customers’ needs, providing personalized services and support throughout the repatriation process. Our advanced technology ensures secure, fast, and efficient transactions. Unimoni’s global presence and extensive network make accessing our services convenient for NRIs worldwide. We believe in transparency, keeping you informed at every step of the remittance process

With Unimoni, you can rest assured that your funds are safe. Our expertise, secure processes, and customer-centric approach ensure that your repatriation and remittance needs are met seamlessly. Whether you are looking to repatriate your earnings or transfer funds for investment purposes, Unimoni is your trusted partner in financial services.

For more information or to start your NRE repatriation and remittance process, visit our website or contact our customer service today.

FAQs

There is no limit for transferring amount from the NRE account.

Unimoni offers competitive rates and minimal charges. You can check the fee structure by contacting our customer service.

The Indian rupee will be converted into the foreign currency chosen for outward remittance at the most competitive rate.

For such transfers, you typically need the recipient's bank account details, including the account number, bank name and branch, name, address, and contact information of both sender and receiver, SWIFT code/IBAN code, tax identification number, Utility bills etc.

Funds transferred from the NRE accounts are exempt from TCS