DBS Bank Remittance Services
DBS Bank Remittance Services

Frequently Asked Questions

What are the benefits of using DBS Bank remittance services for overseas transfer online?
We promise a convenient and secure online overseas money transfer service on Internet Banking (IB) 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.
How do I send money overseas online?
Login to your DBS Internet Banking 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 payment request on your registered mobile no. and email Id.
How do I add beneficiary / payee for overseas transfer on IB?

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 app at least once before adding a new overseas payee.

Once the payee is set up, your newly added payee will be saved so that you don’t need to enter them all over again in your next transfer.

Can I initiate an overseas transfer on the digibank app?
Currently, remittances overseas are not permitted on mobile application in accordance with extant law/regulation in India. You will be able to initiate an overseas transfer from DBS Internet Banking page which can be opened on your mobile.
How is my overseas money transfer request funded?
Once you have placed the overseas transfer request on DBS Internet Banking and the transaction is successfully processed by us, your savings account will be debited with the equivalent INR amount as shown on the transaction confirmation receipt.
Under what circumstances the outward remittance request submitted may get rejected?
  • 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
  • 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
Is it safe to send money online overseas through DBS Internet Banking?
Dynamic inbuilt security is safer & more convenient than OTP; DBS Bank sets the benchmark when it comes to secure banking. For added security, we use a digital token for adding new overseas payee. All overseas transfers are secured with an SMS OTP for transaction authorisation. Also, you can set your own daily overseas transfer limit on DBS Internet Banking.
Which all countries and currencies can I send payment to?
You may send funds overseas to over 200 countries across the world. Through our dedicated partner bank arrangements, we ensure to provide fast, convenient and cost-effective fund transfer services. The currencies supported currently are USD, EUR, GBP, CAD, SGD, HKD and AUD.
What documents do I need to send money overseas?
There are no documents required for transferring funds overseas as required payment details and declaration are collected digitally while submission of the overseas transfer request on DBS Internet Banking. 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.
What type of transactions / under what purpose can an overseas transfer be initiated on DBS Internet Banking?
Money can be sent overseas for following purposes:
  • Maintenance of Family / Close Relatives Abroad
  • Education Abroad
  • Medical Treatment Abroad
  • Emigration
  • Other Travel (Including holiday trips & settlement of international credit card transactions)
  • Business Travel
  • Travel for Education (including fees, hostel expenses etc.)
  • Travel for Medical Treatment
  • Travel for Pilgrimage
  • Gifts / Donation
I have to transfer exact amount in foreign currency in my payee’s account. How do I ensure this?
The amount being sent to the beneficiary will be shown to you while placing the overseas transfer 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, 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 a charge applied by an intermediary and / or beneficiary bank and the net amount credited to recipient's account may differ from the amount you sent.
When will the overseas payee receive the funds?
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.
Why has my beneficiary/payee not received the payment?
The overseas transfer may get stuck for compliance/other checks at payee's bank. In case your transaction has not been completed as per the 'Estimated Arrival' shown on the transaction confirmation page, please reach out to us on our dedicated Remittance Customer Care no. 1860 208 7368 from 10am to 7pm on working days or write to us at [email protected].
How can I track the status of my transaction?
You will receive a transaction confirmation SMS and Email on your registered mobile number and email id once the overseas transfer request is placed on DBS Internet Banking. You can track the status on transaction history page which will be updated once your payment is successfully processed by us. Your payee will receive the payment as per the cut-off time advised on the payment confirmation page. In case, your transaction has not been completed as per the 'Estimated Arrival' shown on the transaction confirmation page, please reach out to us on our dedicated Remittance Customer Care no. 1860 208 7368 from 10am to 7pm on working days or write to us at [email protected].
Is there any minimum or maximum limit on overseas transfer initiated on DBS Internet Banking?
There is minimum limit of USD 10 per transaction. The maximum transaction limit for overseas transfer is USD 25,000 per transaction which is also the maximum daily transaction limit. The annual transaction limit is USD 250,000 or equivalent.

