Inward remittance is a type of international money transfer in which an individual sends money from a foreign country to his/her home country. The money is usually received through an international bank account.
In the case of India, inward remittance refers to the funds that are transferred to an Indian account from a foreign bank. Some of the banks that provide remittance services are SBI, HDFC Bank, ICICI Bank etc. Let’s check all the details about some of the best banks in India for remittance.
Table of Contents
- Best Banks for Inward Remittance in India
- State Bank of India (SBI): A Giant in International Banking
- HDFC Bank Remittance Services
- ICICI Bank-Global Banking Solutions
- Axis Bank: Leading Banker for Remittances
- Kotak Mahindra Bank: Streamlined Global Transactions
- FAQs
Best Banks for Inward Remittance in India
In an era of global education, Indian students pursuing studies abroad often find themselves in need of a reliable and efficient banking system for managing their finances. Sending money home to family, friends or relatives from abroad has become very easy these days thanks to banks in India that provide international money transfer services. There is a difference between bank transfer and bank remittance which is important to be considered when learning about inward remittance.
List of Best Banks in India for Inward Remittance
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
Also Read: Currency Exchange in your home country is always a better choice. Check this blog on Top Foreign Exchange Companies in India
State Bank of India (SBI): A Giant in International Banking
State Bank of India is the largest and one of the oldest banks in the country. It has an excellent track record in international money transfer services. The bank has its reach to a lot of countries. SBI’s NRI services cater specifically to the needs of students studying abroad, providing cost-effective and efficient inward remittance solutions. With a vast network of branches and ATMs globally, SBI ensures that students can access their funds seamlessly.
- In case of any issue, you can contact customer service anytime seven days a week.
- SBI ensures the highest level of safety as SBI’s Online Banking system is powered by VeriSign which is the world’s leading Internet certification authority.
- You can choose any facility for inward remittance like SBI Express Remit Facility, Demand Drafts in Rupees, Telegraphic/wire transfers, Personal cheques/travellers cheques, DDs in foreign currency etc.
HDFC Bank Remittance Services
HDFC Bank is one of India’s leading private sector banks that has gained a reputation for providing seamless and secure inward remittance services. With a widespread network and a user-friendly online platform, HDFC Bank ensures that funds reach students promptly. Their transparent fee structure and competitive exchange rates make them a preferred choice among students managing their finances from overseas.
- HDFC Bank provides quick, easy and safe inward remittance services.
- It has a large network of over 38 correspondent banks in foreign countries.
- You can deposit money in 22 currencies including all major currencies like USD, AED, AUD, CAD etc.
ICICI Bank-Global Banking Solutions
Renowned for its international banking services, ICICI Bank provides money remittance services that suit the needs of Indian students studying abroad. The bank offers a user-friendly mobile app through which you can get easy monitoring and access to funds. ICICI Bank’s tie-ups with global financial institutions enhance the convenience of international transactions, making it a reliable option for students to manage their finances remotely. Both Inward and Outward remittance services are available at ICICI Bank.
- The process of remittance will be completed within 24-48 banking hours
- You can also settle all the inward remittances through the corporate net banking services.
- You can make transfers in over 26 currencies including USD, AUD, CAD etc.
Also Read: Wondering how Foreign Exchange Rates are regulated? Check out this blog on Role of Central Banks in Foreign Exchange Markets
Axis Bank: Leading Banker for Remittances
Axis Bank has emerged as a popular choice among students for its dedicated services catering to the international student community. With a range of student-centric accounts and specialised remittance services, Axis Bank understands the unique financial challenges faced by students abroad. Their responsive customer support and technologically advanced banking solutions make them a reliable partner for managing overseas finances.
- With Axis Bank remittance services, funds are credited within 2 hours after submission of complying documents.
- The settlement instructions can be provided through online mode using internet banking.
- Axis Bank provides a service to transfer funds from any account globally to your account with Axis for export and non-export remittances.
Kotak Mahindra Bank: Streamlined Global Transactions
Kotak Mahindra Bank offers a comprehensive range of services for students studying abroad. Their inward remittance process is designed to be efficient and hassle-free, ensuring that funds are transferred securely and without unnecessary delays. Kotak Mahindra Bank’s commitment to customer satisfaction and competitive exchange rates makes it an attractive option for students managing their finances internationally.
- The bank has a fast turnaround time for transactions as it has a strong network with various global and local financial institutions.
- You can transfer funds from 17 countries in the world and in all the major currencies.
- The bank usually charges low transaction fees and competitive exchange rates for the money transfer.
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| What is Remittance? | Money Transfer Service Scheme (MTSS) and Rupee Drawing Arrangement (RDA) |
| What are Inward and Outward Remittances? | TCS on Foreign Remittance for Education Section |
| Busting some Myths around GIC Remittance Canada | FAQs on Foreign Inward Remittance |
| How Foreign Remittance Works? | Liberalised Remittance Scheme |
FAQs
Which bank is best for inward remittance?
A lot of banks in India provide smooth remittance services at a low transaction fee. You can avail of services from banks like SBI, Axis Bank, HDFC Bank, ICICI Bank etc.
Which bank gives the best rate for remittance?
The rates on banking services are set as per the directions of RBI. However, you can get low rates on remittance from banks like HDFC Bank, DBS Bank, SBI etc.
Which is the best way to get inward remittance?
You can simply walk into your Bank abroad submit the details of your remittance and ask the bank to remit the funds to the beneficiary bank.
Are inward remittances taxable?
There are no tax implications for expenses that cover the cost of living, travel, medical purposes, education, gifts, donations etc. However, it also depends on the laws of the country from where you are initiating the remittance.
How much remittance is tax-free?
No TCS will be collected on remittance up to an amount of INR 7 lakhs. Taxes can be as much as 20% if the total amount exceeds INR 7 lakh.
Each of the mentioned banks – HDFC Bank, ICICI Bank, State Bank of India, Axis Bank, and Kotak Mahindra Bank – brings its own set of advantages. Students need to assess their needs and consider transaction fees, exchange rates, and the convenience of accessing funds before deciding.
To know more about inward remittance, the best international bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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