Outward Remittances
How many days would it take for money to reach the beneficiary account?
At Muthoot FinCorp ONE all the international money transfers are completed within 24* hours by us. However, the receiving bank can sometimes take more than 24* hours to reflect the transaction into the recipient’s bank account.
Why is my money not credited to the beneficiary account even in 48 hours?
When your money is not credited to the beneficiary account even in 48 hours, it could be due to several reasons. Firstly, check if there is an international bank holiday, secondly, the receiving bank might be taking some extra time.
We suggest that you wait for one more day, and still, if your money isn’t credited, please contact our customer support.
What are the circumstances that might lead to rejection of an outward remittance request?
Your outward remittance can be rejected due to the following reasons:
i. If the Liberalized Remittance Scheme (LRS) of USD 2,50,000 limit has already been utilized
ii. If there is an insufficient balance in your account
iii. If the beneficiary country is not in RBI’s; permitted country list’
iv. If you have entered incorrect details of the beneficiary account
v. If the purpose of your amount transfer not covered under LRS
What are the documents required for making an international money transfer at Muthoot FinCorp ONE?
For international money transfer, your documents would vary for different purposes. Here is a list of the following:
i.To transfer funds to close relatives (‘relati Senderanies Act, 2013) abroad, you will need to submit:
- Sender: A2 form, (Form A2 is a FEMA declaration cum application for the purchase of foreign exchange for remittance purposes and mandated by RBI), address proof (Aadhar Card/Driving Licence/Passport or Voter ID), relationship proof (Passport/marriage certificate etc)
- Receiver: Passport copy (with a declaration stating the relationship proof)
ii. When you need to transfer for medical visit, you will need to submit - Sender: A2 form (Form A2 is a FEMA declaration cum application for the purchase of foreign exchange for remittance purposes and mandated by RBI), Address proof (Aadhar Card/Driving Licence/ passport/Voter ID), relationship proof with close relative lose relatives (‘relative’ as defined in Section 2(77) of the Companies Act, 2013) Receiver: Letter from hospital and their passport copy
iii. To transfer funds to an educational institute, you will need to submit:
Sender: A2 form (Form A2 is a FEMA declaration cum application for the purchase of foreign exchange for remittance purposes and mandated by RBI), Address proof (Aadhar Card/Driving Licence/Passport/Voter ID), relationship proof with close relative lose relatives (‘relative’ as defined in Section 2(77) of the Companies Act, 2013)Receiver: University acceptance and admission Letter along with the passport copy.
iv. For gift and donations you will need to submit:-Sender: -A2 form (Form A2 is a FEMA declaration cum application for the purchase of foreign exchange for remittance purposes and mandated by RBI), KYC documents (Aadhar Card/Driving Licence/Pan Card/Passport/Voter ID) and PAN Card. Receiver: Valid Bank Account Details
How much is the GST charged on forex services?
The following GST slabs are applicable for Forex transactions:
1. 0.18% of the total amount up to Rs. 100,000, subject to a minimum of Rs. 45
2. Rs. 180 plus 0.09% of the total amount for an amount between Rs. 1,00,000 and to Rs. 10,00,000
3. Rs. 990 plus 0.018% of the total amount exceeding Rs. 10,00,000
What is Tax Collected at Source (TCS) and when is it deducted on my Forex transactions?
According to the RBI guidelines, Tax Collected at Source (TCS) is the tax you have to pay if your order exceeds INR 7,00,000. The tax charged will then be 5% for a taxpayer and 10% for a non-taxpayer.
What all currencies can I purchase from Muthoot FinCorp ONE?
Muthoot FinCorp ONE offers all major and legally accepted currencies. The list of currencies available are: U.S dollar (USD), Euro (EUR), Japanese Yen (JPY), Pound sterling (GBP), Renminbi (CNY), Australian dollar (AUD), Canadian dollar (CAD), Swiss franc (CHF), Hong Kong dollar (HKD), Singapore dollar (SGD), UAE dirham (AED), Saudi Riyal (SAR), Malaysian ringgit (MYR), Thai baht (THB) and New Zealand dollar (NZD).
You can get these anytime within 24* hours. However, the availability of some of these currencies' can be subject to market liquidity.
What is the ‘Block Rate’ feature on Muthoot FinCorp ONE?
The block rate feature on Muthoot FinCorp ONE allows you to lock-in your Forex exchange rate for two days just by paying a nominal premium for your order.
What is the ‘Buy Back Guarantee’ feature on Muthoot FinCorp ONE?
At Muthoot FinCorp ONE we give you the buy-back guarantee feature with a promise to buy your the purchased or left-over currency from you, at the same exchange rate you had purchased from us. You can do this within a period of 15 days, from the date of purchase.
What is the verification process to buy, sell and reload Forex at Muthoot FinCorp ONE?
At Muthoot FinCorp ONE you can complete your KYC or verification process either through an online video-KYC or by visiting a nearby Muthoot FinCorp Forex Branch with your documents.
