Are there any bank-wise remittance limits?
A few banks have placed limits on online
remittances. Please check with your client’s bank
Is there any minimum remittance amount?
There is no minimum remittance amount, but depending on the product, there might be minimum fresh and additional purchase limits.
What are the charges applied for the remittance?
Remittance charges vary from bank-to-bank. We do not charge anything for the remittance. Our broker-dealer partner in the US charges a one-time setup fee of $5.00 for the first remittance. This is for tax certification for non-US accounts.
Which banks are supported for remittance?
Currently, the banks supported are ICICI Bank, IDFC First Bank, HDFC Bank, RBL Bank, Axis Bank and Kotak Mahindra Bank. We are in the process of adding more banks to this list. Currently, Online Remittances are supported by ICICI Bank and HDFC Bank.
How can I withdraw money back into my client’s bank account in India?
You can initiate the withdrawal by clicking on ‘Withdraw’ and entering the withdrawal amount and selecting the client bank account. Once your client verifies the information through the Fintso app or a verification link, the transaction will be ...
Are there any taxes or deductions at the time of remittance?
According to Budget 2020, under LRS, a 5% Tax Collection at Source (TCS) is applicable on remittances aggregating to ₹7 lakh or more in a financial year. The TCS also applies on LRS transactions exceeding ₹7 lakh if a foreign exchange facility is ...