What is the limit of international money transfer in a year?
The limit for international money transfers set by the Reserve Bank of India under Liberalized Remittance Scheme (LRS) is USD 2,50,000 in one financial year.
Do I need to visit a Muthoot FinCorp Branch to purchase Forex/Outward remittance/Forex card?
Muthoot FinCorp ONE gives you the option to apply for your multi-currency Forex card online and get it delivered at home. You can also send money abroad (remittance) and reload your existing Muthoot FinCorp ONE Forex card, both online and offline.
However, in case you wish to collect cash or sell foreign currency, you will have to visit your nearest Muthoot FinCorp Forex branch
What are the different purposes allowed by RBI for which I can purchase Forex ?
RBI allows the following purposes for which you can purchase Forex for non-trade accounts-
(a) Private visits
(b) Remittance by tour operators/travel agents to overseas agents/overseas principals (international entity approved by financial regulatory authority of that country for carrying on money transfer activities)/hotels
(c) Business travels
(d) Fees for participation in global conferences and specialized trainings
(e) Remittance for participation in international events/competitions (towards training, sponsorship and prize money)
(f) Film shoots
(g) Medical treatment abroad
(h) Disbursement of crew wages
(i) Overseas education
(j) Remittance under educational tie up arrangements with universities abroad
(k) Remittance towards fees for examinations held in India and abroad, along with additional scoresheets for GRE, TOEFL, etc.
(l) Employment and processing, assessment fees for overseas job applications
(m) Emigration and emigration consultancy fees
(n) Skills/credential assessment fees for intending migrants (o) Visa fees
(p) Processing fees for registration of documents as required by the Portuguese and other Governments
(q) Registration/subscriptions/membership fees to International Organisations
What all payment methods can I use to purchase Forex?
At Muthoot FinCorp ONE we accept online payment methods – Net-banking, bank transfer, UPI and debit cards. In addition to the above, we accept cash as well at the Muthoot FinCorp branch, only if the order value is less than Rs. 50,000.
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.