Guides

Nigeria's Journey into More Flexible Exchange Rates: February 2024 Update

In a series of regulatory adjustments, the Central Bank of Nigeria (CBN) has implemented changes aimed at fostering a more flexible foreign exchange market. This article provides an overview of these updates, marking a continuous effort by the CBN to address liquidity, transparency, and market efficiency. Bel...

Bangladeshi Government's Incentive on Incoming Remittances and Its Impact on End Users

The Bangladeshi government has introduced a 2.5% incentive to boost the inflow of remittances through legal channels. This initiative, effective since early 2022, is directed at Bangladeshi citizens living abroad, encouraging them to send money back home through formal routes. The incentive is credited to the recipients either as cash or into their bank accounts.

Key Aspects of the Inc...

Do You Pay Taxes on International Money Transfers or Remittances?

When transferring money internationally, be aware of potential taxes. Some countries don't impose taxes on personal remittances, while others might tax larger amounts or classify them as gifts. Additionally, certain nations promote official channels for transfers with incentives. This article delves into international transfer taxation and features a comprehensive case study on India. 

Regulatory Challenges in Money Transfers

Sending money internationally requires understanding and following specific rules to avoid legal issues and extra fees. Key regulations include Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. It's essential to provide proper identification and possibly prove the source of your funds. Always be cautious, especially with large transfers or when using a new service. Keeping records ...