FAQS ON REMITNOW:
Q1. Who can use this facility?
This facility is available for HDFC Bank customers who are resident individuals. This facility is not available for Non-Residents, Corporate, Partnership firms, HUF, Trusts, etc.
Q2. What are the purposes for which this Foreign Outward Remittance facility can be used?
Foreign Outward Remittances can be processed for the following 16 purposes:
- Business Travel
- Personal Travel
- Medical Treatment
- Travel for pilgrimage
- Employment Abroad
- Immigration Abroad
- Fees for examination like GRE / GMAT / TOEFL
- Maintenance of Close Relatives (Relatives as defined under Companies Act, 2013)
- Remittance towards Personal Gift
- Remittance to Own Account Abroad
- Indian Portfolio Investment Abroad - in Equities
- Indian Portfolio Investment Abroad - in Debt Instruments
- Remittance to Own Account in IFSC Gift City
- Indian Portfolio Investment in IFSC GIFT City – Equities
- Indian Portfolio Investment in IFSC GIFT City – Debt Instruments
Q3. Is there any maximum and minimum limit on transaction?
Minimum Amount Per Transaction - USD 100 or equivalent
Maximum Amount Per Transaction - USD 25,000 or equivalent
Maximum No. of Transactions per day - No limit
Q4. What is the total amount of remittances that can be processed in a day through the online portal?
Maximum Amount of Transaction that can be processed Per Day through RemitNow is USD 25,000 or equivalent.
Hence a person can remit only upto USD 25,000 or equivalent in a day, i.e. 1 remittance of USD 25,000 or equivalent or multiple remittances of smaller value totalling to USD 25,000 or equivalent in a day.
The value of transactions initiated on Saturdays, Sundays and Maharashtra Bank Holidays are subsumed under the day limit of Monday or the next working day, i.e. if a person initiates a remittance on Saturday or Sunday, the value of such transaction will be considered under the day limit of Monday (being the next working day). Similarly, for transactions initiated on a Maharashtra Bank Holiday, the value of such transaction will be considered under the day limit of the next working day in Maharashtra.
Q5. What about the annual limit of remittances?
Foreign Outward Remittances undertaken through this facility by would be reckoned under your annual LRS limits USD 250,000 per Financial Year (April to March).
Q6. Which are the currencies for which the remittance facility is available?
Foreign currency outward remittances under this facility are available for the following 19 currencies:
Q7. Which are all the countries to which the foreign currency outward remittance can be undertaken thru this facility?
Foreign currency outward remittance through this facility is allowed to all permitted countries other than countries under OFAC sanctioned countries list. Capital Account transactions under LRS, like Remittance to Own Account abroad, Indian Portfolio Investment Abroad - in Equities and Debt Securities, are not allowed to FATF Non-Compliant countries.
Q8. What are the time lines for processing foreign currency outward remittance under this facility?
Requests submitted before 2.00 PM - Processed same day
Requests submitted after 2.00 PM - Processed next working day
*(Saturdays, Sundays and Maharashtra Bank Holidays are non-working days for foreign exchange transactions)
Q9. What is the Exchange Rate applied for processing remittance request submitted through RemitNow?
The applicable exchange rate will be the TT Selling Rate as last published on the Bank’s website at the time of debit to the customer’s account.
Q10. What are the commission / fees / charges and taxes applied for processing remittance request submitted through RemitNow?
Following charges and taxes will be levied by HDFC Bank for this transaction-
- Commission @ Rs, 500 +GST per transaction for remittances up to USD 500 or equivalent
- Commission @ Rs, 1,000 +GST per transaction for remittances above USD 500 or equivalent
- GST on amount of foreign currency exchanged (details provided under Fees & Charges section)
- Tax Collected at Source (TCS) shall be applicable on all forex drawls under LRS as per Government notification.
- All taxes and levies as per applicable Government notification
To know more about the Commission, Charges and GST applicable on Foreign Exchange transactions, please CLICK HERE
Q11. What are Correspondent Bank Charges? Who will bear the same?
Foreign outward remittances are processed through Correspondent Banks with whom we have tie-ups. These foreign / intermediary / correspondent banks may apply a charge for processing outward remittances. These are called the Correspondent Bank charges.
Correspondent Bank charges may be applied to remitter or the beneficiary basis the option selected by the remitter under “Correspondent bank charges to be borne by” field as below:
- Self – Correspondent Bank charges will be borne by the remitter and will be applied post successful processing of the transaction.
- Beneficiary – Correspondent Bank charges will be borne by the beneficiary and will be debited from the remittance amount sent.
- Full Value – No correspondent bank charges will be charged for remittances in USD currency if this option is chosen.
Q12. Can FULL VALUE payment option be chosen for all remittances?
Full Value payment option is available only for remittances in USD currency to any location for all personal purposes available under RemitNow.
Q13. What are the documents required to be sent for Capital Account transaction, if the account vintage is less than 1 year old?
If the account vintage is less than 1 year with us, then last 12 months bank account statement of an existing account held by you with any other bank (or) copies of the latest Income Tax Assessment Order (or) Return filed by you with Income Tax authorities, is required to be sent by email to RemitNow@hdfcbank.com within 24 hours of transaction submission, for further processing this transaction.
On receipt of the above stated document, we shall review and process the transaction by end of next working day.
If the documents are not received within 24 hours (or) the documents are insufficient or not in order, the transaction may get cancelled.
Q14. Under what circumstances the outward remittance request submitted may get rejected?
- Account not having sufficient funds
- Amount of transaction exceeding USD 25,000 or equivalent
- In case the annual LRS limit of USD 250,000 has been utilized
- If beneficiary country is not part of “Permitted Country List”
- If the beneficiary is not part of the “Permitted Beneficiary List’
- If the customer is an expat customer
- Remittance being sent to your own account overseas for any purpose other than remittances sent under the purpose “Remittance to own account abroad”.
- If incorrect or partial details of beneficiary/beneficiary’s bank has been provided
- In case of unauthorized / non-permissible transactions not allowed as per RBI Regulations
- In case documents required for processing Capital Account transactions with customer account vintage less than 1 year, are not received within 24 hours (or) the documents are insufficient or not in order, the transaction may get cancelled.