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If you have a bank account, chances are you’ve either sent or received money, whether within India or from overseas. This process is known as remittance. Remittances aren’t just a way to support family members — they also play an important role in India’s foreign exchange reserves. In this article, we’ll explain what bank remittance means, explore its different types, and break down how it works.
Remittance, or to remit, simply means transferring money from one person to another. This is common when someone wants to send money back home to support their family in India. A remittance ensures that funds are transferred securely and reach the recipient quickly through trusted banking channels.
Banks ensure that remittance money transfers both within India and internationally is a smooth and secure process for account holders. Whether it’s outward or inward remittance, banks ensure that the transactions comply with RBI and FEMA guidelines.
Here’s a brief overview on how DBS Treasures Remittance works:
Step 1: Log in to DBS Digibank app or our Internet banking platform.
Step 2: Enter or choose the beneficiary’s details which includes
Step 3: DBS Treasures verifies the sender’s credentials and ensures the transaction aligns with RBI, FEMA, and LRS (Liberalised Remittance Scheme) regulations. A 24-hour cooling off period applies on IB after adding a new payee for enhanced security.
Step 4: Once the transaction is verified the fund transfer is initiated through secured channels. If you are sending money abroad, you can benefit from tiered FX pricing. Higher transaction amounts qualify for more preferential exchange rates, helping you save more on currency conversion.
Step 5: Once processed, the beneficiary will receive the funds on the same day. You will receive real-time updates via SMS, email, or app notifications. End-to-end tracking is also available, which is especially helpful for international transfers.
Commonly used for B2B remittances, a remittance advice is a type of notification sent by sender to confirm that the transfer has been made. This message includes details of remittance such as amount, date, and reason for transfers. Aside from businesses, individuals living abroad may also use remittance advice when sending money to India for things like rent or education.
There are a variety of remittance services offered by bank that enable you to transfer and receive money for various purposes. Here’s an overview of the main types of remittance:
To receive funds smoothly, consider opening a DBS Treasures NRI Savings Account and enjoy easy access, preferential rates, and expert support.
For individuals studying or working abroad, remittance becomes an integral part of financial support for families. Here are some key benefits of international remittance for individuals:
Opening a Premium Savings Account with DBS Treasures also offers added benefits such as higher transaction limits, priority service, and enhanced digital access for seamless fund management.
When transferring money, both domestic and foreign remittances are processed through secure and efficient payment systems catering to different purposes:
For sending money within India, the common payment systems used by banks for fund transfers are:
When it comes to foreign remittances, banks commonly use these secure global payment systems:
Some of the common uses of remittance for individuals in day-to-day personal finances are:
A few things could impact the efficiency and processing of your foreign remittance:
While the terms bank transfer and remittance are often used interchangeably, they differ in purpose, process, and scope. Here's a quick comparison to clarify the distinction:
Aspect
Bank Transfer
Remittance
Definition
Movement of money between accounts, typically within the same country or banking network
Cross-border transfer of funds, usually by individuals to family or others in their home country
Purpose
Payments, business transactions, internal account transfers
Supporting family, repatriating income, or sending money abroad
Scope
Domestic or international (usually institutional)
Primarily international, personal transfers
Channels
Internet banking, NEFT, RTGS, IMPS, SWIFT
Banks, money transfer operators, digital remittance platforms
Speed
Same-day to 2–3 business days
Instant to 5 business days, depending on method
Regulatory Requirements
Varies by country and amount
Requires additional checks—KYC, source of funds, purpose code for India-bound remittances
To ensure you send and receive remittance transfer securely, consider following these tips:
Here’s a document checklist to ensure a successful remittance payment:
If you are transferring funds regularly, it’s important to choose a remittance service that is reliable, there are few common challenges that individuals face during remittance such as:
DBS Treasures Remittance services is a preferred method for sending money to abroad, offering convenient and secure way to transfer funds.
Sending or receiving remittances safely requires choosing trusted providers and following security best practices. DBS Treasures Remit offers a convenient, secure, and cost-effective solution with paperless transfers, zero fees to many countries, and competitive exchange rates. It’s an excellent choice for hassle-free international money transfers, ensuring your funds reach their destination quickly and safely.
