Inward & Outward Remittances Meaning - AU Small Finance Bank
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Inward & Outward Remittances
Transfer Funds Within India or Abroad Seamlessly

Inward & Outward Remittances
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About Inward & Outward Remittances

    Inward Remittance means funds received into your bank account. This could be either from another account within India or from an account abroad. Outward Remittance is transfer of funds in the form of foreign exchange by a person from India, to a beneficiary outside India (except for Nepal and Bhutan) for any bonafide purposes as permissible under Foreign Exchange Management Act (FEMA), 1999. It includes the following two types of payments:
    1. Outward Remittance (non-trade)
    2. Outward Remittance DD issuance or any other type of payments as permitted by Reserve Bank of India as and when introduced.


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Features

  • Same day credit given to the beneficiary upon receipt of funds
  • Same day remittance done for outward cases
  • Next day SWIFT message sharing for Outward Remittances


Fees and Charges

  • Credit to Inward Remittance is free
  • Competitive currency conversion tax
  • Competitive commission fee
  • Transparency in other charges


Benefits

  • Get alerts for your Inward Remittances and provide disposal instructions online
  • Enables booking forex rates/ forwarding contracts seamlessly
  • Arrangement with all global and local financial institution across the globe
  • Quick turn around time


List of Documents

  • Know Your Customer (KYC) documents
  • Application form
  • Document required as per the purpose code


Empowering Customers