Kotak Remit: How to Send Money Abroad from Mobile?
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Investment
oi-Sneha Kulkarni
Kotak Banks’ new feature allows you to transfer money abroad from your mobile phone. Kotak Mobile Banking App allows contactless banking anywhere, and also offers functionality such as UPI, billing, credit card, savings, insurance and much more!
In a basic two-step method that requires entering transfer details and recipient data, customers can remit up to US$25,000 or equivalent per day and up to US$250,000 or equivalent in a financial year.
To transfer funds, all you need is an Aadhaar number, a photo of your PAN card and information of the sender and the beneficiary bank. The form is straightforward and one should be able to start the request easily.
Features of Kotak Remit
- Competitive exchange rates
- Beneficiary details can be saved for recurring transactions
- No physical documents required
How to send money abroad via mobile?
Only resident individuals who have a savings bank account can apply for the services
Step 1 Log in using your Kotak Mobile Banking/ Net Banking credentials
Step 2 Add your bank details (Funding Bank Details)
Step 3 Add Receiver or Beneficiary Details
Step 4 Initiate your remittance request within the prescribed limits.
For non-customer
Step 1 Complete a one-time registration process
Step 2 Add your bank details (Funding Bank Details)
Step 3 Add Receiver or Beneficiary Details
Step 4 Initiate your remittance request within the prescribed limits
Bank offers the below list of currencies:
AED – UAE Dirhams
AUD – Australian Dollars
CAD – Canadian Dollars
CHF – Swiss Franc
DKK – Danish Krone
EUR – EuroGBP – UK Pounds
HKD – Hong Kong Dollars
JPY – Japanese Yen
NZD – New Zealand Dollars
SAR – Saudi Arabian Riyal
lSEK – Swedish Krone
SGD – Singapore Dollars
USD – US Dollars
ZAR – South African Rand
Things to note:
- For Existing Account Holder a maximum of $25,000 per financial year will be allowed to be remitted through the online platform.
- Finance Act 2020 introduced new income tax rules for Tax Collected Source (TCS) on international remittances on all forex transactions under the Liberalized Remittance Scheme (LRS) as of 1 October 2020.
- All remittances in excess of Rs 7 lakh in the financial year under the LRS will be subject to a TCS rate of 5%, except where the remittance is for education paid through a loan from another financial institution with a TCS rate of 0.5%.
- GST will apply on currency exchange, remittance facility charges and other charges.
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