FAQs
What is online 'International Money Transfer' facility? How do I start using the 'International Money Transfer' Facility?
'International Money Transfer' is a payment option in RBL bank that enables you to send money abroad (outward remittance) to a foreign bank account.
If you have an account with RBL Bank, all you have to do is login to your Internet Banking, click on 'Payments' Tab and select 'International Money Transfer', and transfer funds abroad.
If you DO NOT have an account with RBL Bank, go to RBL Bank Outward Remittance page, click on "I do not have an account with RBL Bank" and start your online remittance journey.
RBL Bank will verify your payment and transfer funds to the beneficiary account overseas.
Can I send funds abroad through RBL Bank even if I do not hold a savings account in RBL Bank?
Yes, a resident Indian can avail RBL Bank online outward remittance service by completing a one-time registration process. You will need mobile-linked Aadhaar, Mobile Number, Valid Email ID and your Permanent Account Number (PAN).
What if I don't have PAN number?
PAN Card number is mandatory to send money abroad under LRS through RBL Bank Online International Money Transfer.
How does the online outward remittance process work?
You can remit funds abroad digitally in 3 simple steps:
Step 1: Register yourself and complete your video KYC with RBL Bank
Step 2: Add payee account details as you do when paying through IMPS / NEFT / RTGS
Step 3: Transfer money from your bank account to RBL Bank for the overseas remittance
Sit back and relax!
What are the detailed steps for 'International Money Transfer' for someone who does not have an account with RBL Bank?
You can register on to RBL Bank Outward Remittance with your PAN and Aadhaar, verify the details with OTP verification, confirm the contact details, add bank details that will be used for initiating the INR payment and VKYC to get your account activated. Once the account is active, you can login with the credentials, add a Beneficiary and then initiate the International Money Transfer.
Why is KYC required?
In order to use online LRS facility without any limitations/restrictions we need to meet you in-person through branch or through video call to collect a copy of your KYC document/s to update in our records. The activity would require minimal documentation. You will not be able to send funds abroad online if your Video KYC / Branch KYC is incomplete.
What is the limit for making an online outward remittance in a day?
The limit for initiating an online remittance by Resident Indians in a day is USD 25,000 or equivalent. There is no limit on the number of times a transaction is initiated in a day.
What benefits do I have by using RBL Bank for International Money Transfer?
RBL Bank Online International Money Transfer services is available for Resident Indian holding an account with any bank in India
- Register online and transfer money abroad
- Transfer funds through either payment gateway or NEFT/RTGS from any bank in India without visiting the branch
- Book your transaction 24*7
- Competitive foreign exchange rates
- Transfer funds abroad in 17 currencies
- Track the transaction status online
In which currencies can I send money abroad?
You can send money in these 17 currencies abroad - USD (USA), CAD (Canada), GBP (UK), EUR (EU Nations), CHF (Switzerland), SEK (Sweden), DKK (Denmark), NOK (Norway), ZAR (South Africa), AED (UAE), HKD (Hong Kong), JPY (Japan), SGD (Singapore), CNY (China), AUD (Australia), NZD (New Zealand), THB(Thailand)
What are the timings for 'International Money Transfer' facility on Internet Banking?
You can submit an overseas fund transfer request anytime, 24x7 through RBL Bank's online 'International Money Transfer' facility.
How can I transfer funds into RBL Bank's account?
You can transfer your funds to RBL Bank's account from your other bank account through:
1. Payment Gateway, OR
2. NEFT or RTGS
How long will it take for my transaction to get processed?
Transaction request received on bank working day (Monday-Friday) before 3:00 PM IST, subject to successful verification of payment request, will be processed on the same day. Requests received after 3:00 PM IST on bank working day and during holidays will be processed on the next bank working day.
When will my payment reach the beneficiary?
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.
Can I transact or place a request through RBL Bank branches?
Certainly, yes! RBL Bank offers Outward Remittance facility to every resident Indian from branch as well as online. Anyone can visit a branch or our website to send money abroad.
What are the purposes for which remittance can be made under the Liberalized Remittance Scheme (LRS)?
The purposes under which a resident Indian, who does not have an account with RBL Bank, can make a remittance digitally under LRS are:
i. Education
ii. Family Maintenance
iii. Gift
iv. Other travel
v. Travel for medical treatment
What are the purpose codes and the documents required for all the purposes?
| Purpose Code | Purpose | Supporting Documents Required |
|---|---|---|
| S0305 | Education | a) Admission Letter & Loan Sanction letter when source of funds is "Loan" b) Admission Letter when source of funds is "Own Fund" OR "Family Fund" |
| S1301 | Family maintenance | Proof of Relationship |
| S1302 | Gift | |
| S0306 | Other Travel | |
| S1108 | Travel for medical treatment abroad | Invoice copy / Medical bill |
To whom can I remit for the purpose of "maintenance of close relatives"?
