Forex
Retail Forex Services How to Apply Why Choose Us? Things to Know Fees & Charges Eligibility FAQs

Retail Forex Services - Outward Remittance Facility

Send money abroad safely and securely!

Transferring money anywhere across the globe is now easier than ever with Ujjivan SFB’s Remittance facility. We offer safe and secure Outward Remittance services for all Resident and Non-Resident Indians. Now you can transfer funds to any country and with the currency of your choice.

Contact your nearest Ujjivan SFB branch for more details.

How to Avail Forex Services

Simply walk into your nearest Ujjivan SFB branch or contact your Relationship Team for further information. Here’s how you can apply.

  • Walk into your nearest Ujjivan SFB branch
  • Fill out the necessary forms
  • Provide relevant documents for processing
  • Initiate fund transfer

Why Choose Ujjivan SFB Forex Services?

  • We’re well equipped to make Fund Transfers simple and easy. Rest assured your money will reach your beneficiaries safely and securely
  • Ujjivan SFB offers Remittance services at competitive exchange rates. Our team will assist you to ensure a smooth and hassle-free transaction.
  • Enjoy seamless Forex Services designed to make fund transfers quick and simple.
  • Choose from a range of countries and currencies to send Remittances.
  • You can also send money from any country to an Ujjivan SFB Account using our Inward Remittance facility.

Things to Know Before Transacting

Foreign Exchange Services is a highly regulated business and customers should strictly adhere to the regulations stipulated by the RBI.

 

Some Important Limits:

  • Outward Remittance under LRS by Resident Individuals is restricted to 2,50,000 USD and equivalent in other currencies per Financial Year. ( Exceptions apply).
  • Remittance from an NRO account is restricted to 1 million USD and Equivalent in other currencies per Financial Year.
  • Remittance of the Credit Balance from an NRE account has no transaction limit restrictions as per FEMA.
  • TCS (Tax Collected at Source) will be applicable on LRS (Liberalised Remittance Scheme) transactions beyond ₹7 Lakh cumulative per financial year.

Fees and Charges

As part of the Non-Resident product enhancement, FCY Transactions have been introduced. Charges for the same are mentioned below:

ParticularCharges*
FCY Outward Transactions ( SWIFT/TT/Wire Transfer )₹2,000 per transaction.
Foreign Currency Demand Draft Issuance₹2,500 for all values.
Foreign Currency Inward Remittance₹250 per Transaction.
Foreign Currency Cheque/DD Collection0.30% of the INR; Min ₹400
Foreign Currency Cheque/DD Returns₹350 + Correspondent bank charges (10 Dollar for USD & 25 GBP for Pound)

*Exclusive of GST

Eligibility

  • All Resident & Non-Resident Indians holding individual accounts are eligible to avail our Inward and Outward Remittance facilities
  • USD 250,000 or equivalent per Resident Individual per financial year

 

Purposes Specified in LRS Transactions under Schedule III

  • Private visits to any country (except Nepal and Bhutan)
  • Gift or Donation
  • Going abroad for employment
  • Travel for business, or attending a conference or specialised training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/check-up
  • Emigration
  • Maintenance of close relatives abroad
  • Expenses in connection with medical treatment abroad
  • Studies abroad
  • Any other Current Account Transaction

Exceptions: For the purposes Emigration, expenses in connection with medical treatment and studies abroad, the individual may avail of exchange facility for an amount in excess of the limit prescribed under the Liberalized Remittance Scheme if it is so required by a medical institute offering treatment or the university or country of emigration, respectively.

Documents Required

  • Form A2 cum LRS Declaration
  • Debit authority
  • Any other document deemed necessary for any specific purpose code

Please contact your nearest Ujjivan SFB branch.

FAQs

1. Who is eligible to avail Ujjivan SFB's Outward Remittance facility?

All Resident and Non-Resident Indians holding individual accounts can utilise our Outward Remittance services.

2. How can I access Ujjivan SFB's Forex Services?

Simply visit your nearest Ujjivan SFB branch or get in touch with your Relationship Team for assistance and necessary forms.

3. What steps should I follow to initiate an outward remittance?

Visit your nearest Ujjivan SFB branch, fill out the transfer forms, submit relevant documents, and proceed to transfer funds to your desired country in major currencies.

4. What are the advantages of choosing Ujjivan SFB's Forex Services?

Ujjivan SFB offers competitive exchange rates, a wide network of branches for easy accessibility, and assistance from our staff to ensure smooth transactions worldwide.

5. What are the key regulations customers should be aware of before transacting?

Customers should strictly adhere to regulations stipulated by the RBI regarding Foreign Exchange Services, including transaction limits and taxation policies.

6. What are the transaction limits for outward remittances?

For Resident Individuals, outward remittances under LRS are limited to 2,50,000 USD per Financial Year with exceptions. NRO account remittances are restricted to 1 million USD per Financial Year.

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