Overview

Outward remittance or Liberalised Remittance Scheme (LRS) is one of the most convenient ways of sending money to foreign accounts for various purposes. These can range from education, medical treatment, and business-related expenses to gifting your loved ones, or donations for specific causes, among others. 

 

The best way of going about this is via IndusInd Bank’s outward remittance service. It is a secure, quick and convenient way of transferring funds abroad, and in 16 currencies.

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Features and Benefits of Outward Remittances

1. Quick Transfers

Send funds over to your loved ones living abroad or for various other purposes as quickly as possible.

2. Wide Network Coverage

Transfer money with the help of the various exchange houses spread across the world through outward remittances.

3. Multiple Currencies

The outward remittance service is available in different types of currencies. These include currencies such as USD, CAD, EUR, GBP, and AUD, among others.

4. Paperless Transactions

Convenient and hassle-free transactions for all financial requirements doing away with the need for any paperwork.

Factors to Consider Before Conducting Outward Remittances

Here are some factors to keep in mind before conducting any outward remittances: 

1. Charges and Fees Incurred

The fees and charges levied on each transaction can either be a fixed fee or a percentage of the amount being transferred.

2. Exchange Rates

Consider the exchange rate of various currencies as this can affect the amount being transferred or received.

3. Authorised Money Transfer Agents

Consider the right authorised money transfer agents to securely conduct money transfers to avoid the risk of any potential discrepancies. 

4. Convenience

Choosing a service that facilitates outward remittances online, without any need for paperwork can be ideal as it makes all subsequent outward remittances easier to conduct.

5. Transfer Speed

Choosing the right service provider is crucial when it comes to ensuring timely outward remittances for different requirements. 

FAQs

Do I require a bank account to conduct outward remittances?

Yes, some banks require you to have an account with them for a specific period prior to the remittance. In case you are a new customer, you could be asked to submit the bank statement of the previous bank account with whom you had an account for the previous year.

What is the limit of international money transfers that can be conducted via outward remittances?

As per the Reserve Bank of India (RBI), under the Liberalised Remittance Scheme (LRS), all Indian residents can freely remit up to USD 2,50,000 during the financial year to individuals living abroad. This includes both capital and current account transactions. 

How does outward remittances work?

Outward remittance refers to the transfer of money by a resident Indian account holder to a beneficiary’s bank account living in another country.

Are taxes applicable on outward remittances?

Yes, a tax rate of 20% is applicable on all outward remittances with effect from 01 October, 2023.

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