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.
IndusInd Outward Remittances allows you to make international fund transfers of up to US$250,000 in a year for the purpose of:
Maintenance of your relatives living abroad
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.
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).
The following table showcases the fees and charges applicable to the IndusInd Outward Remittances service:
Applicable Fees and Charges
Wire Transfer Charges
Intermediary Bank Charges
Depends on the intermediary bank charges applicable for a particular currency
As per the Foreign Exchange Management Act (FEMA) Rules, the following are the eligible purposes for which you can avail of IndusInd Outward Remittances:
Supporting Relatives Living Abroad
Basic Travel Quota (BTQ)
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
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.
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.
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.
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.
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.
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.