NRI remittances are transfers of money from abroad to India through authorised providers approved by the Reserve Bank of India. Such transfers are known as “inward foreign remittances” or “inward remittances.” For instance, if you live in London and regularly send money to your family in India, the money they receive every month would be considered an inward remittance.

If you are new to this world and are a bit sceptical about money transfers, this article is for you. Read on to learn more about the guidelines for transferring money from abroad to India, the process involved in NRI remittances, and the benefits of the same in this article.

Guidelines for Inward remittance –transfer money from abroad to India

Guidelines have been established by the Reserve Bank of India (RBI) to govern the process of inbound foreign remittances to India. They are explained below: –

• There are specific reasons for which an inward foreign remittance is allowed. When sending money to India, it is permissible only for purposes such as covering medical expenses, education fees, travel costs, investment opportunities, financial aid, living expenses, or as a gesture of gifting.
• FIRC is mandatory which the recipients of foreign remittances receive from their banks in India. It acknowledges the transfer of funds from overseas and contains information like sender and recipient names and account numbers, the purpose of the transfer, exchange rates, and other details.
• In India, inward foreign remittances can be received through the Rupee Drawing Arrangement (RDA) or Money Transfer Service Scheme (MTSS) authorised by the RBI via authorised dealer banks.
• The RDA scheme enables unlimited personal inward remittances to India, while commercial remittances have an upper cap of Rs. 15 lakhs. Funds must be transferred directly to an Indian bank account.
• In India, the MTSS scheme imposes a cap on the amount of inward remittance. Each individual’s inward remittance is restricted to a maximum of USD 2500.
• A beneficiary is permitted to receive no more than 30 MTSS transfers per year.
• To receive inward remittances in India, one must first establish an NRE account. This type of account, known as a Non-Resident External Account, is specifically designed for transferring foreign earnings to India and is not subject to taxation.
• To cover family expenses, you can send money to India, but it’s not allowed to send money for purposes such as making donations, engaging in commercial activities, investing, purchasing property, or transferring funds to a non-resident external (NRE) account.

Process of NRI Remittances

You can conduct inward foreign remittance in India through different modes, such as wire transfers and electronic transfers.

Benefits of NRI Remittances

1. NRI remittances can help inject money into the local economy and contribute to the growth of small businesses.
2. The inflow of money with inward remittances can result in job creation and economic development in the recipient country.
3. Inward remittances can help families pay for education and healthcare expenses, which can be expensive in some countries. So, there is an improvement in the overall health and education levels of the population.
4. Money transfer from abroad to India is an alternative source of income for some households, which can help them weather economic shocks and reduce their dependence on a single source of income.
5. Inward remittances can encourage people who previously did not have access to formal financial services to open bank accounts and use other financial products. This in turn can help promote financial inclusion and improve financial literacy in the recipient country.

Conclusion

India receives the highest amount of inward remittances globally owing to its large diaspora spread across various parts of the world. Advances in technology have made the transfer process easier, faster, and more secure. Consider factors such as fees, exchange rates, and security to ensure a seamless and cost-effective transfer process.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

FASTagis an easy-to-use tag affixed to your vehicle’s windshield. It eliminates the need to pay in cash at state and national highway toll booths, streamlining the travel experience. Mandated for four-wheelers in 2021, FASTag has since resulted in many benefits for Indian consumers – reduced congestion, traffic, and waiting times. Apply for a FASTag with IndusInd Bank for smarter and greener journeys.

India has the second largest road network in the world, with 1.45 lakh kilometres of national highways. With a 59% growth in the last 9 years, the highway network has witnessed endless queues of vehicles at toll booths.

Enter the revolutionary FASTag, a technological innovation that has transformed this scenario of congestion and pollution on national and state highways. To introduce efficiency in payments and to reduce waiting times at toll booths, the Indian government introduced FASTag for automatic deduction of the toll fee. In 2021, the government made it mandatory for all commercial and personal four-wheelers to install FASTag for payments at toll plazas. Vehicles that enter a FASTag lane without having the tag must pay a penalty to cross the toll.

Since then, this small tag has redefined how we experience road travel, making it seamless, smarter, and more eco-friendly.

Unveiling the Game-Changer: FASTag

FASTag is an electronic toll collection system integrated with Radio Frequency Identification (RFID) technology. Its simplicity is remarkable: a small RFID sticker affixed to your vehicle’s windshield seamlessly linked to your prepaid account.

As your vehicle approaches a toll plaza, the RFID scanner reads the tag, and deducts the toll amount without requiring cash payment. This makes toll payments convenient, frictionless, and swift.

FASTag offers numerous benefits for a seamless travel experience. It eliminates long queues and waiting times at toll plazas by enabling vehicles to pass through the toll booths without a halt.  It streamlines the traffic flow and reduces idling time. The idea is that as each vehicle does not need to stop to pay with cash, there will be faster movement through a booth, leading to reduced fuel consumption plus a significant drop in carbon emissions.