The maximum limit of USD 250,000 or equivalent per year for transferring money abroad under Liberalized Remittance Scheme (LRS) is applicable for a customer for all transactions routed through all permissible channels / Authorized Dealers Banks (subject to any purpose specific limit specified by Reserve Bank of India).
Can I set my own transaction limit for overseas transfer on DBS Internet Banking?
Yes. You have the option to update your daily overseas transfer limit on DBS Internet Banking. Default daily limit is USD 5,000 which can be configured to a maximum amount of USD 25,000 or equivalent to suit your needs.
Is there any limit on the no. of overseas transfers that can be initiated on DBS Internet Banking?
No, there is no limit on the no. of overseas transfers that can be initiated on DBS Internet Banking.
What are the processing charges for online outward money transfer requests through DBS Internet Banking?
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 taxes are displayed to you on the transaction screen for full transparency.
GST Charges

Amount of Currency Exchanged (ACE)

GST rates

Minimum GST

Maximum GST

Upto Rs. 1 lakh 0.18% of ACE Rs. 45 Rs. 180
Between Rs. 1 lakh and up to Rs. 10 lakh INR 180 +
0.09% of ACE
Rs. 180 Rs. 990
Above Rs. 10 lakh INR 990 +
0.018% of ACE
Rs. 990 Rs. 10800
Give an example of foreign currency conversion application on remittance transaction?
Let's say you are exchanging currency of INR 50,000:
Applicable value of service = 1% of INR 50,000 i.e. INR 500 on which GST is applied @18% i.e. 18% of INR 500 = INR 90. Thus, GST payable is INR 90.

Now Let's say you are exchanging currency of INR 150,000:
Applicable value of service = INR 1,000 plus (0.5% of INR (150,000 - 100,000) i.e. INR 1,250 on which GST is applied @18% i.e. 18% of INR 1,250 = INR 225. Thus, GST payable is INR 225.

Let us explain with another example wherein you are exchanging currency of INR 60,000,000:
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.

Hope that clarifies.
Is the facility available 24x7?
Yes, You can initiate overseas money transfer request online anytime at your convenience. This facility is available 24x7. You can login and place overseas payment request anytime, even on holidays. The payment request will be processed on next working day as per the cut-off time defined for overseas transfers, available on the website.
Is there an option to block the exchange rate on my overseas transfer on DBS Internet Banking
We offer 24x7 locked-in FX rates. You will be able to book the transaction at the displayed rate (i.e. guaranteed rate) and the funds will get debited from your savings account at the same rate on successful processing of the transaction.
Can I cancel my overseas transfer placed on DBS Internet Banking?
You may contact us at at our Remittance Customer Care number 1860 208 7368 from 10am to 7pm on working days or write to us at [email protected] for any cancellation request. Please note that any cancellation of the transaction will be handled by DBS Bank on best effort basis.
My bank account was debited but my transaction has not been processed yet.
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 208 7368 from 10am to 7pm on working days or write to us at [email protected].
I will be receiving an inward remittance. Where do I get the Nostro / Correspondent Bank details which can be shared with the remitter?

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.

What is Tax Collected at Source (TCS)?

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.

Are there any transactions which Bank as an Authorized Dealer is required collect Tax at Source (TCS)?

From 1st October 2020, Banks, being an Authorised Dealer (‘AD’), are required to collect TCS on certain remittances made under the Liberalised Remittance Scheme.

What is Liberalised Remittance Scheme (LRS) of RBI?
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. For details on LRS, you may refer to the Master Directions and FAQs on RBI’s website https://www.rbi.org.in/
What are TCS on Remittances?

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 ₹7 lakh under Liberalized Remittance Scheme (LRS) of RBI."

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 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).
  4. Transfers from domestic resident customers to NRO account under LRS (Loan to NRI or Gift to NRI).
How the recent announcement from RBI on TCS has been clarified? Please explain?

We would like to inform you that a recent announcement has clarified the below on TCS:

  1. While the Rs.7 lakh threshold is applicable for the entire financial year, TCS has now been deferred to 1st October 2020. Therefore, TCS will not be collected on any amount of foreign remittances until 30th September 2020.
  2. In case the remittances cumulatively exceed Rs.7 lakh for the FY 2020-21, any remittances made post 1st October 2020 will attract TCS.
  3. The bank will collect TCS for any amount remitted for overseas tour program packages, unless the same has already been collected by the seller of the overseas tour package.
  4. TCS will be applicable @0.5% in cases where the source of the remittance amount is through an educational loan (u/s 80E).
What are the remittances on which TCS is applicable? Is there any threshold for No TCS and what are the TCS rates?

Below is the TCS charging grid for remittances and transactions under LRS –

LRS Purpose/Type of transaction

Applicable Tax (TCS)

1. Travel

A. Business travel

B. Travel for pilgrimage

C. Travel for medical treatment

D. Travel for education (including fees, hostel expenses etc.

E.Other travel (including holiday trips and payments for settling international credit cards transactions)


2. Debit Card

A. International transactions on Debit Cards (including transactions done on Foreign Merchants)

5% of the transaction / remittance amount from INR 1

LRS Purpose - Studies abroad, where the source of funds is Education loan

0.5% of the remittance amount above INR 7 lacs during the financial year.

