Send Money to India through Bank Drafts

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At a Glance

A foreign currency bank draft is a negotiable instrument used by banks to facilitate payment.

There are many ways for an NRI to send money to India and one of the most common ways is through foreign currency bank drafts. Foreign currency bank drafts need to be drawn in of the beneficiary and can be used to make different kinds of payments.

Features and Benefits

DBS Treasures offers many avenues to remit money to India and one of them is the foreign currency bank draft. A foreign currency bank draft has several benefits:

• It is a low-cost option though you do have to pay a minimal fixed charge and applicable service tax
• They cannot be misused because the beneficiary’s details are always mentioned
• They can be issued in various currencies like USD, GBP, EUR, AUD, SGD, etc.
• They can be drawn up to any amount per the Foreign Exchange Management Act (FEMA) rules

Process / Time to transfer

Here’s an outline of the process and time for sending money through a foreign currency bank draft:

• You can download the bank draft request form (payment application form) by clicking here
• A typical request form will ask you for the following information:
  • Name of the recipient
  • Name of the sender
  • Amount to be transferred
  • The location where the transferred money needs to be paid
  • The mode in which transferred amount needs to be paid. It could either be in cash for though a bank account
  • How the money will be paid to the bank
• Time taken for the money to be remitted is generally between 7-28 days
• If a bank draft is lost, one can always request for a duplicate

How to Apply

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