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RETAIL FOREX

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Retail Remittances under Liberalised Remittance Scheme (LRS)

Wire Transfer is one of the easiest and most secured mode of sending money overseas from India. ESFB provides the facility of outward remittance for benefit of its customers to remit funds for specific purposes listed below.
Advantages:
  • BEST EXCHANGE RATES: - Get the lowest rates on your outward remittance from India.
  • TRANSFER WITH MULTIPLE CURRENCY CHOICES:  With Equitas Bank offers 16 currencies to send money abroad through SWIFT transfer.
  • BRANCH BASED TRANSFER:  Visit / call any Equitas Bank Branch to send the remittance.
  • FASTER TRANSFER :  Transfer of the funds gets initiated the same day.
Remittances Purposes offered

Purposes permitted under LRS currently offered by Equitas SFB for the Resident Individuals

  • Overseas Education Fees
  • Travel for Education

Check our Outward Remittance Card Rates for Wire Transfer here.

Charges
  • SWIFT charges Rs. 500/- per transaction plus GST apply..
  • As a special offer, a Flat NOSTRO Charges of Rs. 850/- plus GST is valid for OUR transactions till 31st October 2022.
Tax Collected at Source (TCS)

TCS at 5% shall be applicable on all forex transactions under LRS, applicable from Oct 1, 2020, exceeding INR 7 lakhs in a FY (except for remittances towards overseas education made out of loan obtained from a financial institution, for which TCS at 0.5% will be applicable).


If overseas education is owned funds – TCS @ 5% applicable. GST not applicable. Remitter can claim credit for the tax collected by the Bank while filing for their tax returns.

For viewing the sample MT103 information format, “Select Currency” for viewing pdf
Spends Type Rate of TCS
Tour and Travel Remittances 5% *
Remittance towards Education purposes through Bank Loan 0.5%** beyond an annual aggregate remittance of INR 7 Lakh
Remittance on all other type of transactions 5%* beyond an annual aggregate remittance of INR 7 Lakh

*this would be 10% effective 1st July 2021 if ITR is not filed for last 2 applicable years and TDS + TCS in each of those 2 years is more than Rs 50,000/-*

* this would be 5% effective 1st July 2021 if ITR is not filed for last 2 applicable years and TDS + TCS in each of those 2 years is more than Rs 50,000/-

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