Money Transfer to India from Africa

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The NRI population in Africa has grown steadily over the last couple of decades. A majority of NRIs have set up well-established businesses in Africa and South Africa is the most popular destination in the continent for migrating Indians. Over the years, NRIs have influenced the continent's economic, political and socio-cultural landscape. An increasing population of NRIs has also led to an increase in money transfers to India from Africa.

If you are an NRI living in Africa, you may have more than one reason to send money from Africa to India. The best way to go about transferring money is through an NRE account.

At a Glance

Whether you want to send money to support your family back home or start investments in India, it helps to have an NRE account. With this account, you can send money from Africa to India at your convenience. You can transfer your income from abroad, maintain it in rupees and fund expenses in India. What's more, the funds in your NRE account are freely repatriable abroad.

Inward Remittances

Here are the many inward remittance benefits of an NRE account:

• Preferential Exchange Rates: As an NRE account holder, you can access preferential rates on currency conversion. When initiating a money transfer to India from Africa, you can instruct your bank to convert currency at the time of credit.
• No Service Charges: There are no additional service charges from DBS Bank for credits to an NRE account from abroad. The bank only charges Forex conversion fees.
• 24-Hour Credit: Your beneficiary DBS Treasures NRE account is credited within 24 hours of DBS Bank receiving instructions.

*T&Cs Apply

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How to Send Money Online to India from Africa

Follow these steps to send money from Africa to India conveniently with an NRE account:

Step 1: Open an NRE account: At DBS Treasures, you can do this remotely and a dedicated Relationship Manager will help you through the process.

Step 2: Log in to your bank account in Africa and choose remittances, international funds transfers or any similar option.

Step 3: Enter your bank Customer ID or registered mobile number. Your account details may get displayed automatically on the screen once you enter your mobile number or Customer ID.

Step 4: Add or select your beneficiary account (in this case, your DBS Treasures NRE account).

Step 5: Check if you have entered the correct bank account information, e.g. account number, name, SWIFT or IFSC Code, etc.

Step 6: Click 'Submit' or its equivalent.

DBS Treasures will send you an SMS or e-mail verification once your NRE account is credited.

NRE Account Benefits

• Open Your Account Remotely: You can open your NRE account from anywhere in the world.
• Enjoy 40+ Lifestyle Privileges: With a DBS Treasures NRE account, you can enjoy exclusive privileges like overseas educational concierge, global travel and medical assistance, legal services, tax and trust planning, etc.
• Get Higher Interest Rates: You can benefit from attractive interest rates on savings and deposits in an NRE account.
• Get Assisted by a Dedicated Relationship Manager: An experienced specialist from DBS Treasures will help with your queries.
• Gain Tax Benefits: Any interest you earn in your NRE account from deposits or accumulated bank interest are exempt from tax in India.
• Unlimited Money Transfers to India from Africa: With an NRE account you can send as much money as you wish and repatriate funds abroad at any time.
• Pay Bills Easily: You can use your NRE account to pay utility and other bills easily. Register for internet banking and mobile banking facilities for all your shopping, investment and utility bill payments online in India.

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Service Charges

There are no additional service charges to receive money in a DBS Treasures NRE account when you transfer money from Africa.

Money Transfer Options

You can choose any transfer method available to you in Africa - be it offline foreign currency cheques, online money transfers, wire transfers, bank-to-bank transfers, etc. – to send money to an NRE account. The process and speed may vary depending on the method you choose.

How to Apply

If you do not have an NRE account, you can open one with DBS Treasures.

Apply Now    A Relationship Manager will reach out to you shortly.