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. digibankby DBS provides some of the best remittance services through digibank Remit. Now you can make quick, reliable and cost-effective money transfers abroad from anywhere in India.
Benefits of digibank Remit service
digibank Remit makes wiring money overseas smooth and effortless. Let us look at some of the benefits of sending money through digibank 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
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 digibank:
For the following countries and currency combinations, we do not charge any fees.
Currency and Country
GBP (United Kingdom)
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.
How to send money abroad the smart way
Follow these easy steps to start sending money abroad instantly:
- Register for iBanking
- Log in to iBanking 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.
Download the digibank app to get started with paperless remittances.
Frequently Asked Questions
You must add the overseas payee before you can initiate the transfer. To do so, log into iBanking 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.
With digibank, 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 oniBanking. 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.
You can download the digibank app that will redirect you to the iBanking page. Once you are on that page, you can complete the transfer process seamlessly from your mobile.
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
- 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 digibank 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.
digibank 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 digibank Internet Banking.
You can send money to over 200 countries across the world. The currencies currently supportedre USD, EUR, GBP, CAD, SGD, HKD and AUD.
The amount being sent to the beneficiary will be shown to you while placing the overseas transfer request on iBanking. 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.
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.
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 firstname.lastname@example.org.