DBS Bank Remittance Services

Login to your DBS Internet Banking or Digibank Mobile App and click on 'Overseas Transfer' tab under 'Pay & transfer'. You need to add new overseas payee by providing bank account details or 'Start a transfer' if your payees are already added. You will receive confirmation on successful processing of the remittance payment request on your registered mobile no. and email Id.

For foreign remittances up to USD 25,000/day, you may explore and avail instant transfers from the comfort of your home by using DBS Bank. 
Internet Banking : https://www.dbs.com/digibank/in/banking/remittance/international-money-transfers
Mobile Banking : https://go.dbs.com/dbs_remit

For Remittances above USD 25,000 (upto USD 2,50,000) customers can call their Relationship Managers.

1. For Mobile banking: Post login to DBS Bank application, you will be required to add new overseas payee before initiating an overseas payment. Please keep required details handy like payee full name, account no., bank details etc. to add overseas payee. Please ensure that you have downloaded and logged into digibank mobile app at least once before adding a new overseas payee.
   For Internet banking: You can also add a new overseas beneficiary using DBS Internet Banking. Once added, you will need to authenticate using OTP (One-Time Password) sent to your registered mobile/email. Post-authentication, the cooling-off period applies before the first transfer can be made. The beneficiary can also be used later via the digibank mobile app.

There is no cool-off period after beneficiary addition via Mobile Banking.
However DBS typically imposes a mandatory cooling-off period after adding a new beneficiary via Internet Banking to ensure transaction security. There is a 24 hours delay before the first transaction to the new beneficiary can be initiated. It helps prevent unauthorized or fraudulent activity.

The name field on the Digibank mobile app accepts up to 35 characters. If the full name exceeds this limit, you can enter the remaining portion in the address field to ensure accurate identification.

We promise a convenient and secure online overseas money transfer from india service on Internet Banking as well as Digibank Mobile App with following benefits*:

• Zero fees - We will not charge you any fees. No fees imposed on your recipient either
• Same day delivery - Your money will be delivered same day if your transaction is sent before cut-off time
• Very competitive exchange rate
• Guaranteed delivery of full credit to your payee
• 24x7 confirmed fx rates

and all this backed by Asia’s Safest, World’s Best Bank. *T&C apply.

All necessary payment details and declarations are collected digitally during the submission of the overseas transfer request via DBS Internet Banking/Mobile Banking. However, the bank reserves the right to request additional documents if deemed necessary.
For capital account transactions (like investments, property purchase, etc.), the bank is mandated to collect specific documents. This applies to both online and offline remittances. Please refer to the list of required documents.

Please go through the Terms & Conditions (T&C) and FEMA declaration that are provided on our website. You will have to agree and confirm applicable T&C and declaration before transaction submission and by virtue of you accepting these, it would be deemed that you agree to these. 

Money can be sent overseas for following purposes:

• Gifts and personal donations

• Donations for religious /charitable purpose
• Business Travel
• Travel for pilgrimage
• Travel for medical treatment
• Travel to pursue education overseas
• Personal travel and payments for international credit cards settlements
• Maintenance of close relatives and transfer to self account overseas
• Medical Treatment overseas
• Studies abroad
• Emigration
• Indian Portfolio Investment abroad in Equity Shares

The amount being sent to the beneficiary will be shown to you while placing the remittance money transfer order on DBS Internet Banking. We ensure that the taxes and charges (if applicable) are displayed on the portal. This offers full transparency on charges thus ensuring you send the amount inclusive of applicable charges. Your payee receives the full amount for all your transfers to Australia, Canada, Eurozone countries, Singapore, Hong Kong, UK and USA in respective local currencies. For all other countries or if your transfer to the above countries was in a non-local currency, there may be remittance charges applied by an intermediary and / or beneficiary bank and the net amount credited to recipient's account may differ from the amount you sent.

Applicable value of service = INR 5,500 plus (0.1% of INR (60,000,000 - 1,000,000) i.e. INR 64,500. But maximum value of service is capped at INR 60,000. Hence, the GST is applied @18% on INR 60,000 i.e. INR 10,800. Thus, GST payable is INR 10,800.

• The payee will receive the funds on the same day if payment is sent before cut-off time for overseas transfer to Australia, Canada, Eurozone countries, Hong Kong, Singapore, UK and USA.
• If funds are received after 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 was in a non-local currency, the payment will be delivered within 1-3 working days if sent before cut-off time and 2-4 working days if sent after 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. This remittance money transfer timeline may vary based on destination and currency.

• Go through the website and the FAQs. If you still need assistance, refer below.
• In-app live chat or “Contact Us” on digibank mobile app
• DBS India Remittance: 1860 210 3456, available from 10 am to 7 pm on working days
• Email via the support form on the DBS website

• Go through the website and the FAQ below. If you still need assistance, please follow the steps below.
• Contact DBS support immediately with the transaction reference number.
• You can raise a complaint through the digibank mobile app, website, or helpline.
• For regulatory escalation, DBS also provides a grievance redressal mechanism through the Nodal Officer and RBI Ombudsman, if needed.

