Remitting Money
What are the forex charges applied?
Charges vary from bank-to-bank. Fintso does not levy any additional charges for remittances.
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.
Are there any bank-wise remittance limits?
A few banks have placed limits on online remittances. Please check with your client’s bank relationship manager.
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 my client remit money to invest through Fintso?
Once your client’s brokerage account is opened, he/she will need to initiate the fund transfer to the brokerage account. This process could take another 2-3 business days. The remittance can be completed either through an online or offline process. ...
Can a sole proprietor remit funds under LRS?
For accounting purpose there is no distinction between the individual and owner. So, the proprietor as the owner of the business can remit up to the permissible limit under LRS. If a sole proprietorship firm intends to remit the money under LRS by ...
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 ...
How many remittances can one make in a year?
There is no restriction on the number of remittances one can make in a year. However, the total amount of foreign exchange remitted through, all sources in India under LRS during the FY should be within LRS limit of $2,50,000.
Are remittances only in US dollar?
Remittances can be made in any freely convertible foreign currency.