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Western Union reviews are generally positive, with the expected negative reviews popping up on review sites like Trustpilot and ConsumerAffairs. It's no surprise that there are many users with great experiences and many with poor experiences -- given that Western Union caters to hundreds of millions of customers.
There is no recipient tax on money being transferred from abroad to India when it's being sent to blood relatives. In general, "blood relatives" -- including spouses, children and grandchildren, siblings or in-laws -- don't pay tax on any amount you send.
On this note, keep in mind that Xoom sadly doesn't transfer money to India for cash pickup that exceeds Rs50,0000 (about US$680). To transfer Rs50,0000 or above, you'll need to choose to send the money for bank deposit, a service in which Xoom is far less competitive, according to our research. For bank deposit searches on Monito's comparison engine, Xoom was the cheapest on only 0.17% of searches between November 2020 and January 2021.
Today's cheapest money transfer service might not be the cheapest tomorrow. Find the one that's best-suited to your needs and preference by comparing the best performers on Monito's comparison engine over the past 30 days for transfers from the USA to India:
I have a property in India and I have OCI.I want to sell that property b ut will attract 20% capital gains. Would I be able to gift it to my father who is an Indian citizen and he can sell it with 1% taxWhat do you think? Is there any other implication?
INR - Indian Rupee
Payoneer has extensive reach, and it offers services in India, as well as over 195 countries with 100+ currencies. When making an international payment, users have the option of paying via a bank account or a credit card, respectively incurring a 1% or 3% fee. However, no fees are charged if money is sent from one Payoneer account to another and funded with a Payoneer balance.
Generally, you'll pay fees for incoming and outgoing wires. The wire transfer fees your bank charges depend on whether you're sending the money. Some banks charge more depending on how you initiate the wire transfer -- for example, online or in person.
Is it necessary to inform the India IT Dept on such remittances.
The very first formal cross-border remittance market was set up to handle transactions between the United States and Mexico. Three decades later this is still the most popular transfer corridor for Western Union accounting for 20% of the market share.
The turnaround time for a money transfer to India depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer - usually 2-5 days.
- I would like to gift around 25 lacs to my father in law as a gift. Is it exempt from tax? What documentation I need to do? I know that simple gift deed is required. Are signatures required on the gift deed? Can it be done as soft copy while both parties are in different countries?
With 150 years in the industry, Western Union is a reliable source for making international money transfers to India. Plus, as the largest money transfer provider, Western Union not only offers online transfers and a mobile app, but it also has more than 42,000 US locations-making it really convenient to transfer money in-person at a Western Union branch.
Our research found that exchange rates given to customers arranging a Western Union international transfer can incur markups up to 7% above the mid market rate. These rates are not nearly as competitive as the foreign exchange services offered by companies like TorFX or Xe.
Get a quote: Click here to find out the cost to transfer money to India with Xoom. howdollars to rupees into dollar send money to india review questions
If you'd like to send a substantial amount of money from the US to a bank account to an Indian one (i.e. more than US$50,000), then your best bet will be to use a foreign exchange broker. These services are similar to ordinary money transfer and remittance services. The main difference is that they're specialised in large transfers and can negotiate favorable exchange rates on your behalf.
There is no recipient tax on money being transferred from abroad to India when it's being sent to blood relatives. In general, "blood relatives" -- including spouses, children and grandchildren, siblings or in-laws -- don't pay tax on any amount you send.
Foreign gifts you receive are not taxable, but you will have to report a foreign gift(s) or bequest(s) you receive if the value exceeds $100,000 during the taxable year. If this is the case, you'll need to identify each gift valued at over $5,000 separately.
d) Please share the Gift deed format required by I T Authorities in India as an acceptable & complete document.
1. Date and Place where the deed is to be executed.
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.
First we should check whether NRI is relative or not, If he/she is relative then both receiver and giver are exempt from tax in india.
A reliable and well-priced remittance platform, Panda Remit is an excellent option for transferring money to India from the USA, where many other remittance services don't operate or charge high fees. Panda Remit is especially fast, with most transfers arriving in just minutes!
Reload at home or on the go. We'll send it right away and your loved one will get a text the moment it arrives. Mobile reloads subject to review and may be delayed or stopped if an issue is identified. DT One sells you the Reload according to DT One's applicable Terms & Conditions and Privacy Policy. Xoom transfers the applicable amount of your payment to DT One. dollar to inr converter online google send money to india quizlet
WorldRemit also earns high marks for its convenience. The company not only offers multiple options for funding a transfer (debit, credit, prepaid cards, Apple Pay, and bank transfer), but it also allows recipients to receive money in a number of different ways, including bank transfer, cash pickup, mobile money, AirTime top up, and Alipay.
My son an NRI. My wife & her sister joint holder of a property selling it and planning to remit to my son's NRO account which inturn he will make as NRO deposit in the same bank. My question is 1.Hope no gift tax to both as close relatives. 2. TDS of 30% on interest too ok3. IT return and refund upto 3 lacs under new regime - is it correct. 4. Abv 3 lac IT applicable as per citizen limit and std rebate not eligible. Am i ok in my understanding
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If you'd like to send a substantial amount of money from the US to a bank account to an Indian one (i.e. more than US$50,000), then your best bet will be to use a foreign exchange broker. These services are similar to ordinary money transfer and remittance services. The main difference is that they're specialised in large transfers and can negotiate favorable exchange rates on your behalf.
My Uncle is NRI residing in Spain. He wants to gift $300,000 to $325,000 to me (Major). Can you please let me know if any Gift Tax is applicable for me or him? Also is there any other formalities in terms of Gift Deed / RBI declarations etc which is required?
