As per the RBI mandate, you can send money to any foreign account using the Liberalised Remittance Scheme (LRS), also known as outward remittance. So, if you need to send money to your friends or family living abroad, this is the medium to use.

 

To make an international money transfer using this medium without any hassle, you can opt for the IndusInd outward remittance service. This is a safe, quick, and convenient method to send money abroad, which is available in 16 currencies.

 

Read on to know more about the IndusInd outward remittance service and the charges that you will need to pay to avail of it.

Purpose of IndusInd Outward Remittances

IndusInd Outward Remittances allows you to make international fund transfers of up to US$250,000 in a year for the purpose of:

  • Education

  • Medical Treatment

  • Maintenance of your relatives living abroad

  • Donation

     

To make such a transfer, all you have to do is visit the IndusForex portal. Simply fill in a form for outward remittance, and you can send money overseas.

Features of IndusInd Outward Remittances

Available in 16 Currencies

  •  IndusInd Outward Remittance service allows you to send money overseas in 16 different currencies - Euro (EUR), Great Britain Pound (GBP), United States Dollar (USD), Canadian Dollar (CAD), Australian Dollar (AUD), New Zealand Dollar (NZD), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Saudi Riyal (SAR), Arab Emirates Dirham (AED), Japanese Yen (JPY), Swiss Franc (CHF), South African Rand (ZAR), Danish Krone (DKK), Norwegian Krone (NOK), Swedish Krone (SEK), South African Rand (ZAR).

Widespread Network

IndusInd Bank has numerous exchange houses spread across the globe that helps you to send money to any part of the world. The exchange houses are available in the USA, UK, Canada, Hong Kong, UAE, Qatar Read More, etc. Read Less

Quick Transfers

With IndusInd Outward Remittances, you can send money to your loved ones living abroad as instantly as it can get. The international fund transfer powered by wire transfers only takes 2-4 days to compl Read Moreete transactions. Read Less

Paperless Transactions

You can avail of IndusInd’s international money transfer service online through the IndusForex portal. It eliminates unnecessary paperwork and allows you to transfer money without any hassle.

Fees and Charges Applicable to the IndusInd Outward Remittances

The following table showcases the fees and charges applicable to the IndusInd Outward Remittances service:

Particulars

Applicable Fees and Charges

Wire Transfer Charges

₹250

SWIFT Charges

₹250

Intermediary Bank Charges

Depends on the intermediary bank charges applicable for a particular currency 

Eligible Purposes of Transfer for the IndusInd Outward Remittances

As per the Foreign Exchange Management Act (FEMA) Rules, the following are the eligible purposes for which you can avail of IndusInd Outward Remittances:

  • Education

  • Employment

  • Medical Treatment

  • Supporting Relatives Living Abroad

  • Business Travel

  • Basic Travel Quota (BTQ)

  • Immigration

  • Visa Fees

  • Buying a Property Abroad

  • Investing in Foreign Shares or Mutual Funds

  • Gifts or Donations

  • Any other purpose deemed eligible by the RBI’s Liberalised Remittance Scheme (LRS)

     

However, you must also note that FEMA also prohibits international money transfers under LRS for the following purposes:

  • Buying the products enlisted in Schedule 2 of the Act, including banned lottery tickets, magazines, etc.

  • Buying a Foreign Currency Convertible Bond (FCCB) issued by an Indian Company in the Indian market

  • Donations to organisations/entities that pose a risk to the security and integrity of the country

Documents Required for the IndusInd Outward Remittances

Here is the list of documents that you will need to submit in order to avail of the IndusInd Outward Remittances:

  • PAN Card of the resident individual

  • Form A2 to purchase foreign exchange (provided in the Annexure to the RBI DED Master Direction No. 7/2015-16 dated 1-1-2016)

  • Tax certificates under Form 15CA or Form 15CB for NRO account holders

     

In conclusion, if you wish to send money abroad without worrying about numerous underlying charges, IndusInd Outward Remittances may be the best option for you.

 

The IndusInd Bank has made the entire process of international money transfer simple and seamless. Its widespread network across the globe allows you to wire money to your loved ones living in any part of the world.

Terms and Conditions

To learn more about the terms & conditions, click below:

 

IndusForex T&C

IndusInd Bank T&C

Disclaimer

The fees and charges mentioned in the table above are subject to changes from time to time. Make sure to check for these charges and fees before you avail of the IndusInd Outward Remittances service.

FAQs About IndusInd Outward Remittances

What is the limit of international money transfers under the IndusInd Outward Remittance Service?

The LRS allows Indian residents to remit up to US$250,000 in a financial year. Moreover, there is no limit to remittance for NRIs through Non-Resident External (NRE), and Foreign Currency Non-Resident (FCNR) accounts.

On the other hand, NRIs with Non-Resident Ordinary (NRO) accounts are allowed to send up to US$ 1 million in a financial year.

Is an IndusInd Bank account necessary in order to avail of the IndusInd Outward Remittance service?

No, you can avail of international fund transfers from IndusInd even if you do not have a bank account with the bank. All you need to do is fill out a form and submit the required KYC documents.

What is the process for repatriating funds using the IndusInd Outward Remittance service?

To avail of IndusInd Outward Remittances, all you have to do is visit the IndusForex portal. You simply need to fill out the online ‘Application for Remittance Abroad’ and submit the required documents to complete the process.

How long does it take for the outward remittance process to complete?

The outward remittances process with IndusInd’s international money transfer facility takes 2-4 working days to complete depending on the destination of transfer or any currency requirements.

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