Expecting a friend or relative to send you money in the near future? Here's everything you need to know.
October 27, 2020 — 3 min read
Need to transfer money overseas? Gone are the days of slow wire transfers. Now, with the online money transfers, money can securely travel from country to country at a rapid pace, sometimes even reaching its destination country in minutes.
Are you expecting to receive a money transfer from a friend or family member outside India soon? Or are you the sender, and looking for ways that you can prepare yourself and your recipient for the transfer? Send this to your friend or family member or take a minute to familiarize yourself with this so you and your recipient will be well-prepared when it comes time to transfer.
If you’re receiving an Xe money transfer in India, you will need a bank account. This is where the transferred money will end up once the transfer has been completed.
You will also need to provide this information to the person sending you money:
The country you have your bank account in (in this case, India)
Your full name
Your address (your residential address, not the bank’s address)
Your bank name
Your bank account number
Your BIC or SWIFT code
Intermediary bank details, if necessary (though this is pretty uncommon)
That depends on the purpose of the money transfer. If you’re receiving income, then the amount would be added to your total income and be taxed accordingly.
If you’re receiving the money as a gift from a relative, good news: gift tax is not something that you’ll need to worry about. If you’re receiving the money from a non-relative, if the money meets a certain set of criteria, it also will not be taxed. If you’re receiving from a non-relative for a purpose not outlined in the linked article, gifts up to ₹50,000 in one financial year are exempt, though if you receive gifts above this amount, the entire gift would be taxed.
Fun fact: online money transfer doesn’t involve the physical transport of money at all. Instead, banks securely transmit the information of the transfer to one another, and this signifies how much the sender’s account should be debited and the recipient’s amount should subsequently be credited.
As mentioned above, the money will arrive in your bank account. No need to head out and collect it in person; just wait for your bank to notify you of the deposit. If your friend or relative has sent money with Xe, the money should arrive in your bank account in a matter of minutes.
When someone initiates a transfer with Xe, they will be told when the transfer will be sent and when it’s expected to arrive, as well as confirmation when the transfer is sent. If you’re curious about when the transfer will arrive, start by asking your friend for the latest update.
We hope you look to Xe next time you need to send or receive a money transfer.