Remittance Charges | Remittance Fees

Remittance Fees and
Charges

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Remittance Charges and Fees

Remittance refers to transferring money from one foreign account to another, typically from a foreign account to an account in one’s home country. With DBS Bank, you can remit money to most countries with zero service fees. We levy the below remittance fees and Goods & Service (GST) rates on international remittances from India.

Currency To Country	Service Fee/Remittance Fee	GST
USD to the USA	Free	As applicable from time to time, will also be applied to your transaction
GBP to the United Kingdom	Free
AUD to Australia	Free
EUR to Eurozone	Free
HKD to Hong Kong	Free
SGD to Singapore	Free
CAD to Canada	Free
Any other currency to country combination	INR 500

Amount Of Currency Exchanged (ACE)	GST Rates	Minimum GST	Maximum GST
Upto Rs. 1 Lakh	0.18% of ACE	INR 45	INR 180
INR 1 Lakh - INR 10 Lakh	INR 180 + 0.09% of ACE	INR 180	INR 990
Above INR 10 Lakh	INR 990 + 0.018% of ACE	INR 990	INR 10800

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Understanding Remittance and Its Importance

Globalisation has enabled individuals to cross borders. Hence, Indian families have many loved ones living abroad. As such, transferring funds to and from overseas is a regular affair. Whether for education, sustenance, international gifting, care for family abroad, or travel, DBS Bank empowers you to send money overseas effortlessly. At DBS Bank, we levy zero to nominal remittance fees on international remittance.

You may conduct the transfer to make a payment or send a cash gift. In banking, remittance is equivalent to money transfer to or from an overseas bank account using electronic payment systems.

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Features and Benefits

Zero Fees

DBS Bank charges zero remittance fees for both inward and outward remittances for specific countries. The only charges that may apply are the correspondent bank and third-party charges.

Same Day Transfer

Beneficiaries residing in the USA, the UK, Australia, Hong Kong, Singapore, Canada, or the Eurozone receive credit on the same day, provided you initiate the fund transfer before closing hours (i.e., 2:00 p.m.). You do not have to pay any remittance fees for such transfers.

Locked-in Exchange Rates

DBS Bank offers 24x7 locked-in forex rates, where you book the transaction at the guaranteed rate. Upon successful processing, funds will be debited from your Savings Account at the initial guaranteed rate, beating fluctuation.

Full Value of Credit

Remit funds internationally with DBS Bank to enjoy guaranteed full value of the money you send into the beneficiary account without any remittance fees and charges.

24 x 7 Availability

DBS Bank remittance facility is available round the clock. You can place the remittance request any time of the day, even during holidays, and the bank will process your request on the next working day.

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How do I send money overseas using DBS Bank?

Follow the step for sending money overseas using DBS Bank.

Now, log in to your DBS Bank internet banking portal and click on ‘Overseas Transfer’.

Click on ‘Pay & Transfer’.

Click on ‘Start A Transfer’.

Once the payment request is completed, you will get a confirmation email and SMS alert on your registered email ID and mobile number, respectively.

Can I use the DBS Bank app to send money overseas?

Per RBI regulations, you may initiate overseas fund transfers only via a bank’s internet banking portal. As such, international remittance via the DBS Bank app is not permitted, and you may send money abroad via your DBS Bank net banking account only.

Is there a possibility of my remittance request being rejected?

Yes. Your request may get rejected if:

Your savings account does not have sufficient funds.

The transfer amount exceeds USD 25,000 or equivalent.

The beneficiary’s country is not a part of the ‘Permitted Country List’.

You have utilised the annual Liberalised Remittance Scheme (LRS) limit of USD 250,000.

You have entered incorrect or partial details of the beneficiary.

You have made an unauthorised transaction, or a transaction not permitted by the Reserve Bank of India (RBI).

What are the documents required to send money overseas?

What is LRS?

The RBI’s Liberalised Remittance Scheme (LRS) allows resident individuals to remit money overseas from India with a maximum limit of USD 250,000 exclusive of remittance fees, every financial year for RBI-permitted transactions like travel, overseas education, medical treatments, gift, donations, etc.

When will my beneficiary receive the funds?

Your beneficiary will receive the funds on the same day if you make the remittance request before the cut-off time when transferring to an account in the UK, the USA, Australia, Canada, Hong Kong, Singapore and the Eurozone countries. If you make the payment after the cut-off time, the beneficiary’s bank will be credited the next working day.For the remaining countries, or if you transferred to the above countries in a non-local currency, the funds, if sent before the cut-off time, will be credited within 1 to 3 working days, and remittance fees would apply. Funds sent after the cut-off time will take 2 to 4 working days to be credited. The estimated credit time will be shown to you during the transaction for complete transparency.