A transaction may be declined for several reasons:

• Incorrect Purpose Code: Ensure you select the correct code. When unsure, please check the FAQ below. If you still don’t find your purpose listed below, please check with your RM or bank.
• LRS Limit Breach: You may have exceeded the ₹2.5 lakh USD annual limit under the Liberalised Remittance Scheme (LRS). Check your available limit before initiating a transfer.
• Invalid SWIFT Code: If there’s doubt about the SWIFT/BIC code, please contact the beneficiary bank directly.
• For sending money to Self: The correct purpose code for sending money to yourself is - S1301: Remittance for family maintenance and savings and S1107: Studies Abroad. For all other remaining purpose codes, you cannot send money to your own overseas account.

These issues can affect any international money transfer, including telegraphic transfers, and should be checked in advance.

• Account not having sufficient funds
• Amount of transaction exceeding USD 25000 or equivalent.
• In case the annual LRS limit of USD 250,000 has been utilized.
• If beneficiary country is not part of “Permitted Country List”
• If the beneficiary is not part of the “Permitted Beneficiary List”
• Remittance being sent to your own account overseas under the wrong purpose code. For sending money to self, please refer to the FAQ above for choosing the correct purpose code.
• If incorrect or partial details of beneficiary / beneficiary’s bank has been provided
• In case of unauthorized / non-permissible transactions not allowed as per RBI Regulations

To avoid delays, ensure all details are accurate before you send money to an overseas bank account.

Please cross-check your account statement. In case your bank account has been debited but you can't see the transaction in the remittances history, please reach out to us at our Remittance Customer Care number 1860 210 3456 from 10am to 7pm on working days or write to us at [email protected].

The overseas money transfer facility on DBS Internet Banking is offered free for transfer to Australia, Canada, Eurozone countries, Hong Kong, Singapore, UK and USA. For all other countries, or if your transfer to the above countries was in a non-local currency, INR 500 will be charged upfront as bank (processing) fee. The applicable charges along with foreign remittance tax are displayed to you on the transaction screen for full transparency.

• Online outward remittance via Digibank mobile App:  Zero fees (sending local currency to home country), eOTT charges of 500+GST applies for USD transfers to countries other than the USA

• Offline outward/inward remittance (processed through branch): Agent/correspondent bank charges and other third party charges may apply, depending on the remitting currency, country and intermediary banks involved.

• You can share the Nostro / Correspondent Bank details with the remitter as mentioned in the link: https://www.dbs.com/in/iwov-resources/pdf/deposits/correspondent-bank-details.pdf. These details are essential for receiving a foreign inward remittance smoothly into your DBS account.

Tax Collected at Source (TCS) is an income tax collected in India on some transactions given in the Section 206C of the Income Tax Act 1961.

The Union Budget 2020 has mentioned that "As authorized dealers, Banks are required to collect tax at source (TCS) @5% u/s 206C on foreign remittances exceeding ₹10 lakh (from 1^st April 2025 as per latest guidelines) under Liberalized Remittance Scheme (LRS) of RBI." This provision is commonly referred to as a foreign remittance tax, though it technically falls under TCS regulations.

The tax collection at source will be effective Oct 1, 2020 on all LRS transactions including international debit card transactions.

Below transactions are under the purview of TCS applicability -

1. LRS outward remittance transactions through DBS branch or Digibank Mobile app.
2. Foreign Currency Demand Draft or Cash issuance from domestic resident account under LRS purpose.
3. International transactions, on Debit cards transactions (including transactions done on Foreign Merchants).

Transfers from domestic resident customers to NRO account under LRS (Loan to NRI or Gift to NRI).

If the purpose of remittance transfer is under LRS (Loan to NRI or Gift to NRI), TCS will be applicable on transfers from domestic account to NRO account.

TCS is applicable on all LRS transactions. LRS permits Rupee loan and gift to a NRI/PIO who is a close relative. In this case, for such rupee transactions, TCS will be applicable.

TCS is applicable at PAN level. The LRS limit maintenance, TCS charging and TCS reporting is consolidated at customer level i.e. at PAN level.

Yes there are following exceptions when TCS need not be collected:

TCS paid can be adjusted against tax payable when individuals who would have paid TCS file income tax returns (ITR) in India. Please consult your tax advisor/consultant for further information.

LRS is a scheme of RBI which allows a resident individual to freely remit money out of India up to USD 2,50,000 per financial year for any permissible current account transactions such as travel, medical treatment, studies abroad, etc. Depending on the transaction type, remittance fees or tax may also apply. For details on LRS, you may refer to the Master Directions and FAQs on RBI’s website https://www.rbi.org.in/

• Maintenance of close relatives and transfer to self account overseas
• Studies Abroad

Remittances must not be used for prohibited activities like margin trading, lotteries, cryptocurrencies, or other unauthorized transactions.

Understanding the correct purpose code is a key step in learning how to send money to an international bank account for education.

• Education loan sanction letter with student name and parent who is the co-borrower
• Declaration on the LRS application from client that the source is from loan
• Bank statement showing the source of funds as unutilized disbursed Education loan by a financial institute

• Use ‘Education/Studies Abroad’ if the funds are being sent directly to the educational institute.
• Use ‘Travel for Education’ if funds are for consulting fees, living expenses, or extra-curricular activities.

Please confirm the appropriate code with your RM or bank representative before initiating the transaction.

Yes, for capital account transactions (like investments, property purchase, etc.), the bank is mandated to collect specific documents depending on transaction type and potential foreign remittance tax implicationsThis applies to both online and offline remittances. Please refer to the list of required documents.