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Send Money To Singapore
You work hard for your money, so why not choose a remittance service that makes sending it simpler for you?
With more people relocating abroad to advance their careers and increase their income, finding a reliable service that ensures secure, fast, and cost-effective transfers has become essential. Whether you are supporting your family, paying monthly loan instalments, or investing in overseas stock markets, choosing the right remittance service is crucial.
With our Remit Money service, we simplify fund transfers, allowing you to send money in the currency of your choice—be it dollars, pounds, dirhams, or pesos.
As an existing Axis Bank account holder, you can conveniently initiate transactions in major foreign currencies through Internet Banking. Additionally, both account holders and non-account holders can initiate transactions by visiting the nearest Axis Bank branch. International fund transfers through branches are available in 16 currencies, including 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 riyal (SAR), UAE dirhams (AED), Japanese yen (JPY), Swedish kroner (SEK), New Zealand dollars (NZD), Danish kroner (DKK), Thai baht (THB), and South African rand (ZAR).
How to transfer money from India to Singapore
You can transfer money from India to Singapore by following a few easy steps:
- 01
Log in to Internet Banking
- 02
Click on ‘Forex’ option
- 03
Click on Outward Remittances
- 04
Register International Payee by filling out the details
- 05
Make a Payment after 30 minutes of registering payee
Important Links
Managing global transactions has never been easier with Axis Bank's reliable and convenient remittance services.
Quick and hassle free transfer
With the remittance service at Axis Bank, be assured for a fast, simple, and quick transfer of funds abroad.
Frequently Asked Questions
You can transfer money from India to Singapore 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 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
Online fund transfers to Singapore can be initiated 24/7, 365 days a year, with ease and complete user security. The bank will request the purpose of remittance, which can be selected from a dropdown menu on the transaction details page.
To see a video tutorial, click here.
Alternatively, you can also transfer funds from India to Singapore through our extensive branch network. Simply walk into any Axis Bank branch between 9:30 a.m and 4 p.m, and complete the necessary documentation to request your international fund transfer. You can locate the nearest Axis Bank branch here.
To transfer money from India to Singapore, you would need:
- Beneficiary details (viz. name, account number, address, country name, bank name, address)
- The SWIFT Code
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 | USD2,50,000 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 USD25,000 or its equivalent.
From 1st October 2023, tax has been applied to all forex remittance transactions under LRS (liberalised remittance scheme) that exceed the threshold limit of ₹7 lakh in a financial year.
If the total foreign currency purchases under LRS for education (self-funded) or medical purposes exceed ₹7 lakh in a financial year, the customer will be required to bear the applicable tax collection at source (TCS) at a rate of 5% on the amount exceeding ₹7 lakh.
In cases where the remittance under LRS is for pursuing education abroad through an education loan* obtained from a financial institution, the applicable TCS will be 0.5% on the amount exceeding ₹7 lakh.
Foreign currency purchases under LRS for purposes other than education and medical remittances will attract TCS at a rate of 20% on the amount exceeding ₹7 lakh. Section 206CCA of the Income-Tax Act, 1961 mandates higher TCS rates (where applicable) for a person identified as a specified person (i.e., a non-filer of Income Tax Return) as per the Income Tax department's database for education and medical remittances.
Note: Non-residents are not liable to pay tax collected at source (TCS).
A financial institution shall have the same meaning as defined under Section 80E of the Income Tax Act.
You can send money to Singapore through our digital channels for any of the following purposes:
- University fee payments
- Maintenance of close relatives in Singapore
- 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 be authorised. After authorisation, the amount should be credited to the beneficiary's account within 2 working days. On working days, transactions initiated between 10 AM and 4 PM will be processed on the same day. Transactions initiated after 4 PM will be processed 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 SGD, click here
The charges for sending money to Singapore 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.
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 USD 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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