Sending Money Abroad Made It Super Easy!

At Muthoot FinCorp 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.

Your outward remittance can be rejected due to the following reasons:

1. If the Liberalized Remittance Scheme (LRS) of USD 2,50,000 limit has already been utilized
2. If there is an insufficient balance in your account
3. If the beneficiary country is not in RBI’s; permitted country list
4. If you have entered incorrect details of the beneficiary account
5. If the purpose of your amount transfer not covered under LRS

For international money transfer, your documents would vary for different purposes. Here is a list of the following:

1. To transfer funds to close relatives (‘relative’ as defined in Section 2(77) of the Companies 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)
2. 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
3. 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.
4. 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