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Send Money To Middle East
You already work hard for your money, so why not ensure a remittance service that can simplify it for you? Sending money from India to Canada has never been easier. Now, you can remit money conveniently through both digital and branch channels.
With an increasing number of Indian nationals moving to Canada. Looking for a reliable service that prioritises secure and speedy transfers conveniently and at a low cost becomes pivotal. Whether it is to support your family, help pay loan installments that are due every month, or even invest in overseas stock markets. Whatever your reason for remitting funds, it necessitates using the right remittance service. Axis Bank with Remit Money helps you to do just that and transfer funds in the currency of your choice—be it dollars, pounds, dirhams, or even pesos!
While existing Axis Bank account holders can initiate transactions across major foreign currencies via Internet banking, non-account holders and account holders alike can initiate a transaction from the nearest Axis Bank branch. International fund transfer through branches is available in 16 currencies: United States Dollars (USD), Great Britain Pounds (GBP), Euros (EUR), Australian Dollars (AUD), Canadian Dollars (CAD), Hong Kong Dollars (HKD), Swiss Francs (CHF), Singapore Dollars (SGD), Saudi Riyals (SAR), UAE Dirhams (AED), Japanese Yen (JPY), Swedish Kroner (SEK), New Zealand Dollars (NZD), Danish Kroners (DKK), Thai Baht (THB), and South African Rand (ZAR).
Quick and hassle free transfer
With the remittance service at Axis Bank, be assured for a fast, simple, and quick transfer of funds abroad.
Important Links
Managing global transactions has never been easier with Axis Bank's reliable and convenient remittance services.
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Frequently Asked Questions
You can transfer money from India to the middle-east by following a few easy steps:
- Log in to Internet Banking
- Click on ‘Forex’ option
- Click on 'Outward Remittances'
- Register international payee by filling out the details
- Make a payment after 30 minutes of registering payee
To see a video tutorial, click here.
Axis Bank also allows you to initiate fund transfers to middle-east on-the-go with the Axis Mobile app. All you have to do is:
- Download the Axis Mobile app and log in
- Click on ‘Send Money Abroad’ option
- Register the International Payee by filling out the details
- Make a payment after 30 minutes of registering payee
Such Online Fund Transfers to middle-east can be initiated 24*7, 365 days without a hassle and an assurance of complete user security. The bank will ask you for the purpose of remittance, which you can select from a dropdown in the transaction details page.
To see a video tutorial, click here.
Alternatively you can also transfer funds from India to the middle-east through our extensive branch network. Just walk into any Axis Bank branch between 9:30 a.m. to 4 p.m. and fill in the requisite documentation to request for your international fund transfer. You can also locate your nearest Axis Bank branch here.
To transfer money from India to the Middle-East, you would need:
- Beneficiary details (viz. name, account number, address, country name, bank name, address)
- The SWIFT code for the recipient account.
In addition to this, any transaction processed through the branch channel may require submission of additional supporting documentation depending on the purpose of remittance. Online channels however, will not require you to submit any documentation
Note: The SWIFT code is an 8 or 11 digit code which helps identify the country, city, bank, and branch, and is essential for international fund transfers.
In case your beneficiary bank does not have a SWIFT code, please ask your beneficiary to obtain from the beneficiary bank the details of their intermediary/ correspondent bank. After obtaining the same, you can approach any Axis Bank branch and provide them with the details of the intermediary/ correspondent bank so that they may initiate the remittance suitably.
The maximum amount remitted is defined by the Reserve Bank of India (RBI) and is according to the table provided below:
| Account type | Limits |
|---|---|
| Resident Indian | $2,50,000 or its equivalent in one financial year |
| Non resident | |
| Foreign national residing in India | Up to net salary received in India (after tax deductions) |
Additionally, any transaction processed through online or mobile app channels cannot exceed 25000 USD or its equivalent.
From 1st October 2023, tax will be applicable to all forex remittance transactions under LRS which exceed the threshold limit of ₹7 lakhs in a financial year.
If aggregate foreign currency purchases in any form under LRS for the purpose of Education (funded by self) or Medical during the financial year exceeds ₹7 lakhs, Customer shall bear the applicable Tax Collection at Source (TCS) at the rate of 5% on the amount exceeding ₹7 lakhs.
In cases where the amount remitted under LRS is for the purpose of pursuing education abroad through an education loan* obtained from a financial institution, the applicable TCS will be at the rate of 0.5% on the amount exceeding ₹7 lakhs.
Foreign currency purchases in any form under LRS for any purpose other than Education and Medical remittances shall attract TCS at the rate of 20% on the amount exceeding ₹7 lakhs. Section 206CCA of the Income-Tax Act, 1961 requires Tax Collected at Source (TCS) at higher rate (wherever TCS is applicable) for a person identified as a Specified Person (i.e., a Non-Filer of Income Tax Return) as per Income Tax department's database for the purpose of Education and Medical remittances.
Please Note: Non-residents are not liable to pay Tax Collected at Source (TCS).
* Financial institution shall have the same meaning as defined u/s 80E of the Income Tax Act.
You can send money to the Middle-East through our digital channels for any of the following purposes:
- University fee payments
- Maintenance of close relatives in the Middle-East
- Personal gifts to friends or relatives living abroad
- Expenses for medical treatment abroad
- Sending money to your own overseas foreign currency accounts (for residents only)
- Repatriation of funds from NRE Accounts
For remittances under any other purposes, you can visit your nearest Axis Bank branch.
It takes approximately 2 hours for the payment to get authorized. Post authorization, the amount should be credited to the beneficiary within 2 working days. On working days, transactions initiated between 10 AM to 4 PM will be executed on the same day and for transactions initiated post 4 PM, processing will be done on the next working day.
The overseas fund transfer facility can be availed by anyone through Axis Bank branches but the purpose and the amount that can be transferred varies depending on the customer category, i.e. resident, NRI/ foreign national working in India.For more information on applicable limits, click here.
For both Axis Bank account holders and non-account holders, transactions can be processed through Axis Bank branches. Axis Bank account holders can avail the benefit of making remittances from the comfort of their homes using the Axis internet banking platform or the mobile app.To know more about the process of making remittances abroad, click here
To access the currency converter to check the exchange rates applicable today for converting INR to AED (UAE Dirham) or SAR (Saudi Riyal), click here.
The charges for sending money to middle east from India are as follows:
1. Exchange rates
2. Commission (applicable only on transactions processed through branch):
3. Correspondent bank charges plus GST
4. GST on foreign currency conversion, commission
5. Tax Collected at Source (TCS) for resident customers for LRS transactions only.
According to the Liberalized Remittance Scheme (LRS) for money transfers overseas, there is an annual cap of $250,000 or its equivalent on international fund transfers by any resident individual in a financial year.
For NRE account holders, there is no limit for sending funds abroad.
"For NRO account holders, there is no limit for remittances where the source of funds is current income. For transactions where the source of funds is non-current income, the remittance limit is up to $1 Million per annum or equivalent.
"For foreign nationals, the amount that can be remitted is up to salary received in India after deduction of taxes.
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