FAQs
An outward remittance (aka wire transfer outward remittance) is the process of transferring money (in the form of foreign exchange) from a worker or business, to another country. Incredibly, money transferred this way is now on par with the amount given in financial aid to some countries.
How does outward remittance work? ›
An outward remittance (aka wire transfer outward remittance) is the process of transferring money (in the form of foreign exchange) from a worker or business, to another country. Incredibly, money transferred this way is now on par with the amount given in financial aid to some countries.
What bank details are required for foreign remittance? ›
Account Number of the beneficiary. Name of the Bank, Branch, SWIFT Code.
What are all the documents required for outward remittance? ›
- Retail Outward Remittance Application – A2 cum LRS Declaration.
- PAN card copy.
- In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally (applicable for ICICI Bank account holders)
- Credit card bill or invoice.
When executing a remittance, funds of the remittance amount must be present in the sender's bank account. After the transaction has been issued, the funds will be transmitted to the recipient's bank for processing. Once the money is at the bank, a foreign exchange rate and banking fee are applied.
What are the restrictions on outward remittance? ›
The Reserve Bank of India (RBI) has set a financial year limit of $2,50,000 (INR2. 04L) for foreign remittances, which applies to both personal and international business- payments. If the remittance amount exceeds this limit, prior permission from the RBI is necessary.
How much time does it take for outward remittance? ›
Normally, it takes one day for funds to reach a foreign bank account. It may take more time in case of intervening holidays. Also Intermediary/Beneficiary bank make take additional time for crediting the funds.
How many days does it take for outward remittance? ›
Once the transfer has been processed, the funds will usually be deducted from the sender's account. However, this doesn't necessarily mean that it will arrive with the recipient at the same time. As stated above, international bank transfers will generally arrive within one to five working days.
How do I track my outward remittance? ›
To find out if an international wire you sent was received, you have a few options:
- You can contact the recipient and ask directly.
- You can request a trace on the transfer, and your bank will be able to tell you whether the money has been deposited into the recipient's account².
In short, remittance advice is a proof of payment document sent by a customer to a business. Generally, it's used when a customer wants to let a business know when an invoice has been paid.
There are no restrictions on the frequency of remittances under LRS. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 2,50,000.
How do I receive remittance money? ›
Steps to collect your money
- Ask your sender to provide your preferred bank account details while sending remittance.
- Receive remittance directly into your bank account in any commercial bank, development bank, finance companies or co-operatives.
Advantages of Outward Remittance:
Diversification of Investments: Outward remittance enables individuals and businesses to diversify their investment portfolios by allocating funds to overseas assets, markets, and currencies.
How long does foreign outward remittance take? ›
Processing Time - The request for foreign outward remittance submitted through this facility will be checked and processed by HDFC Bank at the earliest but may take up to the end of next working day for foreign exchange transactions ('working day' as per FEDAI rules).
