Remittance refers to transferring money from one foreign account to another, typically from a foreign account to an account in one’s home country. With DBS Bank, you can remit money to most countries with zero service fees. We levy the below remittance fees and Goods & Service (GST) rates on international remittances from India.
Currency To Country |
Service Fee/Remittance Fee |
GST |
USD to the USA |
Free |
As applicable from time to time, will also be applied to your transaction |
GBP to the United Kingdom |
Free |
|
AUD to Australia |
Free |
|
EUR to Eurozone |
Free |
|
HKD to Hong Kong |
Free |
|
SGD to Singapore |
Free |
|
CAD to Canada |
Free |
|
Any other currency to country combination |
INR 500 |
Amount Of Currency Exchanged (ACE) |
GST Rates |
Minimum GST |
Maximum GST |
Upto Rs. 1 Lakh |
0.18% of ACE |
INR 45 |
INR 180 |
INR 1 Lakh - INR 10 Lakh |
INR 180 + 0.09% of ACE |
INR 180 |
INR 990 |
Above INR 10 Lakh |
INR 990 + 0.018% of ACE |
INR 990 |
INR 10800 |
Globalisation has enabled individuals to cross borders. Hence, Indian families have many loved ones living abroad. As such, transferring funds to and from overseas is a regular affair. Whether for education, sustenance, international gifting, care for family abroad, or travel, DBS Bank empowers you to send money overseas effortlessly. At DBS Bank, we levy zero to nominal remittance fees on international remittance.
You may conduct the transfer to make a payment or send a cash gift. In banking, remittance is equivalent to money transfer to or from an overseas bank account using electronic payment systems.
DBS Bank charges zero remittance fees for both inward and outward remittances for specific countries. The only charges that may apply are the correspondent bank and third-party charges.
Beneficiaries residing in the USA, the UK, Australia, Hong Kong, Singapore, Canada, or the Eurozone receive credit on the same day, provided you initiate the fund transfer before closing hours (i.e., 2:00 p.m.). You do not have to pay any remittance fees for such transfers.
DBS Bank offers 24x7 locked-in forex rates, where you book the transaction at the guaranteed rate. Upon successful processing, funds will be debited from your Savings Account at the initial guaranteed rate, beating fluctuation.
Remit funds internationally with DBS Bank to enjoy guaranteed full value of the money you send into the beneficiary account without any remittance fees and charges.
DBS Bank remittance facility is available round the clock. You can place the remittance request any time of the day, even during holidays, and the bank will process your request on the next working day.
Open Instant DBS Bank Savings Account in just a few minutes.
Follow the step for sending money overseas using DBS Bank.
Per RBI regulations, you may initiate overseas fund transfers only via a bank’s internet banking portal. As such, international remittance via the DBS Bank app is not permitted, and you may send money abroad via your DBS Bank net banking account only.
Yes. Your request may get rejected if:
Overseas remittances with DBS Bank are completely paperless; therefore, you do not require any documents.
The RBI’s Liberalised Remittance Scheme (LRS) allows resident individuals to remit money overseas from India with a maximum limit of USD 250,000 exclusive of remittance fees, every financial year for RBI-permitted transactions like travel, overseas education, medical treatments, gift, donations, etc.
Your beneficiary will receive the funds on the same day if you make the remittance request before the cut-off time when transferring to an account in the UK, the USA, Australia, Canada, Hong Kong, Singapore and the Eurozone countries. If you make the payment after the cut-off time, the beneficiary’s bank will be credited the next working day.
For the remaining countries, or if you transferred to the above countries in a non-local currency, the funds, if sent before the cut-off time, will be credited within 1 to 3 working days, and remittance fees would apply. Funds sent after the cut-off time will take 2 to 4 working days to be credited. The estimated credit time will be shown to you during the transaction for complete transparency.