US reduces remittance transfer tax from 3.5% to 1%
The US Senate has revised the 'One Big Beautiful Bill Act,' lowering the proposed remittance tax from 3.5% to 1%. Transfers from US bank accounts and US-issued cards are exempt. The tax applies to non-citizens and only to transfers made after December 31, 2025. The update provides relief to NRIs who send money to India.