You can remit to the below mentioned persons:
(a) Members of your Hindu undivided family; or
(b) Your spouse
(c) You are related to the beneficiary in any of the manners indicated below:
| Mother | Father |
| Daughter | Son |
| Daughter-in-law | Son-in-law |
| Sister | Brother |
Remittance to family members, other than the above-mentioned, should be sent under 'Gift' or 'Donation' purpose
Are there any transactional limits in transfer of funds overseas under LRS?
LRS allows Indian residents to freely remit up to USD 2,50,000 per financial year for current or capital account transactions or a combination of both. Any remittance exceeding this limit requires prior permission from the RBI (read below).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.
a. Medical expense
A resident Indian can remit for the purpose of Medical expense up to USD 2,50,000 or its equivalent per FY. For amount exceeding the above limit, one can remit under general permission based on the estimate from the doctor in India or hospital/doctor abroad. If the amount of remittance exceeds the estimate from the doctor in India, one has to seek RBI approval for the same.
b. Overseas education
A resident Indian can remit for the purpose of overseas education up to USD 2,50,000 or its equivalent per FY. For amount exceeding the above limit, one can remit under general permission based on the estimate from the institution abroad. If the amount of remittance exceeds the estimate from the institution abroad, one has to seek RBI approval for the same.
The limit for transacting online through RBL Bank is USD 25,000 or equivalent per day.
How do I know the break-up of charges?
Each and every charge (including Govt. Taxes) levied on the transaction will be displayed to you during the process of your transaction
Are there any additional charges by Correspondent Banks?
After you initiate the remittance process by submitting the payment request, RBL Bank routes the payment through its correspondent/ Partner banks. These correspondent banks may levy charges at their discretion for rendering the services which are neither in control nor the responsibility of the RBL Bank.
What are the provisions of TCS for transferring funds abroad?
Under the provisions of the Income tax Act, 1961, w.e.f. October 1, 2023, the Bank will be required to collect tax at source ('TCS') as under:
*As per Govt. of India directives, TCS @ up to 20% will be applicable on the remittances under LRS as below:
KEY changes are as below.
| Sl. No. | Purpose Of Remitance | TCS Rate applicable up to September 30th, 2023 | TCS Rate w.e.f. October 1st, 2023 |
|---|---|---|---|
| i | Overseas tour package | 5% without any threshold limit Example:₹4 Lakh equivalentof overseas tour package will incur a TCS of ₹20,000. | 20% without threshold limit -Annual limits for LRS as per FEMA remain Example:₹4 Lakh equivalent of overseas tour package will incur a TCS of ₹80,000. |
| ii | Any other purpose of remittance under LRS other than Education and Medical treatment | 5% of the amount or the aggregate of the amounts in excess of Rs. 7 LakhExample:₹10 Lakh equivalent amount of remittance will incur a TCS of ₹15,000(5% TCS will be applicable on the amount exceeding threshold limit of ₹7 Lakh,i.e.,on ₹10 Lakh - ₹7 Lakh = ₹3 Lakh) | 20% without threshold limit -Annual limits for LRS as per FEMA remain Example:₹10 Lakh equivalent amount of remittance will incur a TCS of ₹2 Lakh (no threshold limit). |
| iii | For the purpose of any education,if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E | 0.5% of the amount or the aggregate of the amounts in excess of Rs. 7 Lakh | Will remain same at 0.5% |
| iv | For the purpose of education ,other than (iii) or for the purpose of medical treatment. | 5% of the amount or the aggregate of the amounts in excess of Rs. 7 LakhExample:₹10 Lakh equivalent amount of remittance will incur a TCS of ₹15,000(5% TCS will be applicable on the amount exceeding threshold limit of ₹7 Lakh,i.e.,on ₹10 Lakh - ₹7 Lakh = ₹3 Lakh) | Will remain same at 5%Example:₹10 Lakh equivalent amount of remittance will incur a TCS of ₹15,000(5% TCS will be applicable on the amount exceeding threshold limit of ₹7 Lakh,i.e.,on ₹10 Lakh - ₹7 Lakh = ₹3 Lakh) |
How can I know the status of my transaction?
You can track your online transaction status with the help of your ARN no.
i) If you have an account with RBL Bank, login to your RBL Bank internet banking, click on 'Payments' and select 'International Money Transfer', click on 'Status Tracker' and enter your ARN no.
ii) If you do not have an account with RBL Bank, go to RBL Bank Outward Remittance, Login with your registered e-mail ID, click on 'Status Tracker' and enter your ARN no.
Is it safe to send money online?
Absolutely. 'International Money Transfer' facility is powered by RBL Bank and is as good as sending money from the bank branch but only faster and more convenient since you are doing it from anywhere around the world.