The FASTag toll collection system is operated by the National Payments Corporation of India (NPCI), along with various banks, and Indian Highways Management Company Limited (IHMCL). By mandating the use of FASTag, the government has taken yet another  step towards making India a digital economy.

A Triumph of Accountability

Numbers speak volumes, and in the case of FASTag, they roar. On 29 April 2023, daily toll collection via FASTag peaked at a staggering INR 193.15 crore, marked by an impressive 1.16 crore transactions. Each transaction is meticulously recorded, ensuring every rupee finds its proper place, contributing to India’s infrastructural growth.

Currently, users can use FASTag at 1000+ toll plazas across the country, including state and national highways.

Driving into a Greener Tomorrow with IndusInd Bank

The journey towards smarter, greener, and more efficient transportation in India has just begun. At IndusInd Bank, we are committed to serving as a catalyst for change. IndusInd Bank’s FASTag program is a part of the National Electronic Toll Collection (NETC) initiative launched by the NPCI.

Users can get their own FASTag account by visiting any of the IndusInd Bank branches near them, or by calling the customer care number at 1860 267 7777. All you need to carry to the branch is:

• KYC documents (originals and copies)
• Vehicle’s RC Book

As the FASTag is linked to the user’s prepaid account, the applicable toll amount is debited automatically. FASTag recharge can be done by users online through debit cards, credit cards, net banking, and other online payment modes.

Ready to be a part of this digital journey? Apply today for FASTag online, or offline with IndusInd Bank and usher in a new era of travel!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Are you an NRI looking to make international money transfers? Whether sending money to family or investing in a business opportunity, navigating the world of international money transfers can be overwhelming. Fortunately, there are several essential tips and best practices that every NRI should know to make the process as simple and cost-effective as possible. From understanding different transfer methods to finding the best exchange rates, these tips will help you make informed and financially savvy decisions when transferring money across borders. This informative article will dive into the top NRI money transfer tips that every NRI should remember.

Top 5 International Money Transfer Tips Every NRI Should Know

1. Understand Exchange Rates

Exchange rates fluctuate daily and can significantly impact the amount of money you send or receive. It’s important to monitor the exchange rates and choose a favourable time to transfer. Also, be aware of hidden fees and charges that impact the exchange rate. By taking the time to understand exchange rates and associated costs, you can make sure you get the most of your international money transfer.

2. Choose the Right Transfer Method

When it comes toNRI money transfers, choosing the right transfer method is crucial to avoid unnecessary fees and delays. With the advent of technology, several options are available such as wire transfers, online transfers, and even mobile transfers. However, not all transfer methods are created equal. Some are faster, while others may offer better exchange rates. Remember the fees associated with each method, and check for any restrictions or limitations before initiating the transfer.

3. Check Transfer Fees and Commissions

Fees and commissions can add up quickly during international money transfers. That’s why checking the transfer fees and commissions before making any transaction is important. Banks and money transfer companies may have different fees and charges, so make sure you compare them and choose the most cost-effective option. Additionally, some services may offer better rates and lower fees for larger transfers, so be sure to keep that in mind when deciding on the amount to send. By being aware of transfer fees and commissions, you can ensure that you get the best deal and avoid unnecessary costs.

4. Verify the Recipient’s Details

When transferring money internationally, verifying the recipient’s details is essential for avoiding any errors or fraud. Ensure you have the correct name and bank account details, including the bank name, branch address, and routing number or SWIFT code. Double-checking these details can help avoid unnecessary delays or rejections in the transfer process. Verifying the recipient’s identification is essential, especially when sending money to a new recipient.

5. Monitor the Transfer

After initiating the NRI money transfer, keeping track of the transaction until it reaches the recipient’s account is essential. Regularly monitor the transfer progress and ensure that there are no delays or errors. Most money transfer services provide tracking options to monitor the transaction status. By monitoring the transfer, you can ensure that the recipient receives the money on time and with the correct amount. Additionally, monitoring the transfer helps detect potential issues and take appropriate measures to rectify those promptly.

Conclusion

You can make informed decisions and avoid costly mistakes with the right knowledge. So next time you need to transfer money out of the country, remember these tips and take action to make the most of your money. Always choose a reputable provider that can offer you competitive rates, low fees, higher NRI money transfer limit, and a range of transfer options to suit your needs.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Summary:  Credit cards are the ideal travel companions for frequent travellers. These tools make financial management easy while offering convenience and a range of perks. However, it’s important to exercise financial prudence while using them. This includes understanding and utilising card benefits, setting spending limits, avoiding excessive cash withdrawals, and choosing credit cards that offer travel related benefits.

Be it a short business trip or a long international vacation, a travel companion you can never leave behind is your credit card. These convenient tools make it easy to manage finances on a trip, thanks to their wide acceptability, ease of transactions, and associated rewards. Your credit card is more than just a piece of plastic; it’s your key to unlocking a hassle-free travel experience. However, there’s a certain level of financial prudence required for card usage, as it’s easy to get carried away with spending. As many seasoned travellers know, mishandling credit cards, especially when travelling abroad, can lead to tricky financial situations.

