Non-Resident Indians (NRIs) often face challenges when transferring money across borders. Presenting Remittor, a pioneering wealth transfer platform designed to simplify and enhance money transfers from India to Canada. Our platform offers competitive tax-free transfers, high transfer limits and forex rates ensuring maximum value and convenience for our customers. Why Choose Remittor? Remittor is not just another money transfer service. We are committed to providing NRIs with a comprehensive suite of financial solutions that go beyond conventional offerings. Here’s a quick look at what sets us apart:
Why Choose Remittor?
Remittor is not just another money transfer service. We are committed to providing NRIs with a comprehensive suite of financial solutions that go beyond conventional offerings. Here’s a quick look at what sets us apart:
A. No Tax Transfers: Unlike traditional banks, we facilitate tax-free transfers from India, saving you from additional financial burdens.
B. High Transfer Limits: Remittor allows the one-of-its-kind transfer limit of Rs. 8 Crores, making it easier for you to transfer large amounts without the hassle of multiple transactions.
C. Best Forex Rates: Our platform offers some of the most competitive forex rates in the market, ensuring that you get maximum value for your rupee.
The Remittor Advantage Over Banks
To truly appreciate the benefits of using Remittor, let’s compare a typical money transfer scenario through a bank versus Remittor.
Scenario: Transferring Rs. 1 Crore from India.
Bank Route: Banks impose a 20% Tax Collected at Source (TCS) on amounts exceeding the tax-free limit of Rs. 7 Lakhs, significantly reducing the final amount available for transfer. Here’s a breakdown: As seen above, conventional methods often involve additional costs and complexities that reduce the overall value of your transfer.
| DETAILS | BANKS (IN CASE OF FIRST OVERSEAS TRANSACTION) | BANKS FOR TRANSACTIONS BEYOND THE FIRST Rs. 7 Lakhs | REMITTOR (ALL OVERSEAS TRANSACTIONS) |
| Remittance Amount | Rs. 1,00,00,000 | Rs. 1,00,00,000 | Rs. 1,00,00,000 |
| Tax-free Component (INR 7 Lakhs/year) | (-) Rs. 7,00,000 | Rs. 0 | NIL |
| Taxable Amount | Rs. 93,00,000 | Rs. 1,00,00,000 | NIL |
| 20% TCS Deducted by the Bank | (-) Rs. 18,60,000 | (-) Rs. 20,00,000 | NIL |
| Bank Fees for Remittance + GST | (-) Rs. 20000 | (-) Rs. 20,000 | (-) Rs. 20,000 |
| Final INR Amount | Rs. 81,15,000 | Rs. 7976000 | Rs. 99,80,000 |
| Bank Card Rate | INR 62.5/CAD | INR 62.5/CAD | INR 61.5/ CAD |
| Final CAD in Bank | $ 1,29,840 | $ 1,27,616 | $ 162,276 |
Remittor Process: In contrast, Remittor offers a simplified and cost-effective solution with:
- No Taxable Component: The full amount is considered, providing a higher transfer value
- Significantly Higher CAD Amount: Resulting in $ 1,62,276 CAD for the same transfer amount, as opposed to $ 1,27,616 CAD through conventional banks
- Higher Forex Rates: At Remittor, we offer an exchange rate of INR 61.5/CAD* compared to the bank’s rate of INR 62.5/CAD**
The Remittor Commitment
Remittor provides a significant edge over banks through its innovative approach to wealth transfer. Unlike banks that impose a 20% Tax Collected at Source (TCS) on transfers exceeding the tax-free limit of Rs. 7 Lakhs, Remittor offers tax-free transfers, eliminating this financial burden. Additionally, Remittor allows for a one-of-a-kind transfer limit of Rs. 8 Crores, simplifying large transactions and reducing the hassle and cost of multiple smaller transfers. With highly competitive forex rates, Remittor ensures you get maximum value for your rupee, resulting in a significantly higher final amount in your overseas account.
Remittor is committed to providing cost-effective, secure, and seamless money transfer solutions from India to anywhere in the world, transforming the financial landscape for Global Indians. Visit our website or contact our customer service team to experience the benefits of Remittor firsthand. Stay connected with us on LinkedIn for more updates and industry insight
About Remittor
Remittor is dedicated to transforming the financial landscape for Global Indians by offering innovative, cost-effective, and secure money transfer solutions. Our mission is to become the preferred choice for NRIs looking to transfer wealth internationally, ensuring they get the maximum value and convenience.
For more information on Remittor and to experience a seamless and advantageous money transfer process, visit our website (www.remittor.ai) and contact our customer service team.
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