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AU Small Finance Bank resident Indian customer holding an active savings account
AU Small Finance Bank NRI customer holding an active NRE account
We remit to 40 countries
We remit to 24 countries Countries we extend our services to as follows
Armenia
Saudi Arabia
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Frequently Asked Questions

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FAQs here

What is Liberalised Remittance Scheme (LRS) of RBI?

Under this scheme any Indian resident can transfer maximum upto USD 2,50,000 or equivalent in a given financial year (from 1st April till 31st March) abroad for allowed purposes by RBI. However, in cases where the purpose of transfer is- Education or Medical Treatment and emigration, an individual is allowed to remit more than USD 2,50,000

Am I eligible for sending money outside India under LRS?

LRS is applicable for only Indian residents as defined under Foreign Exchange Management Act (FEMA) 1999. It cannot be used by corporations, partnership firms, Hindu Undivided Family (HUF), trusts etc. Please note that currently we are not allowing minors accounts perform outbound remittances

Can I do an outward remittance if I hold NRE account with AU Small Finance Bank?

Yes, you are eligible to do outward remittance if you hold NRE account with AU Small Finance Bank. There is no limit to repatriate funds from NRE account as it is fully and freely repatriable from India.

I do not have any account with AU Small Finance Bank. Can I still transfer abroad?

You are required to have a AU Savings Account or a NRE (Non-resident External) account with us for initiating an international remittance. Along with remittances, you can enjoy a host of other benefits as well.

Can I use AU0101 app for transferring funds abroad?

Currently international remittances are available only through our website. Remittances will be available on AU 0101 app shortly.

Can joint account holders do an outbound transaction?

AU Small Finance Bank allows international remittances to its joint account holders as well.

Is there any minimum and maximum amount limits while sending money?

Minimum amount you can send is USD 50 r equivalent. Maximum amount allowed per transaction is USD 25,000 or equivalent if done online through AU Remit web portal. In case if you wish to transfer a sum higher than USD 25,000 then kindly visit your nearest forex enabled AU Small Finance Bank branch. Please note that there is no restriction on the number of transactions (count) as far as it is within the permissible LRS limit of USD 2,50,000 for each financial year.

Is there a daily transaction limit for outward remittances?

There is no daily transaction limit. However, the total funds transferred by you abroad should be within the LRS limit of USD 250,000 in a financial year. Further, there is a single transaction limit of USD 25,000 while remitting funds online. For transferring funds above USD 25,000, kindly visit your nearest AU Small Finance Bank’s forex enabled branch.

To which countries I can send money and in which currency?

With AU Remit, you can send money to 30+ countries (except Nepal, Bhutan and OFAC Sanctioned countries) around the globe. Currently we can facilitate transfers in following 4 currencies- United States Dollar (USD) and Great Britain Pound (GBP)

Can joint account holders do an outbound transaction?

AU Small Finance Bank allows international remittances to its joint account holders as well.

How do I know the break up of charges, taxes etc. for my transfer?

A detailed break up of applicable charges and taxes levied on the transaction can be viewed on the screen itself when you enter the amount to be sent or received. Additionally, you will receive a Debit Advice on your registered email once we have processed the transaction after debiting the requisite amount. Debit Advice will contain detailed breakup of charges and taxes applicable on your transfer.

What is the transfer fee and GST charged on each transfer?

Following charges will be applicable on each transaction-
  • Transfer fee INR 1000 + 18% GST
  • Foreign Bank Charges (If foreign bank charges is selected as “OUR”)
  • Currency conversion tax : Applicable as per remitted amount in INR.
  • Tax Collected at Source (as applicable)

On what exchange rate will my transaction be processed?

Under normal circumstances, your transfer will be processed at the exchange rate displayed to you at the time of transaction booking. However, in case of additional documents/details required by the bank for due diligence resulting in transaction being processed on the next day, your transaction might be processed at the latest exchange rate being offered by AU Small Finance Bank. You will be informed and updated on this in your debit advice receipt which will be sent to your registered email ID.

How can I add a new beneficiary?

