But the best part is, that Wise can often be the cheapest way to get money to India too. With just one low transfer fee, and the real mid-market exchange rate you see on Google, you and your senders can save money on every transaction. No extra fees here.
I am an OCI seeking to gift rupees of 2,00,000 to my nephew in India. I understand as the amount is more than 50,000 Rs there would be tax implications for him. I had read somewhere that he would need to give an undertaking that he would pay whatever taxes are owed in India for that money. what letter is required for that in addition to a gift letter? Would you have a template I could use? Thanks
If an aunt ( mother's sister) who is Indian citizen and Indian resident wants to gift 5 crores in cash via bank transfer to indian citizen ( neice) who is non -resident and has no property income or tax file in India for the last 30 years. what is the implication for taxes for receiver and what are the papers required?
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According to the Reserve Bank of India (RBI) guidelines, an Indian resident can gift up to USD 250,000 per financial year to an NRI spouse who is an Indian citizen or of Indian origin. This gift can be made in any form, including by way of a bank transfer to your wife's account in India.
NRIs may also be able to transfer funds in excess of the LRS limit, but they will need to obtain prior approval from the RBI and provide the necessary documentation. The specific requirements for obtaining approval and the limits that apply to these transfers will depend on the purpose of the transfer and the type of account involved.
Credit cards are accepted by Remitly and with their Express option, money can be sent within minutes. Remitly have no minimum limit so it can be handy when sending small amounts to family or friends overseas. What we like about Remitly is they are cheaper than Xoom/PayPal or Western Union for money transfers within minutes. It's also easy to make payments on the Remitly website or mobile app.
While the exchange rate may not seem like such a big deal to you, it will matter to your recipient-who won't receive the full amount of the money you send. Take, for instance, the difference between two $1,000 transactions, calculated using different exchange rates:
PayPal decides its own exchange rate. This might mean that you will pay a marked up rate on international transactions that arrive. The PayPal rate will most likely be different from the mid-market rate. The mid-market rate is the rate that banks use and is also the one seen on Google and Reuters.
1. how much money can i send him per month?