If you are an NRI or an OCI, you also need a declaration to the effect that the total remittances being made by you have not exceeded the limit under the foreign exchange laws. As an NRI/OCI, there will be no tax applicable on your remittance since the remittance is not being made under LRS. best money transfer uk to india 200 US dollars to Indian rupees
Yes. As of May 2021, users can send money from the US to India using Google Pay in partnership with Western Union and Wise. To set up a Google Pay transfer, you'll need to make sure that your recipient in India also uses Google Pay and that their bank account is connected via UPI. From there, you'll be able to transfer just like you usually would on Google Pay, with the additional step of clicking through Western Union or Wise.
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Once you have money in your PayPal account you may want to withdraw it to your regular Indian bank account or card. There may be a fee for this service, depending on exactly how you want to process the withdrawal. Here are the PayPal India withdrawal fees for consumer accounts:
Wise is the trading name of TransferWise, which is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. Wise has the approval from the Reserve Bank of India to offer the service with a local bank partner.
WorldRemit specializes in remittances and smaller transfers. They're perfect for personal money transfers from the US of up to US$10,000 to India. Their rates are usually better than your local bank's and they offer more flexible delivery options than companies like PayPal, Western Union or MoneyGram. 4 usd to indian rate foreign usd 3 million in rupees
Every time you send money abroad, you'll pay one (or both) of two major types of fees. The first is a service fee, which will come in the form of a fixed fee or a commission, levied on each transfer that you make. The second fee comes in when you're charged the difference between the "real" exchange rate (known as the mid-market exchange rate) and the rate which your currency exchange provider decides on. This difference is known as the exchange rate margin and is expressed as a percentage.
If you're a US citizen living and earning income abroad, you'll unfortunately still have to pay tax on your worldwide income. This is true even if you've never actually been to the US - if you were born on an American military base or have an American parent you may still owe tax on your income.
Say if money transferred as "maintenance" is used in some investment, like buying a house or investing in stocks or bonds abroad, is there any rule against it? It is to be noted here that once the money is transferred to NRI account abroad, there is no control of resident Indian father, wheather under the option of "maintenance" or under the option of "gift" and therefore, common sense says, that issue is irrelevant from taxation point of view for any party. Please clarify.