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Capital SFB

Inward And Outward Remittances

Foreign Exchange Services

We believe geographical distance should not be a damper in meeting your personal, professional and social obligations. Catering to a rich NRI belt and understanding the needs of our ever growing clientele, we offer a bouquet of Foreign Exchange Services with customized solutions for all your inward and outward remittance needs that we can serve as an AD-II Bank. Through our remittance facilities, you can engage in effortless fund transfers with ease of transaction and full regulatory compliance.

Products: The List of foreign exchange services provided by the bank include the following:

  • Inward/Outward Remittance Services
  • Purchase and sale of Foreign Currency Notes from/to its customers

Outward Remittance Facilities available to Residents under Liberalised Remittance Scheme (LRS):

The Bank is providing outward remittance services under the Liberalised Remittance Scheme to its resident clientele up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

Documentation for Outward Remittance: The Bank has devised simple and straight forward document flow for ease of SWIFT transactions involving

  1. Form A2
  2. Requisite Request/ Declaration by the customer
  3. PAN/Aadhaar or KYC proof of sender
  4. The Bank ensures deduction and deposit TCS as per the provisions of Income Tax Act 1961.
  5. Other Supportive Documents

Guidelines on Purchase and sale of Foreign Currency Notes from/to its customers

  • Foreign Currency Purchase: The bank purchases foreign currency notes from its customers/ walk-in customers and sells that to AD-I entities or FFMC’s and
  • Foreign Currency Sale: The Bank sells foreign currency notes to its customers/ residents under LRS (Liberalized Remittance Scheme), as the prescribed limits set forth by the RBI from time to time for permissible transactions.

Documentation/Process Flow: The bank has devised simple and smooth documentation/process flow for ease of such transactions:

At the Time of Sale of Foreign Currency: The following set of documents are required at the time of sale of currency to resident individual(s):

  1. Air ticket
  2. Visa
  3. Payment Details i.e Cheque/RTGS/NEFT etc.
  4. PAN

Note: No Foreign currency can be sold to other than resident(s) i.e no foreign currency can be sold to foreign nationals, NRIs, PIOs etc.

At the Time of Purchase of Currency:

In case of residents: Requisite documentary proof such as:

  1. Passport
  2. PAN
  3. Aadhaar
  4. Arrival date or source of foreign currency need to be ascertained.

In case of non-residents: Requisite documentary proof such as:

  1. Passport
  2. Arrival date
  3. Custom declaration form (CDF) if foreign exchange exceeds USD 10,000 or its equivalent or foreign currency exceeds USD 5,000 or its equivalent.

Salient Features:

  • Same-day credit: Upon receipt of funds (inward remittance), we offer same-day credit to the beneficiary’s account
  • Same-day outward remittance: We also provide same-day outward remittance at competitive external remittance charges
  • Customer Friendly Interface: We offer an effort less customer friendly interface of foreign exchange services.
  • Next-day SWIFT message: We make sure to provide a next-day SWIFT message for outward remittances.
  • Single Window Processing: We offer single window processing of all foreign exchange related services.

Why to Opt Capital SFB for Foreign Exchange Services:

  • Free of Charge Inward Remittance: Our inward remittance credit to your account is free of charge.
  • Most Competitive Exchange Rates: We offer one of the most competitive exchange rates in the whole industry.
  • No Hidden Charges: We offer transparent and smooth interface with no hidden charges.
  • Customer Friendly Processes: We offer simple, easy and customer friendly process flow for all foreign exchanges services that we offer.
  • Quick TAT: We offer inward remittance and outward remittance at record turnaround times for our valuable customers.
  • Regulatory Compliance: We ensure complete regulatory compliances for tension free transacting and compliance friendly reporting.