Being a first-time user, “Add Beneficiary” will be the first step of your remittance journey. In case you are an existing user, you may click on “Add Beneficiary” post logging into AU Remit
  • Select the country and currency you want to remit to the beneficiary

    Enter the SWIFT code and click “Verify”. Beneficiary bank details will automatically appear. Select beneficiary branch and mention appropriate clearing code  Now enter beneficiary account number/IBAN Number.

  • Mention the beneficiary’s name, nickname and address
  •  You may enter intermediary bank details (if available).
  • You will be sent an OTP on your registered mobile number and email to confirm beneficiary addition
  • Post OTP verification, your beneficiary will be successfully added and will be available for remittance

Where can I view my beneficiary previously added?

The list of your added beneficiaries will be available for you to select at the time of transaction initiation. Also, beneficiary details can be accessed through clicking on Receiver link on the web portal.

Is there any cool off period while adding a beneficiary?

No. Once you have successfully added the beneficiary, you can start remitting funds immediately.

What are the purposes allowed by AU Small Finance Bank to facilitate outward remittances?

You can send money outside India through AU Small Finance Bank for below listed purposes
  • Business travel
  • Travel for pilgrimage
  • Travel for medical treatment
  • Travel for education
  • Personal travel to a foreign country (except Bhutan and Nepal)
  • Education
  • Medical treatment
  • Family maintenance
  • Gift
  • Emigration
  • Employment abroad
  • Investments in equity shares abroad
  • Investments in debt instruments abroad
  • Purchase of real estate immovable property
  • Opening of a foreign currency account with a Bank
  • Donation

What all-purpose code is allowed for Non-residents through AU Remit?

For NR we can use only one purpose code : S0014 (Repatriation of non-resident deposits)

How can I initiate a transfer for sending money abroad?

Follow below quick steps in order to generate your transfer-
  • Log on to our website.
  • Go to “AU Remit” and “select mobile no or cust id to proceed”
  • Verify yourself through OTP and your Debit Card PIN/Aadhar Card and OTP
  • For NR – OTP will be delivered on Email ID
  • Enter the amount to be sent in INR or you may also enter amount recipient would like to receive in Foreign currency
  • Select the beneficiary. If no beneficiary is added already by you, then you may add a new beneficiary
  • Post selection of beneficiary, select the purpose for which you are transferring funds 
  • Upload necessary documents as guided on the screen if required
  • Enter details of previous transaction done under LRS through other AD Bank/FFMC or credit/debit card in current financial year.
  • Review your transfer summary and submit after verification of OTP through your registered mobile number and its done!

When will my bank account be debited?

Your bank account will be debited after all the required checks done by the bank post transaction booking. Your account debit is also subject to sufficient balance available without which your transacting might be rejected.

How much time does it take for beneficiary to receive credit in their account?

We would normally be able to process your transfer request on the same working day if the request is submitted before 3PM IST (subject to accurate documentation supplied against the purpose of transfer, if any) and it approximately takes maximum of 1-2 working day for our correspondent foreign bank to disburse the funds to beneficiary account. In case your transfer request is submitted post 4PM IST, then we will process your transfer the next working day.
Please note that the overseas transfer may get delayed due to additional compliance/other checks at the payee's bank as well over which AU Small Finance Bank has no control.

Is there any GST applicable on TCS? Can I claim TCS deducted in ITR?

There’s no additional GST charged on TCS deduction. You can claim credit for deducted TCS amount while filing the ITR for a given financial year subject to applicable income tax provisions.

Why are additional documents required from my side after booking a transaction?

We would require certain documents to be furnished correctly by the remitter in a case additional due diligence is to be carried out by the Bank as per RBI guidelines. We request that you submit the necessary documents at the time of initiation of transaction, in order to help us process your transfer request quickly.

My transaction has been rejected. What should I do?

