Punjab National Bank (PNB), one of India’s leading nationalized banks, offers a seamless PNB international money transfer service through its net banking portal. This facility enables Indian residents to send money abroad efficiently, adhering to the Liberalised Remittance Scheme (LRS) guidelines set by the RBI, the Foreign Exchange Management Act (FEMA), 1999, and the Income Tax Act, 1961.
Whether you’re funding education, supporting family overseas, or investing abroad, PNB’s foreign outward remittance service ensures secure and compliant transactions. This guide covers all about PNB international money transfer, its eligibility, steps, transaction limits, fees, and more related to the PNB money transfer.
Table of contents
- What is PNB International Money Transfer?
- Methods of Sending Money via PNB International Money Transfer
- Key Features and Benefits of PNB International Money Transfer
- Eligibility For PNB International Money Transfer
- How to Make International Money Transfer with PNB Net Banking?
- Accepted Currencies for PNB International Money Transfer
- Transaction Limits for PNB International Money Transfer
- Processing Time for Overseas Transfers
- Fees and Charges for PNB International Money Transfer
- Latest Updates on PNB International Money Transfer
- Why Choose PNB for International Money Transfers?
- Tips for a Smooth PNB International Money Transfer
- FAQs on PNB International Money Transfer
What is PNB International Money Transfer?
PNB International Money Transfer enables Indian students and their families to transfer funds internationally through secure banking channels. PNB offers multiple transfer options, including SWIFT wire transfers, foreign currency demand drafts (FCDD), and partnerships with global remittance providers like Western Union and MoneyGram.
PNB international money transfer services ensure a smooth and hassle-free money transfer experience while complying with RBI guidelines and international banking norms.
Methods of Sending Money via PNB International Money Transfer
PNB offers several secure and reliable methods for sending money abroad. These methods ensure ease of use and compliance with international financial standards. Here are the details of various methods of PNB International Money Transfer.
1. SWIFT Wire Transfers
- PNB is part of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, allowing students to receive funds in their overseas bank accounts securely.
- Requires essential details such as SWIFT/BIC code, recipient bank account number, and transfer purpose.
- Ideal for paying tuition fees, accommodation costs, and other expenses directly to an international bank.
2. Foreign Currency Demand Drafts (FCDD)
- PNB issues foreign currency demand drafts in major currencies such as USD, GBP, EUR, CAD, and AUD.
- These drafts can be mailed to universities and institutions that accept payments via demand drafts.
- A safe alternative to carrying cash while traveling abroad.
3. PNB Tie-Ups with Global Money Transfer Services
- PNB has partnerships with Western Union, MoneyGram, and Xpress Money for quick inward remittances.
- Beneficiaries can collect funds from a PNB branch in India without the need for a bank account.
Also Read: PNB BSBDA Account: Interest Rates, Limits, Charges, How to Open
Key Features and Benefits of PNB International Money Transfer
PNB offers several advantages for international money transfers. Here are some key features:
- Secure and Reliable Transfers – Fully compliant with RBI and FEMA regulations, ensuring a safe transaction process.
- Supports Multiple Currencies – Facilitates transfers in USD, GBP, EUR, CAD, AUD, and more.
- Competitive Exchange Rates – Offers attractive exchange rates for international money transfers.
- Fast Processing Time – Most transactions are completed within 24-48 hours, depending on the recipient bank and country.
- Extensive Global Reach – PNB’s wide banking network ensures seamless money transfers worldwide.
- 24/7 Customer Support – Dedicated helpline for resolving queries related to PNB International Money Transfer.
Eligibility For PNB International Money Transfer
Sending money abroad requires meeting specific criteria to ensure compliance with Indian regulations. The PNB international money transfer service is designed exclusively for resident individuals who hold a PNB account. Below are the eligibility requirements you need to fulfill to use this overseas remittance facility:
- Indian Resident: You must be a resident of India as defined under FEMA.