If you are looking to make a large money transfer, then Western Union allows you to transfer up to $50,000 from the US when sending from your bank account directly to the receiver's bank account. But keep in mind that this limit may not be available for all receiver countries and is subject to restrictions based on the factors mentioned above. exchange rate from rupees to usd 1 dollar to indian rupee western union
You can also use Boss Revolution which offers better exchange rates and lower fees than most competitors. With as low as $1.99 fees for debit cards and excellent exchange rates, your friends and family members will get more money with every transfer.
I am an NRI, can i gift my property to my father to avoid ant Capital gains and once my father will sell the property , he can transfer the money to me as a gift ?? is there any time limit like after how many months/years of sale of property he can gift me that money?
When you send money to any person abroad in India, the first $15,000 USD will be exempt from taxes by the IRS under the Gift Tax policy. This limit is charged on a per-person basis -- if you would like to send $15,000 USD each to multiple persons, you will still be off the hook for any gift taxes.
For instance, let's say you remit Rs. 5 lakh to a relative living in a foreign country. Under such circumstances, there will be a TCS of Rs. 1 lakh. Now, while filing your IT returns, you find a tax liability of Rs. 2.5 lakh. Under such circumstances, you can reduce your tax amount by adjusting it with the payable TCS.
Fortunately, we've got the answer right here! In this blog post, we'll tell you what you should consider before sending money to India, share with you your best options for transferring money, and discuss the various pros and cons of each of those options.
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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:
With so much attention on money entering and leaving India, if you fail to report large sums, don't know you have to report them or don't report them correctly, it will likely be discovered. Make sure to declare any large remittance as income on your general tax return with the Indian Income Tax Department.
Byron has a BA Honours in Journalism and has spent over four years writing extensively about financial topics. He has a keen interest in the intersection of personal finance and technology and strives to bring these subjects to life insightfully and enjoyably. look at here now
Hello, great blog here! I am an NRI holding NRI and NRO bank accounts in India. My father who is a resident Indian sold one of his properties and wants to gift the proceeds to me. I prefer the money is in NRE, rather than my NRO account. Can this money be received in my NRE bank account? If he transfers the money to me via a cheque/transfer, would that money be repatriable?
Hi, I would like to ask you about funds transfer from India. My mother is Indian citizen and she wants to transfer US dollars from India to my account in canada, I am Canadian citizen. My question is how much maximum US dollars or Canadian dollars she can transfer to my account in Canada in one year or there is no limit. Thank you
1) Whether Your brother is consider as your relative in the eyes of law.
Gifts in the form of cash, cheque, items, or property to a Resident Indian who is a relative, both giver and receiver are exempt from tax in India.
There is no recipient tax on money being transferred from abroad to India when it's being sent to blood relatives. In general, "blood relatives" -- including spouses, children and grandchildren, siblings or in-laws -- don't pay tax on any amount you send.
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You can pick up your cash in minutes at any one of Western Union's 500,000 agent locations worldwide. If you are receiving funds domestically, you will typically find that on average the funds will arrive within 24 hours. In comparison, international transfers can take between one to five business days to process.
*B. should he send the funds to my NRO or my NRE a/c? Can I transfer money from India to USA via PayPal how much is 5 million rupees in dollars
My son born in India obtained US citizenship before 7 years. He also holds PIO status. He has NRE AND NRO Saving Bank Account's. My mother or my unmarried 71 years old sister wants to gift him INR 40,000-50,000. Obviously, cheque should be deposited in his NRO SA. Can he receive this cheque? Is gift deed necessary? If so, on Judiccial stamp paper of Rs 20/- is OK? Is it to be notorised?
For sending remittance from UAE self bank account to India self bank account for investment purpose ( say FD or mutual funds etc.) is there any limit of amount per remittance or per year which can be sent . Remittances are sent through bank channels only.
*B. should he send the funds to my NRO or my NRE a/c?
Despite its relatively new entry to the financial services scene, Paysend is considered a safe and reliable way to transfer money. Not only is the company licensed in the UK, but it's regulated by the UK's regulatory body, the Financial Conduct Authority (FCA). Paysend is also certified by Visa and Mastercard and uses top-notch security protocols.
So if you are wondering how to transfer money from USA to India, it is better to do it through the NRE account. NRE accounts are current or savings account held in India by NRIs. These account allow the NRI to repatriate funds that come from outside earnings. An NRI can transfer funds from UK or USA to India in his/her NRE account securely and conveniently. As an NRI when you send money to the NRE account from your country, it gets automatically converted into INR. Make sure you learn more about this account before opening one.
subject to market risks, read all scheme related documents carefully. Past performance is not an indicator 3000 rupees to dollars dollar rupee exchange rate chart
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.
You can pick up your cash in minutes at any one of Western Union's 500,000 agent locations worldwide. If you are receiving funds domestically, you will typically find that on average the funds will arrive within 24 hours. In comparison, international transfers can take between one to five business days to process. get more
Service providers like Western Union make a profit from foreign exchange spread, transfer fees and any other charges paid by the customer. For this reason, understanding how much of your money is being spent on these costs means you can make a more well-informed decision about whether this service provider is for you.
A good rule of thumb: never send money from the US to India with banks, Paypal, or cash-based money transfer services. Sending money with them is very expensive if you calculate all the fees (including hidden currency exchange rate margins). However, there are also plenty of other options to send money from the US to India. You can compare on Monito and find the cheapest money transfer operator for your next transfer to India.