Your transaction could be rejected due to one of the following reasons-

  • You have breached the applicable LRS limit of RBI which is USD 2,50,000 for a given financial year.
  • Account having insufficient funds, due additional TCS charges.
  • If incorrect or partial information for beneficiary or beneficiary bank account has been provided.
  • If the beneficiary is not a part of “Permitted Beneficiary List”
  • If additional documents requested by the bank have not been furnished by you within the defined time period
  • If the information declared by you or documents uploaded by you are found to be incorrect
  • Unauthorized/Non-permissible transactions are not allowed as per RBI regulations

In a case where your transaction has been rejected, you will have to re-initiate the transfer. We strongly recommend that you furnish accurate and complete information as requested to avoid any delays and cancellations

What should I do if my transaction has failed at beneficiary bank? When will my funds be refunded?

While it may happen rarely, your transaction may get failed at beneficiary bank due to incorrect information being entered at the time of adding payee or reasons at the discretion of the beneficiary bank due to certain compliance checks. Please note that it is the responsibility of remitter to ensure that the details being asked for are correctly entered to avoid such scenarios. AU Small Finance Bank will refund the requisite amount to your source account in 7 working days upon receipt of transaction failure at beneficiary bank. Please note that the charges are non-refundable and correspondent foreign bank charges (if any levied) will also have to be borne by the remitter.

Is it possible to cancel a transaction mid-way?

Cancellation will be solely on discretionary basis and the decision will solely rest with AU Small Finance Bank. However, you can always request for recall of funds which may require you to pay recall charges. For any cancellation or recall of a transaction that has been initiated by you, please contact your Relationship Manager, send an email to [email protected] from your registered email address or call on 1800 1200 1200.
Any such request received for cancellation will be handled by AU Small Finance Bank on best effort basis and AU Small Finance Bank shall not be responsible for any loss incurred by customer owing to the cancellation

How can I get payment confirmation copy of my transaction?

You will receive an email and SMS confirmation on successful transaction booking. A debit receipt will be shared with you once your account has been debited of the transfer amount

My bank account was debited but the transaction hasn’t been processed yet? What should I do

Usually it takes 1-2 working day for the amount to be credited in to beneficiary’s account post your account debit. Please note that this turn around time is subject to destination country banks intervening holidays and compliance checks which payee bank may conduct from fraud perspective. Still if you are unsure then kindly write to us at [email protected] or call our 24x7 customer care helpline on 1800 1200 1200

Can I modify or delete the beneficiary details?

Yes, you can modify or delete the beneficiary details anytime. We strongly recommend that you ensure the information such as account number, SWIFT code etc. are accurately entered at the time of beneficiary addition.

How can I know the latest status of my previous transfer?

You may check your transaction summary and click on transaction reference number to view real time latest status

What is Tax collected at source (TCS)? When do I have to pay TCS?

The Finance Act, 2020 amended Section 206C of the Income Tax Act,1961 and introduced tax collection at source (TCS) on foreign remittance under LRS subject to the applicable threshold limit. TCS@20%* shall be applicable on all forex drawls under LRS exceeding INR 7 Lakhs in a financial year.
*For remittances towards pursuing overseas education, TCS @ 0.5% shall be applicable, if the amount remitted is obtained through an educational loan from a financial institution as specified u/s 80E of the Income-tax Act, 1961. However, if the amount remitted towards overseas education is from out of own funds or loan from any other entity (i.e. not from education loan obtained from a financial institution as explained above), TCS@5% shall be applicable on remittance amount exceeding INR 7 lakhs each financial year. If you are eligible to pay TCS on a certain transfer, then a separate TCS amount will be shown in break-up of charges.
Please Note :- No tax applicability for outward remittance from NRE account

What are the different purposes on which TCS is applicable?

It is applicable on all foreign remittances that fall under LRS.

Is there any exempted limit on TCS?

TCS isn’t applicable up to cumulative outward remittance till INR 7 lakhs (irrespective of purpose of transfer) each financial year. However, as per latest government guidelines, TCS at 5% will be charged upto INR 7 lacs and 20% thereafter for the purpose of Purchase of overseas tour program which comes under- Other Travel (including holiday trips) with RBI purpose code of S0306.

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