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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..
  • NOSTRO Charges per transaction plus GST per will be applied in INR equivalent (at deal rate) for OUR transactions as per the below table.

 

Remittance Value Slab TT NOSTRO CHARGES (OUR)
USD GBR EUR CAD AUD SGD NZD SEK DKK NOK CHF AED SAR ZAR FKD CNY
Upto 3,000 15 10 15 20 20 20 20 60 75 40 35 75 35 75 65 65
From 3,000 to 30,000 25 20 25 25 35 25 35 75 90 50 35 90 35 90 80 80
From 30,0001 to 50,000 30 30 30 30 35 30 35 75 90 50 40 90 40 90 80 80
Above 50001 50 35 35 50 50 50 50 100 100 75 50 100 50 100 100 100

 

 
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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