- PNB Account Holder: You need a single or joint PNB account registered for Retail Internet Banking.
- Account Age: The account must be active for at least one year.
- KYC Compliance: Complete Know Your Customer (KYC) requirements by linking your mobile number, email ID, and PAN card to the Core Banking Solution (CBS).
- Age Requirement: Both sender and receiver must be adults (18+).
This service is exclusively for resident individuals and not available to corporates, HUFs, or trusts.
How to Make International Money Transfer with PNB Net Banking?
Making an international transfer doesn’t have to be complicated, especially with PNB’s user-friendly net banking platform. The PNB international money transfer process is designed to simplify foreign exchange transfers while adhering to RBI regulations. Follow these steps to initiate your overseas remittance:
- Log In: Access your PNB Net Banking account using your credentials.
- Navigate to Transactions: Click on the “Transactions” tab.
- Select LRS Submission: Under “Transfer to Other Bank Accounts,” choose the “LRS Submission” option.
- Choose Account: Select your PNB account number for the transfer.
- Accept Terms: Agree to the terms and conditions of the LRS.
- Fill Details: Enter the recipient’s details, amount, currency, and purpose of remittance.
- Submit: Click “Submit” to process the request.
- Get Reference Number: A unique reference number will be generated for tracking.
Ensure all details comply with RBI regulations to avoid delays.
Also Read: PNB Education Loan Processing Time
Accepted Currencies for PNB International Money Transfer
When sending money overseas, having access to a variety of currencies is essential for flexibility. PNB’s international wire transfer service supports transactions in 12 widely used global currencies. Here’s the full list of accepted currencies for PNB International Money Transfer:
- United States Dollar (USD)
- New Zealand Dollar (NZD)
- Euro (EUR)
- British Pound Sterling (GBP)
- Hong Kong Dollar (HKD)
- Canadian Dollar (CAD)
- Australian Dollar (AUD)
- Japanese Yen (JPY)
- Singapore Dollar (SGD)
- Swiss Franc (CHF)
- Emirati Dirham (AED)
- Swedish Krona (SEK)
Also Read: SBI International Money Transfer
Transaction Limits for PNB International Money Transfer
Understanding how much you can send abroad is key to planning your remittances effectively. PNB imposes specific limits on PNB International Money Transfer transactions, aligning with the LRS limit of USD 250,000 per financial year. Here’s a breakdown of the caps:
- Per Transaction: Up to USD 10,000.
- Annual Limit: Up to USD 100,000 per account holder per financial year.
- LRS Compliance: The total remittance, including PNB transfers, must not exceed USD 250,000 annually without prior RBI approval.
For amounts exceeding USD 250,000, you’ll need special permission from the RBI, typically for purposes like emigration or medical treatment.
Processing Time for Overseas Transfers
Timing your international transfer correctly can make a big difference in when your funds reach their destination. PNB processes PNB International Money Transfer requests based on a daily cutoff time to ensure efficiency. Here’s how the processing schedule works:
- Same-Day Processing: Transactions submitted before 4:00 PM IST on a business day are processed the same day.
- Next-Day Processing: Transfers after 4:00 PM IST are processed the next business day.
- Non-Operational Days: The service is unavailable on Saturdays, Sundays, and bank holidays.
For urgent transfers, plan accordingly to meet the cutoff time.
Also Read: Western Union International Money Transfer
Fees and Charges for PNB International Money Transfer
Cost is an important factor when choosing a remittance service, and PNB keeps its fees transparent. The PNB international money transfer service includes bank charges, SWIFT fees, and applicable taxes as per Indian laws. Here are the updated charges as of April 2025:
| Amount (INR) | Charges |
|---|---|
| Up to INR 20,000 | INR 500 + SWIFT Charges (INR 500 + GST) |
| Above INR 20,000 | INR 1,000 + SWIFT Charges (INR 500 + GST) |
- SWIFT Charges: INR 500 + 18% GST (~INR 590 total).
