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Send Money to India
At a Glance
In the age of internet banking, sending money to India has become easy. Funds can be transferred at the click of a button. DBS Treasures offers its customers convenient solutions to transfer money to friends and family in India while they are based overseas.
You can now send funds in 19 currencies to a DBS Treasures account in India using the bank's inward remittance facilities. If you are making a money transfer to India from Singapore, you can use the DBS India Remit facility - This service enables you to transfer money to your DBS account held in India at attractive exchange rates.
Features and Benefits
- Preferential exchange rates: As an NRE account holder, you can get preferential rates if the conversion to INR takes place at the time of credit
- No service charges: DBS Bank levies no additional services charges for credits to an NRE account from abroad. Only the Fx conversion fees will be levied
- Speedy Credit: When you transfer to an NRE account, the beneficiary account gets credited within 24 hours* of DBS Treasures receiving instructions
- Sending money to India is secure because all transfers are done using SWIFT and IFSC codes
- You will receive SMS and email confirmations once the amount is credited
How to send money to India
You can send money to India as per below process:
- Instruct your local bank (at your country of residence) to send money to the local DBS Treasures account with the correspondent beneficiary details of the recipient
- Place a request for the transfer of funds
- The funds will reach the DBS Treasures account held with the correspondent bank within 24 to 48 banking hours
- Alternatively, you can initiate a wire transfer with our correspondent bank using the account number and SWIFT code
- Once the funds are received in the correspondent bank, they are transferred to the beneficiary
If you have a DBS SG account, you can use our DBS India Remit service by following the below steps:
- If you have a DBS SG debit card and PIN, you can register yourself for the ibanking facilities offered by DBS SG.
- Set up a username and password to log in to your account
- Add a beneficiary using the bank account number of the recipient and the IFSC Code of the bank. Once a beneficiary is added, you can quickly transfer funds
- Login to your iBanking account and go to funds transfer. Choose the beneficiary and initiate a request for the funds transfer
- If your transfer request is submitted before 2 pm (Singapore time), the funds will reach the recipient's bank within one working day
How to Apply
Open an NRI Savings Account
A Relationship Manager will reach out to you shortly.
Frequently Asked Questions
The below information is needed:
- Address and details of the receiver
- Bank details such as account number, bank name and bank address
- The reason for the remittance to India
- The receiver bank's SWIFT code
A Foreign Inward Remittance Certificate (FIRC) serves as proof that the international inward transfers have ended up in the accounts to where they were originally transferred. It serves as a receipt that an individual or business has received the money from overseas.
No taxes are payable on money remitted to India as taxes are already paid in the country of origin.