What type of documents can a company ask for verification before sending money?

Do you know how expatriates send money to India from abroad? In this article, we will walk you through the types of documents an online company can ask you to verify before sending money online.

This document will serve you as a complete guide on documents because what types of documents are needed to be verified depends on your source of income and how you are funding your transfer. It can vary from salary, property sale or investments.

As a first step, you will be required to provide your identity, full name and total amount.

Now let’s see different types of documents for different transactions if you wish to fund the transaction from your bank account.

Property:- A company may ask you to provide the following in case your funds come from a sold-out property:

  • Date of receiving money;
  • Amount received;
  • Signatures of the concerned parties;
  • Property address;
  • Property description; and
  • Total time for which you owned the property.

Salary:- A company may ask you to provide the following documents before money transfer to India in case your funds come from your paycheck:

  • Your designation or role;
  • Annual salary;
  • Employer’s name;
  • Employer’s address;
  • Employment date; and
  • Dates on which you received salary payments.

Investment:- A company may ask you to provide the following documents in case your funds come from your investments:

  • The date on which you received money;
  • The amount received; and
  • The type of investment made.

Inheritance:- For online money transfer to India or another country, the company may ask you to provide the following documents in case your funds come from your inheritance:

  • The date on which you received the money;
  • Amount received;
  • Name of the person who made the will;
  • Signature of the person who made the will; and
  • Your relationship with the person who made the will.

 

Loan:- A company may ask you to provide the following documents in case your funds come from a loan you borrowed:

  • The amount you borrowed;
  • The date on which you received the money;
  • Name of the lender;
  • Address of the lender; and
  • Purpose of the loan.

Something else:- A company may ask you to provide the following documents in case your funds come from something else such as a gift etc.:

  • The date on which you received the money;
  • The amount you received; and
  • The reason(s) you received the amount.

So far, we have discussed the types of documents a company may ask you to verify if the transaction is from your business account. Now let’s see different types of documents for different transactions in case you wish to fund the transaction from your business account.

Business revenue:- A company may ask you to provide the following documents in case your funds come from your business:

  • Your business name:
  • Dates of transactions;
  • Transaction amounts;
  • Senders; and
  • Receivers or beneficiaries.

Investments:- A company may ask you to provide the following documents in case your funds come from investments:

  • Date on which your business received the money;
  • Amount received;
  • Type of investment;
  • Names of concerned parties; and
  • Signatures of the concerned parties.

Loan or funding:- A company may ask you to provide the following documents in case your funds come from loans or third-party funding:

  • Date on which your business received money;
  • Amount received;
  • Names of the concerned parties;
  • Addresses of concerned parties;
  • Signatures of concerned parties;
  • Purpose of loan; and
  • Purpose of payment.

 

Something else:- A company may ask you to provide the following documents in case your funds come from something else:

  • The date on which your business received money;
  • Amount received;
  • Names of the concerned parties;
  • Signature of concerned parties; and
  • Reason(s) for which your business received it.

Conclusion:- From all of the above we have clearly understood what types of documents are required by a company for verification before initiating an online money transfer anywhere worldwide. What documents a company requires depends on whether you fund your transaction from your personal or business account. There are then different types of documents required which depend on the sources of income. But, one point to bear in mind is that these documents may change and vary from company to company and how you send money to India online or cash.