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Money Transfer from Malaysia to India
The NRI community in Malaysia has been growing from strength to strength for years. While many Indians immigrate to Malaysia, they often have families and investments back home. To fulfil their financial commitments, they need to remit money to India regularly. For NRIs, DBS Treasures offers an easy way to send money to India – an NRE account.
At a Glance
Whether you want to send money for high-value transactions (such as buying property) or to facilitate payment of monthly utility bills, you can transfer money to an Indian NRE account using a remittance method of your choice. You can even hold an NRE account jointly (on a former or survivor basis) with a resident Indian relative, who can operate it for you on a power of attorney basis. Many NRIs find this a convenient arrangement.
An NRE account comes with various inward remittance benefits including:
- Preferential Exchange Rates: Enjoy preferential exchange rates if you choose to convert MYR to INR at the time of credit.
- No Service Charges: We do not charge any additional fee for credits to an NRE account from abroad. Only the Fx conversion fees are levied.
- One-day Credit: Within 24 hours* of receiving transfer instructions, DBS Treasures will credit the beneficiary NRE account.
NRE Account Benefits
- Open Your Account Remotely: You can open an NRE account from anywhere across the world
- Transfer Without a Limit: Fund your high-value transactions in India easily. There are no limits on the amount you can transfer to an NRE account
- Have Access to a Dedicated Relationship Manager: Get assisted by an experienced specialist in case you have any queries
- Carry Out Full Repatriation: You can send the money in your NRE account back to Malaysia without any limit or restrictions
- Get a Competitive Rate of Interest: DBS Treasures offers competitive interest rates on your NRE savings account
- Save Tax: Interest on an NRE account is tax-free in India
- Shop or Pay Bills: Invest in Indian securities, do online shopping, pay utility bills, donate to a charity of your choice – all online from our mobile banking app
- Enjoy Exclusive Privileges: Enjoy over 40 privileges as an NRE account holder including global medical and travel assistance, overseas educational concierge, property management services, etc.
DBS Treasures does not levy any additional service charge on inward remittances into an NRE account.
|International Funds Transfer||Service Charge|
|Credit to DBS Treasures Account for Inward remittance||Free|
|Returned funds for unapplied OTT / ITT (for inward remittance)||All INR 500 + Swift Charges|
Money Transfer Options
You can choose to send money from Malaysia offline through foreign demand drafts or online via wire or bank-to-bank transfers. Online remittances into your NRE account are faster and more convenient. Also, you can send as many funds as you want in a year.
How to Send Money to India Online from Malaysia
Let us look at how you can transfer money from Malaysia to India conveniently through an NRE account:
Step 1: Open a DBS Treasures NRE savings account. It is possible to open one remotely; we have dedicated Relationship Managers to help you with the process.
Step 2: Log in to your savings account abroad and choose remittances or a similar international funds option.
Step 3: Enter your Customer ID or mobile number along with your bank account details.
Step 4: Select or add your beneficiary DBS Treasures NRE account.
Step 5: Check if you have entered the right information, (e.g. account information, IFSC code, SWIFT code, etc.)
Step 6: Click on ‘Submit’ or an equivalent button.
Once the money is deposited in your NRE account, we will send you an alert via SMS and e-mail. There is no upper limit when you transfer money to India from Malaysia with this account.
If you do not have a DBS Treasures NRE account, apply for one now and start remitting the easy way!
How to Apply
Apply Now A Relationship Manager will reach out to you shortly.
Frequently Asked Questions
Yes, when you send money from Malaysia to India, we send you an SMS and e-mail alert the minute funds are credited.
While making the transfer in your resident country, opt for conversion at the time of credit to your NRE account. For more information, please contact our customer care: 1860 267 1234 / 1800 209 4555.
Yes, as per RBI directives, you must mention the reason behind the transfer of funds on your remittance form irrespective of the transaction amount.