Other LRS purposes

5% of the remittance amount, above INR 7 lacs during the financial year.

Important note - Please ensure the account is sufficiently funded to cover the remittance amount, TCS amount, remittance charges, correspondent bank charges and other taxes/charges as applicable. In case of insufficient balances, transactions will not be processed.



Illustrations

TCS Illustration 1

TCS Illustration 2

TCS Illustration 3


Sharing a few illustrations for your reference :

  1. The aggregate amount of remittance made by customer during the financial year is INR 500,000. Whether TCS applicable to this customer?
    No, since the aggregate amount of remittance made during the financial year is less than INR 700,000, TCS is not applicable to this customer.

  2. The aggregate amount of remittance made by customer during the financial year is INR 1,000,000. Whether TCS applicable to this customer?
    Yes, since the aggregate amount of remittance made during the financial year is more than INR 700,000, TCS is applicable to this customer. In such case TCS will be applicable @5% on INR 300,000 (on amount exceeding INR 700,000).

  3. The aggregate amount of remittance made by customer upto 30 September 2020 is INR 500,000 and from 1 October 2020 to 31 March 2021 is INR 500,000. Whether TCS applicable to this customer?
    Yes, since the aggregate amount of remittance made during the financial year is more than INR 700,000, TCS is applicable to this customer. In such case TCS will be applicable @5% on INR 300,000 (on amount exceeding INR 700,000).

  4. The aggregate amount of remittance made by customer upto 30 September 2020 is INR 1,000,000 and from 1 October 2020 to 31 March 2021 is INR 500,000. Whether TCS applicable to this customer?
    Yes, since the aggregate amount of remittance made during the financial year is more than INR 700,000, TCS is applicable to this customer. However, in this case threshold limit is already exceeded prior to 1 October 2020, therefore, the TCS would apply @5% on every amount remitted after 1 October 2020 i.e. on INR 500,000.

  5. Customer Mr. A has made remittance of USD 6,500 towards Overseas Tour Package to M/S. Thomas Cook, USA. Whether TCS applicable to this customer?
    Yes TCS @5% would apply in this case even if the amount of remittance is INR 481,000 (USD 6,500*INR 74), as there is no threshold amount on remittances towards ‘Overseas Tour Package’.

  6. Customer Mr. A has made remittance of USD 20,000 towards education fees out of India out of his loan borrowed from Scheduled Bank (qualified loan under Indian Income Tax Act). Is TCS applicable to this customer and at what rate?
    Yes. In this case, since the amount of remittance is INR 14,80,000 (USD 20,000*INR 74) and made toward pursuing education out of India out of loan qualified under the Indian Income Tax Act, TCS @0.5% would apply on the amount exceeding INR 700,000.

  7. Customer, the US embassy in India, has made remittance of USD 20,000 for official purpose to USA. Is TCS applicable to this customer?
    No. TCS is applicable on remittances made by an embassy, a High Commission, a legation, a commission, a consulate, the trade representation of a foreign State etc.
Is TCS applicable on remittances from Domestic account to NRO account?

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

Am I eligible for any tax rebate?

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.

Is TCS applicable only for INR to Foreign Currency conversion transactions?

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.

What documents do I submit to as proof of Source of funds for remittance under Education purpose?
  • 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
Is TCS applicable at account level or PAN level?

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.

In case of return of transactions post debit from the account, will the TCS get refunded back?

Please note TCS once deducted cannot be refunded by the bank in case of any return of transaction/remittances. Remitter can approach for refund from tax authority while filing Income Tax Returns or consult with tax advisor for refund/adjustment.

What is meant by ‘Overseas tour program package’?

Overseas tour program package is “any tour package which offers visit to a place outside India and includes expenses for travel or hotel stay or boarding or lodging or similar expenses”

Thus, even the expenses for travel such as ticketing, hotel stay, or boarding or lodging etc. are included in the overseas tour package.

TCS Rates

Is there any exception to the above provision for TCS?

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

TCS Provision

Does it cover only individual?
No, TCS provisions cover all remitters availing LRS except those mentioned under above question.
When the TCS should be collected?

TCS is to be collected at the time of debiting the amount payable by the remitter or at the time of receipt of such amount from the remitter, by any mode, whichever is earlier.

How to Remit funds seamlessly overseas?

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

Customers can call their Relationship Managers for Remittances above USD 25,000 upto USD 2,50,000 in a financial Year.

What is Dynamic Currency Conversion (DCC)?

Dynamic currency conversion or cardholder preferred currency is a process whereby the amount of a Visa transaction is converted by a merchant or ATM to the currency of the payment card's country of issue at the point of sale.