Send Money To Europe

To transfer money from India to Europe, you would need:

• Beneficiary details (viz. name, account number, address, country name, bank name, address)
• The SWIFT Code and IBAN for the recipient account.

In addition to this, any transaction processed through the branch channel may require submission of additional supporting documentation depending on the purpose of remittance. Online channels however, will not require you to submit any documentation

Note: The SWIFT code is an 8 or 11 digit code which helps identify the country, city, bank, and branch, and is essential for international fund transfers.

In case your beneficiary bank does not have a SWIFT code, please ask your beneficiary to obtain from the beneficiary bank the details of their intermediary/ correspondent bank. After obtaining the same, you can approach any Axis Bank branch and provide them with the details of the intermediary/ correspondent bank so that they may initiate the remittance suitably.

An IBAN, or international bank account number, is a standard international numbering system used to identify an overseas bank account. It is necessary for transactions to Europe. Usually anywhere between 15-34 characters, the number starts with a two-digit country code, then two numbers, followed by several more alphanumeric characters. e.g. GB33BUKB20201555555555

The maximum amount remitted is defined by the Reserve Bank of India (RBI) and is according to the table provided below:

Additionally, any transaction processed through online or mobile app channels cannot exceed 25000 USD or its equivalent.

From 1st October 2023, tax will be applicable to all forex remittance transactions under LRS which exceed the threshold limit of INR 7 lakhs in a financial year.

If aggregate foreign currency purchases in any form under LRS for the purpose of Education (funded by self) or Medical during the financial year exceeds INR 7 lakhs, Customer shall bear the applicable Tax Collection at Source (TCS) at the rate of 5% on the amount exceeding INR 7 lakhs.

In cases where the amount remitted under LRS is for the purpose of pursuing education abroad through an education loan* obtained from a financial institution, the applicable TCS will be at the rate of 0.5% on the amount exceeding INR 7 lakhs.

Foreign currency purchases in any form under LRS for any purpose other than Education and Medical remittances shall attract TCS at the rate of 20% on the amount exceeding INR 7 lakhs. Section 206CCA of the Income-Tax Act, 1961 requires Tax Collected at Source (TCS) at higher rate (wherever TCS is applicable) for a person identified as a Specified Person (i.e., a Non-Filer of Income Tax Return) as per Income Tax department's database for the purpose of Education and Medical remittances.
Please Note: Non-residents are not liable to pay Tax Collected at Source (TCS).

* Financial institution shall have the same meaning as defined u/s 80E of the Income Tax Act

You can send money to Europe through our digital channels for any of the following purposes:

• University fee payments
• Maintenance of close relatives in Europe
• Personal gifts to friends or relatives living abroad
• Expenses for medical treatment abroad
• Sending money to your own overseas foreign currency accounts (for residents only)
• Repatriation of funds from NRE Accounts

For remittances under any other purposes, you can visit your nearest Axis Bank branch.

It takes approximately 2 hours for the payment to get authorized. Post authorization, the amount should be credited to the beneficiary within 2 working days. On working days, transactions initiated between 10 AM to 4 PM will be executed on the same day and for transactions initiated post 4 PM, processing will be done on the next working day.

The overseas fund transfer facility can be availed by anyone through Axis Bank branches but the purpose and the amount that can be transferred varies depending on the customer category, i.e. Resident, NRI/ Foreign National working in India.For more information on applicable limits, click here.

For both Axis Bank account holders and non-account holders, transactions can be processed through Axis Bank branches. Axis Bank account holders can avail the benefit of making remittances from the comfort of their homes using the Axis internet banking platform or the mobile app.To know more about the process of making remittances abroad, click here.

To access the currency converter to check the exchange rates applicable today for converting INR to EUR, click here.

The charges for sending money to Europe from India are as follows:
1. Exchange Rates
2. Commission (applicable only on transactions processed through branch):
3. Correspondent Bank Charges plus GST
4. GST on Foreign Currency Conversion, Commission
5. Tax Collected at Source (TCS) for Resident Customers for LRS transactions only.

For NRE account holders, there is no limit for sending funds abroad.

For NRO account holders, there is no limit for remittances where the source of funds is current income. For transactions where the source of funds is non-current income, the remittance limit is up to USD 1 Million per annum or equivalent.

For Foreign Nationals, the amount that can be remitted is up to salary received in India after deduction of taxes