Here’s a guide outlining six useful tips for credit card users, so you can embark on your next journey with confidence and peace of mind.

1. Apply for a Travel Credit Card

Geared towards frequent travellers, travel credit cards are designed to offer travel-related perks such as air miles, airport lounge access, and frequent flyer program memberships. If you travel frequently and seek luxurious experiences with exclusive privileges, consider applying for a card exclusively designed to meet your needs.

IndusInd Bank offers a range of travel-focused cards that promise to elevate both your domestic and international travel experiences. For instance, the IndusInd Bank Avios Visa Infinite Credit Card allows you to choose your preferred airline as well as your preferred international destination to maximise

benefits. At your selected destination, you earn 5X Avios on every INR 200 spent and enjoy a discounted forex markup of 1.5%.

2.Utilise Your Card’s Travel Benefits

Most credit cards today come with dedicated travel perks that can make your trip more convenient and rewarding. Look for the following perks on your card to travel in comfort:

•  Domestic and international airport lounge access
• Extra reward points on travel spends
• Zero foreign currency markup

Make the most of your card’s exclusive offers, discounts, and privileges to optimise your travel experience.

3. Limit Cash Withdrawals

Around the world, credit cards are widely accepted at merchant locations, both online and offline. While it’s wise to travel with some cash for exigencies, you can rely on your credit card for most transactions. But it is not advisable to withdraw cash at an ATM, especially internationally, as you may attract cash advance charges. These fees do not come with a grace period and are charged the moment you make a withdrawal.

4. Watch Your Spending

When you are travelling, especially on a vacation, it can be tempting to go overboard with spending. Thus, before you set out on your trip, set a budget goal. This number can be adjusted as you go. But, working with a budget in mind will help you spend mindfully.

5. Travel Protection Benefits

Depending on the type of credit card you own, you may be eligible for travel protection benefits that can secure your trip. Check your card for insurance coverage in the event of baggage loss or theft so you stay safe even in the unfortunate event of an emergency. IndusInd Bank’s credit cards offer complete travel protection to shield you from stress should an unforeseen event arise. To ensure a smooth journey, IndusInd Bank has partnered with The Oriental Insurance Company to provide cardholders with

insurance coverage for lost baggage, delayed baggage, loss of passport, lost ticket, and missed flight connections.

5. Observe Secure Spending

While travelling, take care to observe secure spending practices to safeguard your account against hackers and malicious intent. Avoid using public Wi-Fi networks to make transactions or check balances, as this may put your card information at risk. Additionally, never feed your card number into a website without a secure connection – look for the “https://” sign. Finally, keep a close eye on your statements and alert your bank in the event of an unauthorised transaction.

Apply for a Credit Card at IndusInd Bank

Credit cards make travel more convenient and rewarding. With our smart tips, you can make the most of your card’s benefits.IndusInd Bank offers a range of premium credit cards packed with exclusive travel privileges including discounted foreign markup fees, airline loyalty programme memberships, lounge access, and comprehensive travel insurance.  Apply for a instant credit card online at IndusInd Bank by filling in your basic details and get an instant card delivered to you within 48 hours!

Summary: From hassle-free international transactions and competitive exchange rates to easy cash withdrawals from ATMs, the Indus Multicurrency Forex Card ensures financial flexibility abroad.

If you are an avid traveller and conduct transactions in foreign currencies frequently, you need a reliable financial management solution. Among the options available, forex cards have emerged as a popular financial instrument that provides flexibility, security and ease of conducting transactions abroad. The Indus Multicurrency Forex Card stands out as the best forex card for globetrotters and business travellers. Keep reading to learn why savvy travellers prefer this forex card and how it can make your trips easier and more enjoyable.

Understanding The Indus Multicurrency Forex Card

The Indus Multicurrency Forex Card provides a cashless option for carrying foreign currency when travelling overseas. This widely accepted card is available in 14 different currencies and protects users from fluctuations in foreign exchange rates. This forex card is a safer alternative to cash and offers greater convenience compared to traveller’s cheques.

How to Use an Indus Multicurrency Forex Card?

Follow these steps to use the Indus Multicurrency Forex Card at different locations.

At International ATMs

• Insert or dip your card at ATMs with the Visa or Mastercard logo
• Choose the account type Checking, Current or Credit
• Enter your 4-digit ATM PIN, and select either cash withdrawal or balance inquiry 
• Collect your card and cash before leaving the ATM

At Merchant Outlets

• Allow the merchant to swipe your card at the POS terminal
• Enter the invoice amount and your 4-digit ATM PIN
• Collect your card, purchase invoice, and transaction slip
• To complete the process, sign on the merchant copy of the transaction slip

For Online Transactions

• Log in to the international merchant website
• Choose a credit card as the mode of payment
• Enter the credit card number, expiration date, CVV2, and billing information
• To enable second-factor authentication, enter your online password

Features & Benefits of Indus Multicurrency Forex Card