- Exchange Rate Margin: PNB applies its own exchange rate, which may differ from the mid-market rate seen on Google.
- Foreign Demand Draft: INR 300 – INR 1,000 + GST
- Tax Collected at Source (TCS): As per the Income Tax Act, 1961, a TCS of 5% applies on amounts exceeding INR 10 lakh (increased from INR 7 lakh in Budget 2025) for non-educational purposes. For education loans from specified institutions, TCS is exempt.
These fees ensure compliance with Indian international money transfer laws.
Latest Updates on PNB International Money Transfer
Staying informed about policy changes can help you optimize your overseas transfers. PNB’s international money transfer service evolves with updates from the RBI and government regulations. Here are the latest developments as of April 2025:
- TCS Threshold Increase: Budget 2025 raised the TCS threshold under LRS to INR 10 lakh from INR 7 lakh, reducing tax liability for smaller remittances.
- RBI Reporting Changes: As of September 2024, banks no longer submit monthly LRS reports but upload daily transaction data, improving transparency.
- Digital Enhancements: PNB is reportedly working on enhancing its net banking platform for faster foreign exchange transfers, though online outward remittance initiation remains limited compared to competitors.
Why Choose PNB for International Money Transfers?
Selecting the right bank for your remittance needs can save time and money. PNB stands out as a reliable option for PNB international money transfer due to its strong reputation and features. Here’s why it’s worth considering:
- Trusted Institution: As a government-backed bank, PNB offers reliability.
- Wide Currency Options: Supports 12 currencies for global reach.
- LRS Compliance: Fully adheres to RBI’s Liberalised Remittance Scheme.
- Competitive Fees: Charges are reasonable compared to some private banks.
However, PNB’s exchange rates may not always be the most competitive, and processing times can lag behind fintech alternatives like Wise or ICICI Bank’s online services.
Tips for a Smooth PNB International Money Transfer
A little preparation can go a long way in ensuring your overseas remittance goes off without a hitch. Whether it’s your first time or a regular transfer, these tips will streamline your PNB International Money Transfer. Here’s what to keep in mind:
- Check Exchange Rates: Monitor rates on the PNB portal to optimize your transfer.
- Complete KYC: Ensure all documentation is updated to avoid rejection.
- Track TCS: Adjust for TCS in your tax filings to reclaim credits.
- Contact Support: For complex transfers, reach out to PNB’s customer care or visit a branch.
FAQs on PNB International Money Transfer
PNB International Money Transfer is a service offered by Punjab National Bank through its net banking portal, allowing Indian residents to send money abroad under the RBI’s Liberalised Remittance Scheme (LRS).
Indian residents with a PNB account (at least one year old), registered for net banking, and with completed KYC (linked mobile, email, and PAN) can use this service.
You can send up to USD 10,000 per transaction and USD 100,000 per financial year, within the RBI’s LRS limit of USD 250,000 annually.
PNB International Money Transfer supports 12 currencies, including USD, EUR, GBP, AUD, CAD, JPY, NZD, SGD, HKD, CHF, AED, and SEK.
International money transfers through PNB before 4:00 PM IST on a business day are processed the same day; those after are processed the next business day. Weekends and holidays are excluded.
PNB international money transfer fees range from INR 500–1,000 (based on amount) plus SWIFT charges (INR 500 + GST). TCS of 5% applies on amounts above INR 10 lakh for non-educational purposes.
Yes, a unique reference number is generated after submission, which you can use to track your transfer via PNB customer support.
No, the PNB international money transfer service is unavailable on Saturdays, Sundays, and bank holidays, as per PNB’s processing schedule.
To check check exchange rates for PNB international money transfer, log in to the PNB Net Banking portal to view real-time currency exchange rates before initiating your transfer.
Incomplete KYC will prevent you from using the service. Ensure your mobile number, email, and PAN are linked to your account beforehand.
To know about education loans, the best bank accounts for students, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
