Remittance Services: International Money Transfer

Remittance

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Remittance

People often send money abroad for a variety of reasons such as to pay for their children's education, fund a business trip or cover the cost of medical treatment. The process of transferring money abroad is known as remittance. When you remit money, you need a service partner who can help you transfer these funds safely and on time. DBS Bank provides some of the best remittance services through DBS Bank Remit. Now you can make quick, reliable and cost-effective money transfers abroad from anywhere in India.

Benefits of DBS Bank Remit service

DBS Bank Remit makes wiring money overseas smooth and effortless. Let us look at some of the benefits of sending money through DBS Bank Remit:

Paperless transactions
Same-day transfers
Zero fees*
100%* credit to the recipient
Competitive exchange rates
Higher transfer limits
Wide global network of over 200 countries

*Conditions apply.

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International money transfer fees

If your currency is being converted, GST will be levied on the converted gross INR amount. The current applicable GST rate is 18%*.

How to calculate the gross amount on which GST is levied:

1% of the gross amount of currency exchanged for an amount up to INR 1,00,000 subject to a minimum amount of INR 250.
INR 1,000 plus 0.5% of the gross amount of currency exchanged for an amount exceeding INR 1,00,000 and up to INR 10,00,000.
INR 5,500 plus 0.1% of the gross amount of currency exchanged for an amount exceeding INR 10,00,000, subject to a maximum amount of INR 60,000.

*Subject to change.

*Fees charged by DBS Bank:

For the following countries and currency combinations, we do not charge any fees.

Currency and Country

Bank Fee

Agent Fee

GST

USD (USA)

GBP (United Kingdom)

AUD (Australia)

EUR (Eurozone)

HKD (Hong Kong)

SGD (Singapore)

CAD (Canada)

Free

Not applicable

As per the government's regulations

Any other currency / country combination

INR 500

Agent fees, if applicable, will be charged

As applicable from time to time, will also be applied to your transaction

For more details, click here.

*Subject to change.

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How to send money abroad the smart way

Follow these easy steps to start sending money abroad instantly:

Register for DBS Internet Banking
Log in to DBS Internet Banking on your desktop or phone
Click on the 'Overseas Transfer' tab within 'Pay & Transfer'
Add a new overseas payee, provide bank account details
Click 'Start a transfer'

Once the payment request is completed, a confirmation email and message will be sent to your registered mobile no. and email Id.

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Download the digibank app to get started with paperless remittances.

How do I add a beneficiary/payee for overseas money transfer through DBS Bank Remit?

You must add the overseas payee before you can initiate the transfer. To do so, log into DBS Internet Banking and add the new payee by filling in details such as payee's full name, account number, bank details, etc.Once you add a payee, their details are saved, and you needn't enter the details again for any future transfers.

Which documents do I need to send money abroad?

With DBS Bank, you can transfer funds overseas without any documents. The required payment details and the declaration are collected digitally during submission of the overseas transfer request on DBS Internet Banking. Please go through the terms and conditions and FEMA declaration that is provided on our website. You will have to agree to and confirm the applicable terms and conditions and declaration to proceed with your transaction.

Can I send money abroad through the digibank app?

For what purposes can I initiate an overseas transfer through DBS Bank Remit?

You can send money overseas online for the following purposes:

Sending money to your children studying abroad

Supporting family/close relatives abroad

Paying for medical treatment

Paying for emigration

Funding leisure trips

Funding business travel

Sending gifts/donations abroad

Under what circumstances can an outward remittance request get rejected?

If the account does not have sufficient funds

If the transaction amount exceeds USD 25000 or its equivalent

If the annual Liberalised Remittance Scheme (LRS) limit of USD 250,000 has been utilised

If the beneficiary country is not part of "Permitted Country List"

If the beneficiary is not part of the "Permitted Beneficiary List"

If the remittance is being sent to your own account overseas

If incorrect or partial details of beneficiary/beneficiary's bank have been provided

In the case of unauthorised/non-permissible transactions according to RBI regulations

What is the minimum and the maximum amount of money that I can remit overseas through DBS Bank Remit?

For overseas transfer, the minimum amount per transaction is USD 10. The maximum limit per transaction is USD 25,000, which is also the maximum daily transaction limit. The annual transaction amount limit is capped at USD 250,000 or its equivalent.The annual remittance limit of USD 250,000 (prescribed under the LRS) is applicable for a customer for all transactions routed through permissible channels like banks or Authorised Dealers (ADs) subject to any purpose-specific limit laid down by the Reserve Bank of India.

Is it safe to send money abroad through DBS Bank Internet Banking?

DBS Bank sets the benchmark when it comes to secure banking. It offers dynamic inbuilt security which is safer and more convenient than an OTP. For added security, we use a digital token for adding a new overseas payee. All overseas transfers must be authorised through an SMS OTP. Also, you can set your own daily overseas transfer limit on DBS Bank Internet Banking.

Which countries can I transfer money to, and in which currencies?

I have to transfer the exact amount needed to my payee's account. How do I ensure this happens?

The amount being sent to the beneficiary will be shown to you while placing the overseas transfer request on DBS Internet Banking. We ensure that the taxes and charges (if applicable) are displayed on the portal. This offers full transparency and helps you to send the amount inclusive of all applicable charges. Currency transfers to payees in Australia, Canada, Eurozone countries, Singapore, UK and USA are received in their respective currencies. For all other countries or if your transfer to the above countries was in a non-local currency, there might be a charge levied by an intermediary or the beneficiary bank and the net amount credited to the recipient's account may differ from the amount you sent.

When will the overseas payee receive the funds?

For an overseas transfer to Australia, Canada, Eurozone countries, Hong Kong, Singapore, UK and USA, the payee will receive the funds on the same day if the payment is sent before their respective cut-off time. If funds are transferred after the cut-off time, the payee's account will be credited on the next working day. For all other countries or if your transfer to the above countries wherein a non-local currency, the payment would be credited within 1-3 working days if sent before the cut-off time and 2-4 working days if sent after the cut-off time. Please check the cut-off time for various countries on our website. The 'Estimated Arrival' time is displayed to you on the transaction screen for full transparency.

How do I track the status of my transaction?

Once you place a transfer request, you will receive a transaction confirmation SMS and email on your registered mobile number and email id. You can track the payment status on your transaction history page, which will be updated once we successfully process your payment. Your payee will receive the amount as per the estimated arrival time advised on the payment confirmation page. If your transaction has not been completed by the 'Estimated Arrival' time, please reach out to us on our dedicated Remittance Customer Care no. 1860 208 7368 from 10 am to 7 pm on working days or write to us at customercareindia@dbs.com.

How long does an international money transfer take?

For transfers to the USA, UK, Australia, Canada, Eurozone, Singapore, and Hong Kong, funds are typically credited on the same day if sent before the cut-off time. If sent after the cut-off time, they will be credited on the next working day. If transferring to other countries or to non-local currencies, the payment will arrive within 1-3 working days (if sent before the cut-off time), and 2-4 working days (if sent after the cut-off time).

How much can I send abroad? Are there limits to how much I can send?