Remittance Fees and
Charges
Know the remittance charges
for making overseas transfers
Remittance Fees and
Charges
At a Glance
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, digibank by DBS empowers you to send money overseas effortlessly. At digibank, we levy zero to nominal remittance fees on international remittance.
Remittance Charges And Fees
Technically, remittance refers to transferring money from one foreign account to another, typically from a foreign account to an account in one’s home country. 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.
With digibank by DBS, 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 |
Features and Benefits
Zero Fees
digibank by DBS 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
digibank by DBS 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 digibank by DBS to enjoy guaranteed full value of the money you send into the beneficiary account without any remittance fees and charges.
24 x 7 Availability
digibank by DBS 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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Frequently Asked Questions
How do I send money overseas using digibank by DBS?
Follow the step for sending money overseas using digibank by DBS.
- Log in to your digibank by DBS mobile app and add your overseas beneficiary.
- Now, log in to your digibank by DBS 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 digibank 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 digibank app is not permitted, and you may send money abroad via your digibank 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?
Overseas remittances with digibank by DBS are completely paperless; therefore, you do not require any documents.
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.
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