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The Basics

What is IndRemit?

Who can use IndRemit?

Which currencies can you use to make a remittance?

Which countries does IndRemit service?

Why should a user trust IndRemit?

Why is IndRemit safe?

What type of payments can you make through IndRemit?

What are the different payment modes offered by IndRemit?

What are the different delivery modes offered by IndRemit?

How long does it take the beneficiary to receive money?

What is the Remittance Transaction Reference Number or RTRN?

How are you informed of your transaction status?

Is there a limit on the number of beneficiaries that you can remit money to in India?

What role does Indian Bank play in IndRemit?

Do you or your beneficiary need to open any special bank account?

Is a remittance sent through IndRemit taxable for a beneficiary?

How is IndRemit better than alternate modes of remitting money to India?

What is IndRemit?
This is a completely online mode of sending money from US to India. Customer needs to follow three simple steps to send money to India.
  • Register on IndRemit site by providing elementary details.
  • Provide his bank details.
  • Provide the receiver's details in India.
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Who can use IndRemit?
Any person/organization who wishes to make a payment (in foreign currency) to an individual/organization in India (in Indian Rupees) can use IndRemit.
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Which currencies can you use to make a remittance?
Presently, you can make a remittance in U.S Dollars only. The remittance will be delivered to your beneficiary's doorstep as a locally payable demand draft or credited directly to Beneficiary's A/C in India in Indian Rupees only.
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Which countries does IndRemit service?
At present, IndRemit services United States only. We are constantly working towards expanding our services to other countries.
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Why should a user trust IndRemit?
IndRemit is brought to you by Indian Bank, one of the most renowned Bank names in India. The technology and the backend service is being provided by TimesofMoney. The Banking Channel for the transfer of money is Indian Bank, one of the biggest public sector banks in India. The founding principles laid by the promoters and partners of IndRemit is to provide value, convenience and more importantly, transparency and security to customers.
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Why is IndRemit safe?
IndRemit does not share the personal information provided by you with any third party (unless, of course, required to do so by law!). For details read our Privacy Policy. When you make a remittance at IndRemit, you make an OnlineTransfer to directly debit your bank account. No debit appears in your bank account unless you have personally authorized it. All transactions are carried out across secure encrypted lines and state-of- the-art firewalls, which have gone through extensive security tests.
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What type of payments can you make through IndRemit?
Inward remittances for: family maintenance, purchase of property, investments and donations are the kinds of payments that you can make through IndRemit Remittances from foreign tourists visiting India and Trade related remittances can also be sent.
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What are the different payment modes offered by IndRemit?
Presently, IndRemit offers you only one payment mode:
  1. Online ACH : Completely web-based and totally paperless way to send money to India. In the United States, it is carried out via the Automated Clearing House or ACH facility, whereby money is directly debited from your existing US bank account and transferred to our account.
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What are the different delivery modes offered by IndRemit?
Money will be delivered to your beneficiary through Demand Draft mode or Direct Credit:
  1. Demand Draft - A locally payable demand draft in Indian Rupees is doorstep-delivered to your beneficiary completely free. IndRemit delivery network spans 1340 destinations. If the location is not covered by a courier service, the draft is sent by Registered Post.
  2. Account Credit - you can send money to the receiver's bank account in India by giving the receiver's bank account details. You can send money to your beneficiary, if he has a bank account with any of the 357 branches. Click here to see the list of branches where you can make direct credit to your beneficiary account.
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How long does it take for the beneficiary to receive money?
Refer to this ready reckoner to know all about Delivery Schedules.
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What is the Remittance Transaction Reference Number or RTRN?
The Remittance Reference Number or RTRN is the unique number displayed on your screen at the time of booking your remittance. Consider it the root of your transaction.
  • You get to know the exact status of your transfer by simply clicking on your RTRN on our Status Tracker
  • If you are writing an email to us, or if you are chatting with us online about your transfer, you need to quote your RTRN.
  • If you call our toll-free 1-866-6882156 number to speak with any of our Relationship Managers about your transfer, you need to specify your RTRN.
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How are you informed of your transaction status?
Once you book a remittance on IndRemit, we keep you informed on the status of your remittance through regular email updates and reminders. The various status displays and their explanation is as follows:
  • Money in Clearing : : This means that we have received your Online Transfer instruction and it is in the banking channels for clearing.
  • Money Dispatched : This means that your Online Transfer instruction has been cleared, and your funds have been dispatched to your beneficiary.
  • Money Delivered: This means that the Demand Draft has been reached to your beneficiary or the amount has been directly deposited, and you can view the delivery details against your Remittance Reference Number.
Of course, apart from regular email updates from IndRemit, you can keep yourself updated on the status by using "Status Tracker" at IndRemit. All you have to do is click on your RTRN number.
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Is there a limit on the number of beneficiaries that you can remit money to in India?
No. You can send the money to as many people as you wish. IndRemit has an Address Book tool where you can enter and store your beneficiaries' details.
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What role does Indian Bank play in IndRemit?
Indian Bank is the banking backbone for IndRemit and undertakes the money transfer activity for transactions. In short, the money you send is managed entirely by Indian Bank - converting funds to Indian Rupees to issuing a Demand Draft in favor of your beneficiary or directly depositing money into your Receiver's account. TimesofMoney provides the technology, operations and the service platform.
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Do you or your beneficiary need to open any special bank account?
No. You can continue to use your existing account.
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Is a remittance sent through IndRemit taxable for a beneficiary?
No. Since you have paid your taxes overseas on income that you have earned, your beneficiary does not to pay a tax on the money that you send home
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How is IndRemit better than alternate modes of remitting money to India?
IndRemit transaction fees are extremely affordable, and exchange rates are among the very best. There are no hidden charges unlike other services that send the money to your beneficiary net of courier and Demand Draft costs. Moreover, IndRemit services Draft delivery facility to over 1340 destinations. What's more, a 24x7 customer service provides you with round-the clock-service.
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