Is the authorised bank required to check permissibility of remittances based on nature of transaction or allow the same based on remitters declaration?
The authorised dealer is guided by the nature of transaction as declared by the resident remitter in Form A2 and will thereafter certify that the remittance is in conformity with the instructions issued by the RBI in this regard from time to time. The final responsibility is on the remitter to ensure compliance to the extant Foreign Exchange Management Act (FEMA) rules and regulations.
Are there any bank-wise remittance limits?
A few banks have placed limits on online remittances. Please check with your client’s bank relationship manager.
What are the KYC documents required for NRIs?
The following KYC documents are required for ID & Address proof for NRIs: ID Proof (Any of the below): • Passport • Aadhaar card • Any government issued ID (should contain name, photo & date of birth) Address Proof (Any of the below): • Utility bill ...
How can I withdraw money back into my client’s bank account in India?
You can initiate the withdrawal by clicking on ‘Withdraw’ and entering the withdrawal amount and selecting the client bank account. Once your client verifies the information through the Fintso app or a verification link, the transaction will be ...
Are remittances only in US dollar?
Remittances can be made in any freely convertible foreign currency.
Are there any transaction charges?
There are no transaction charges for buying and rebalancing of Baskets (it is covered as part of the fee charged to client). However, we charge a transaction fee when the customer sells (partially or completely) the Basket equal to $0.01 (1 cent) per ...