Send Money Abroad

Kotak Bank Outward Remittance

Outward Remittance also known as Telegraphic transfer/Transfer/Wire Transfer/Swift Transfer is the fastest and the most convenient way to send money to a beneficiary account anywhere in the world*.

Be it education fees, living expenses, or family maintenance, sending money abroad to your friends and family will be just few clicks away. You can do that with any of the 16 currencies (as mentioned below) making money transfer easier and more accessible.

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List of 16 currencies

AED - UAE Dirhams	AUD - Australian Dollars
CAD - Canadian Dollars	CHF - Swiss Franc
DKK - Danish Krone	EUR – Euro
GBP - UK Pounds	HKD - Hong Kong Dollars
JPY - Japanese Yen	NZD - New Zealand Dollars
SAR - Saudi Arabian Riyal	SEK - Swedish Krone
SGD - Singapore Dollars	USD - US Dollars
ZAR – South African Rand	THB - Thai Baht

What is LRS?

Under LRS (Liberalised Remittance Schemes), all resident individuals (including minors) are allowed to remit up to USD 250,000 per financial year (April-March) for any permissible current or capital account transaction, or a combination of both.

Frequently Asked Questions

What is Liberalised Remittance Scheme (LRS)?

The Liberalised Remittance Scheme (LRS) is a framework set by the Reserve Bank of India (RBI) that allows Indian residents individuals (as defined under FEMA 1999), including minors, to freely remit up to USD 2,50,000 per financial year (April–March) for any permissible current or capital account transaction or a combination of both.

It is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS.

What is Tax Collected at Source (TCS) under Section 394 (1) Table Sr. No. 7 of Income Tax Act 2025 (earlier section 206C(1G) of IT Act, 1961) – TCS on remittance through Liberalised Remittance Scheme (LRS)?

TCS under Section 394 is a tax collected by authorised dealers on foreign remittances made under the Liberalized Remittance Scheme (LRS) exceeding the set threshold limit per financial year.

What was the effective date of applicability of the TCS on foreign remittances under LRS?

TCS on foreign remittance under LRS is effective on any remittance transaction under LRS on or after 1 October 2020.

What are the different purposes on which the tax collection is applicable?

TCS is applicable on all remittance(s) that fall under the LRS guidelines of RBI.

What are the recent changes in TCS on LRS remittances?

As per the Union Budget 2026, the applicable Tax Collected at Source (TCS) rate on Liberalised Remittance Scheme (LRS) transactions has been revised from 20% and 5% to 2% for specified remittances.

Below are the revised TCS rates applicable for various types of remittances:

These changes will be effective from 1 April 2026.

Sr. No.	Type of Remittance	Earlier Rate before Finance Act, 2026	New rate w.e.f. Apr 1, 2026
1	Purpose of Remittance: Education / Studies abroad Source of Funds: Education loan obtained from any specified financial institution as defined in Section 129 (earlier Section 80E)	NIL	NIL
2	Purpose of Remittance: Education / Studies abroad Source of Funds: Other than no. 1 above	Up to ₹10 lakh – NIL Above ₹10 lakh – 5%	Up to ₹10 lakh – NIL Above ₹10 lakh – 2%
3	Purpose of Remittance: Medical Treatment abroad	Up to ₹10 lakh – NIL Above ₹10 lakh – 5%	Up to ₹10 lakh – NIL Above ₹10 lakh – 2%
4	Any purpose other than pt 1,2,3 above	Up to ₹10 lakh – NIL Above ₹10 lakh – 20%	Up to ₹10 lakh – NIL Above ₹10 lakh – 20%
5	Purchase of overseas tour program package	Up to ₹10 lakh – 5% Above ₹10 lakh – 20%	2% on any amount without any threshold limit.

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