Money Remittance - Remittance Products & Services by HDFC Bank (2024)

FAQs

What is remittance in HDFC Bank? ›

RemitNow is a secure online Foreign Outward Remittance platform provided by HDFC Bank, which enables you to transfer money globally from the comfort of your home and office.

Outward Remittances:

Faster and hassle free transfers: Your money will reach within 72 hours of your instructions anywhere in the world To send Outward Remittance you have to just walk into any of our branches to fill up the required documentation.

Maximum amount of transactions that can be processed PER DAY is USD 25,000 or equivalent.

So, while remittance involves sending money across borders to support family members, money transfer can be used for a wider range of purposes and may or may not involve cross-border transactions.

RemitNow is a secure online Foreign Outward Remittance platform provided by HDFC Bank, which enables you to transfer money globally from the comfort of your home and office. Sending foreign outward remittance is now as easy as transferring funds via RTGS/NEFT. Now send money abroad, and smiles too.

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.

Transferring money to an international bank account

The Reserve Bank of India (RBI) allows Indian citizens to make international remittances of up to USD250,000 per financial year through the Liberalised Remittance Scheme.

How can I get USD from HDFC Bank? ›

Yes, you can transfer funds from the USA to India without any tax up to a certain limit. For the taxation year 2023, you can transfer $17,000 per person domestically or abroad (including India) without attracting any tax.

Bank Transfer

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

Yes, the HDFC Bank credit card can be used abroad. However, the activation process must be completed in order to use the card abroad.

A remittance is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance.

Many people use remittance to send money back to their home country to provide financial support. Remittances are also used to aid developing countries and make up a portion of the gross domestic product (GDP).

Remittances are typically transfers from a well-meaning individual or family member to another individual or household. They are targeted to meet specific needs of the recipients and thus tend to reduce poverty.

Transfers where the sender provides cash or another method of payment to a money transmitter or financial institution and requests that funds be sent to a specified location or account in a foreign country.