International Money Transfer

You can send money to a single account/ beneficiary up to 30 times (30 transactions) in a given financial year.

Beneficiaries can withdraw cash of up to INR. 50,000 on an international money transfer transaction. Suppose the money transfer amount exceeds INR 50,000. In that case, the local DBS Bank in India will make the payment to the beneficiary via cheque, or the sum will be deposited directly into the registered Savings Account of the beneficiary. Note that the withdrawal amount limit differs for foreign tourists.

You can initiate an overseas fund transfer for reasons such as maintenance of the family, close relatives or dependents, medical treatment abroad, overseas education, Emigration, leisure or business travel, gifts, donations, and so on.

The minimum limit per overseas fund transfer via DBS Bank Remit is USD 10 per transaction or equivalent in other currencies. In contrast, the maximum limit is USD 25,000 or its equivalent in other currencies. As per the Liberalised Remittance Scheme by the Reserve Bank of India and the Indian Government, these limits are for only those transactions rolled out via proper channels and RBI authorised dealer banks.

Follow these simple steps to add a beneficiary for online money transfers from India to overseas.

1. Log in to your DBS Internet Banking account using your username and password.
2. Locate the Overseas Transfer tab on the home page and click on ‘add new overseas payee’.
3. Enter the payee details such as their full name, bank name and branch, account number, SWIFT or IBAN code as applicable.
4. Once you add these details, DBS Bank will set up the new payee details. Adding a payee is a one-time process. After setting up the payee details, you can send money to them anytime.

Currently, you cannot send money overseas via the digibank app. Under the extant law and regulations in India, overseas remittances may not be conducted via mobile applications as a security measure. You may, however, initiate money transfers from India to a bank account abroad from the DBS Internet Banking page, which you can open on a browser on your internet-enabled smartphone.

You do not need to provide any documents to transfer money abroad from India. This is because DBS Bank collects the necessary payment details and fund transfer declaration digitally when you submit a request for overseas money transfer on the DBS Internet Banking platform. Ensure you go through the Terms and Conditions and FEMA declaration details on the DBS Bank website before initiating an online money transfer abroad. You must agree to and confirm the applicable Terms and Conditions and declaration requirements before submitting your transaction. Once you accept the conditions, the bank deems that you have agreed to them and begins the fund transfer process.

Per RBI and DBS Bank policies, we are authorised to reject an outward remittance request under the following circumstances:

• If your account does not have sufficient funds to complete an international money transfer from India.
• If the transaction amount exceeds USD 25,000 or its equivalent in other currencies, per RBI laws.
• If the remitter has utilised the maximum annual LRS limit of USD 250,000 or its equivalent in other currencies.
• If the residence country of the beneficiary is not a part of the “Permitted Country List” as per RBI norms.
• If the beneficiary is not part of the “Permitted Beneficiary List.
• In case you choose to remit or transfer money abroad to your own overseas account.
• If you provide partial or incorrect details of the beneficiary and their bank.
• In case you initiate an unauthorised or non-permissible transaction that goes against RBI regulations.