Send Money Abroad from Chennai

Under the Liberalised Remittance Scheme (LRS), resident individuals can remit up to USD 250,000 per financial year for permitted purposes such as education, travel and family support.

To process an outward remittance, you will typically need a valid passport, PAN Card, a completed Form A2, and supporting documents based on the purpose of transfer.

International wire transfers are generally processed within 1-3 business days. Timelines may vary depending on destination country, banking network, purpose of transfer and intermediary processes, with some transfers being completed sooner.

Tax Collected at Source (TCS) may be applicable on outward remittances under LRS, depending on the purpose and amount. Applicable rates and thresholds are governed by prevailing tax regulations, and our team will guide you based on your specific transaction.

For outward remittances, customers are required to make payments only through bank transfer modes such as NEFT or RTGS from their savings account. Cash payments are not accepted for remittance transactions, in line with regulatory requirements.

Yes, as per regulatory requirements, Aadhaar must be linked with PAN for processing remittance transactions. Customers are advised to ensure that their PAN is active and duly linked with Aadhaar to avoid any delays or rejection of transactions.

BEN (Beneficiary) charges mean that all transfer-related charges are borne by the beneficiary, and the recipient may receive a reduced amount. OUR charges mean that all charges, including those of intermediary banks, are borne by the sender, ensuring that the beneficiary receives the full amount. SHA (Shared) charges mean that the sender pays the charges levied by the sending bank, while the beneficiary bears charges applied by intermediary and receiving banks.

Yes, upon successful completion of the transaction, a SWIFT copy will be provided as proof of the outward remittance. This document can be used for reference and tracking purposes.

A SWIFT copy is an official payment confirmation generated through the SWIFT network. It contains key transaction details such as the sender and beneficiary information, amount transferred, date, and a unique reference number, and serves as proof that the remittance has been processed.

A Nostro account is a bank account that a bank in one country holds with a bank in another country in a foreign currency. It is used to facilitate international transactions and settlements.

In outward remittance transactions, funds are transferred through Nostro accounts maintained by banks in foreign currencies. This enables faster and efficient processing of international payments to the beneficiary’s bank abroad.

Intermediary banks are banks that act as middle institutions to facilitate the transfer of funds between the sender’s bank and the beneficiary’s bank, especially when there is no direct banking relationship between them.

Intermediary banks are used to ensure that funds are routed securely and efficiently across different countries and banking networks. They help bridge the gap between banks that do not have direct correspondent relationships.