It’s good news for Kotak Mahindra Bank account holders as their new feature allows its customers to transfer money abroad using the mobile banking app. This allows contactless banking anywhere and offers features like UPI, billing, credit card, savings, insurance and more.
Transferring money abroad is just a two-step method that requires transfer details and recipient data. Customers can send up to US$25,000 or equivalent in another currency in a day or a total of US$250,000 or equivalent in a financial year.
Aadhaar card, a photo of your PAN card and information of the sender and beneficiary bank are required to make the transfer. Beneficiary details can be saved for recurring transactions is among many features of the Kotak remit. The format doesn’t require any documentation. Individuals who have a savings bank account can apply for the services.
To begin with download the Kotak Mahindra Bank mobile app and log in using your mobile banking or net banking credentials. Now, add your bank details (funding bank details) and add receiver or beneficiary details. Initiate your remittance request within the prescribed limits. For non-customer, complete a one-time registration process and add your bank details (funding bank details). Follow this by adding receiver or beneficiary details and initiate your remittance request within the prescribed limits.
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 October 1, 2020. All remittances more than Rs 7 lakh in the financial year are subject to a TCS of 5 percent under the LRS. Remittance for education paid through a loan from another financial institution are subject to a TCS rate of 0.5 percent. GST applies on currency exchange, remittance facility charges and other charges.
Kotak Mahindra offers transfer of funds in various currencies like UAE Dirhams, Australian Dollars, Canadian Dollars, Swiss Franc, Danish Krone, EuroGBP, UK Pounds, Hong Kong Dollars, Japanese Yen, among others.