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Top Features of Inward and Outward Remittances
No charges on your inward remittances
Competitive conversion margin on your remittances
Dedicated RM for all your queries on the product
About Inward & Outward Remittances
As an importer or exporter, you would be engaged in various international trade. Or, as a thriving business owner with branches across countries, you know how funds frequently need to be routed for multiple business purposes. If you need to remit funds to a business associate urgently, it’s essential to be able to do so promptly.
We believe in not letting distance be a deterrent in any way in your business transactions and operations. To this end, we have customized solutions for all your inward and outward remittance needs. Through our remittance facilities, you can now engage in effortless fund transfers. Our Inward and Outward Remittances service is seamless and specially designed to suit all your business needs.
Features of Inward & Outward Remittances
- Same-day credit: Upon receipt of funds (inward remittance), we offer same-day credit to the beneficiary’s account
- Same-day outward remittance: We also provide same-day outward remittance at competitive external remittance charges
- Next-day SWIFT message: We make sure to provide a next-day SWIFT message for outward remittances
How do Inward & Outward Remittances work?
Remittances require a request to be made by the remitter to their bank. The remittee, on their part, has to provide certain information to the remitter such as:
- Full name and address
- Bank name, branch address, and account number
- Correct SWIFT code for your bank
- Purpose of the remittance, etc.
Additional details may also be required. Similarly, for outward remittances, you will need to ask for the exact information from the party to whom you intend to send the payment. A contract copy, invoice against which the payment is to be made, will also be required for the remittance.
Documents required for Inward & Outward Remittances
The following documents need to be submitted for Inward and Outward Remittances:
- KYC documents
- Application form
- Other relevant documents that may be required
Benefits of Inward & Outward Remittances
- Quick TAT: We offer inward remittance and outward remittance at record turnaround times for our valuable customers
- Seamless fund transfer: Our tie-ups with all local and global financial institutions allow you to remit funds seamlessly
- Book forex rates: Our inward remittance and outward foreign remittance facility will enable you to book forex rates in a hassle-free manner
Charges for Inward & Outward Remittances
- Our inward remittance credit to your account is free of charge
- For other transactions, we charge a competitive commission and currency conversion fees
- For your ease and benefit, we offer the utmost transparency in terms of all our processes and charges
Q1. What are the types of remittances?
There are two types of remittances:
- Inward remittance: This means receiving funds into your account. This can be either from another account within India or from an account outside India.
- Outward remittance: It means transferring funds in the form of foreign exchange by an account holder in India to a beneficiary outside India. However, the transfer of funds to Nepal and Bhutan won’t be considered as an outward remittance.
Q2. What are the charges for outward remittance?
We charge competitive fees as an outward remittance charge. We maintain complete transparency in all our costs.
Q3. What is the difference between remittance and transfer?
A bank transfer usually means funds are transferred from one account to another. In the case of bank remittance, a transfer of funds occurs between two different versions in two other countries. Usually, in the case of bank remittance, money is transferred from one account to another for various purposes.
Q4. Is remittance a transfer payment?
Typically, remittance is a form of exchange of money via transfer. In executing a remittance, funds are transmitted from the sender’s bank to the recipient’s account for processing. At the bank, foreign exchange rates and banking fees are applied, after which the funds are available to the recipient.