TL;DR Summary
Standard Chartered Bank India launched its fully digital online remittance service in 2021, enabling resident Indians to send money under the Liberalised Remittance Scheme (LRS) and NRI clients to receive inward transfers all without a branch visit. Since then, the service has evolved to include a partnership with Wise Payments Ltd for inward remittances from Singapore, UK, and USA corridors, offering real-time FX conversion and delivery tracking. As of 2026, India received a record $135.4 billion in remittances in FY2025, and Standard Chartered remains a significant institutional channel for this flow particularly for complex, large-value, or documentation-heavy transfers.
India is simultaneously the world's largest recipient of international remittances receiving a record $135.4 billion in FY2025 and a country with a growing outward remittance flow driven by education abroad, international investment, and the wealth of India's upper-middle class. Standard Chartered Bank India's digital remittance service addresses both directions of this flow, and its evolution since 2021 particularly its integration with Wise for select inward corridor makes it a meaningfully more capable platform than at launch.
What Is Standard Chartered's Online Remittance Service
Standard Chartered Bank India offers a fully digital remittance platform enabling outward international transfers (sending money from India) and inward international transfers (receiving money into India) entirely through digital channels a laptop browser or the Standard Chartered mobile app. The service eliminates the branch visit requirement that historically made international transfers from India time-consuming and inconvenient. Since its launch, the platform has been enhanced with real-time FX conversion, delivery tracking, and an institutional partnership with Wise Payments Ltd for inward transfers from specific corridors.
Who Can Use the Service
Three categories of users can access the service. Resident Indians (Indian citizens residing in India) can use the outward remittance service under the Liberalised Remittance Scheme, which allows up to $250,000 per financial year for permitted purposes. Expats working in India foreign nationals employed by Indian-registered companies can transfer salary and savings to their home countries. Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) with existing Standard Chartered India accounts can use the inward remittance service to receive funds from overseas.
Outward Remittance: Sending Money From India Under LRS
The key innovation remains the elimination of the branch visit. The platform displays purpose-linked documentation requirements based on stated transfer purpose (education, medical, gifts, investments), a one-time beneficiary registration system, and end-to-end digital workflow from the Standard Chartered mobile app. Users can view their complete transaction history and track pending transfers in real-time. Common use cases include tuition fees for children studying abroad, international medical treatment costs, gifts to overseas relatives, and LRS-permitted capital account investments.
Inward Remittance: NRIs Receiving Funds in India
For inward remittances, NRI clients log into Standard Chartered India's internet banking, provide transfer details and disposal instructions online, and then instruct their overseas bank to send funds to Standard Chartered's NOSTRO account using the reference numbers generated by the platform. Standard Chartered credits the equivalent rupee amount after completing compliance checks. The process is digital end-to-end from the Indian bank side, though the overseas bank initiating the transfer may have its own procedures.
The Liberalised Remittance Scheme in 2026
The LRS allows resident Indian individuals to remit up to $250,000 per financial year (April to March) for permitted current and capital account transactions. Permitted purposes include private visits, gifts, donations, medical treatment abroad, educational fees, and maintenance of relatives abroad, as well as capital account uses including acquisition of foreign securities and purchase of immovable property. The LRS limit has remained at $250,000 since 2015. Any changes to LRS limits or permitted uses should be verified directly with the RBI, as these are subject to periodic review.
Tax Implications: TCS in 2026
Tax Collected at Source (TCS) applies to outward remittances under LRS above certain thresholds. The current applicable TCS rate should be confirmed with a tax advisor or Standard Chartered at time of transfer, as TCS rules and thresholds are subject to government revision in annual union budgets. TCS is an advance tax collection credited against the sender's annual income tax liability when filing returns not an additional final tax but it requires upfront liquidity. Standard Chartered's digital interface displays documentation requirements and TCS implications before completing each transaction.
Standard Chartered's Wise Partnership
A significant evolution since launch has been Standard Chartered India's partnership with Wise Payments Ltd as a technology and remittance service provider for inward transfers. This integration offers real-time FX conversion and delivery tracking for inward remittances from Singapore, UK, and USA corridors specifically. The partnership represents an interesting model: rather than competing solely on rates against specialist fintechs, Standard Chartered has partnered with one of the most competitive rate providers to enhance its inward remittance offering for NRI clients.
When Bank Remittance Services Make Sense vs. Digital Alternatives
Specialist digital platforms like Wise, Remitly, and others typically offer lower fees and better exchange rates than bank remittance services for routine personal transfers. The case for Standard Chartered's service rests on: convenience and integration for existing customers with substantial bank relationships; the institutional compliance framework that a large regulated bank provides for complex, documentation-heavy transfers; and the Wise-powered inward corridor for NRIs who want institutional reliability combined with competitive FX rates. For routine monthly family support transfers under $5,000, a dedicated digital platform will almost always be cheaper. For large, complex, or documentation-intensive transfers, Standard Chartered's institutional framework offers value that pure-play fintechs may not.
Frequently Asked Questions
What is the LRS limit in 2026?
The Liberalised Remittance Scheme allows resident Indian individuals to remit up to $250,000 per financial year. This limit has been unchanged since 2015, though RBI can revise it verify current limits directly with RBI or your bank.
Does Standard Chartered use Wise for inward remittances?
Yes. Standard Chartered India has partnered with Wise Payments Ltd as a technology and service provider for inward remittances from Singapore, UK, and USA corridors, offering real-time FX conversion and tracking.
Is Standard Chartered cheaper than using a digital remittance platform?
For routine personal transfers, specialist digital platforms typically offer better exchange rates and lower fees. Standard Chartered's advantage is institutional reliability, compliance expertise, and the Wise-powered corridor for NRIs wanting the best of both.
How much does India receive in remittances?
India received $135.4 billion in FY2025 a new all-time record and the world's largest annual remittance inflow for any country, 14% above FY2024's $119 billion.
