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Exchange Houses
Exchange House Arrangements
CSB provides fastest means of money transfer for our NRI customers in GCC region through Exchange Houses. NRIs can make remittance to beneficiary's account with CSB quickly through electronic modes such as NEFT, IMPS, etc.
CSB has tie-up with reputed Exchange Houses in GCC region. The state of the art technology procured by the bank enables hassle free remittances to India at express speed.
The list of exchange houses that have tie up with CSB to provide remittance facilities are given below;
| Sl No. | Name of Exchange House | Gulf Region |
|---|---|---|
| 1 | Al Ahalia Money Exchange Bureau | UAE |
| 2 | Al Ansari Exchange LLC | UAE |
| 3 | Al Sadd Exchange Co. | UAE, Qatar |
| 4 | Habib Qatar International Exchange Ltd. | Qatar |
| 5 | Lari Exchange | UAE |
| 6 | Lulu International Exchange LLC | UAE |
- Walk into the Exchange Houses outlets where CSB has a tie up, with the amount you want to remit & all your relevant KYC documents.
- Provide instructions to Remit funds to your CSB account in India along with the following details:
- Remitters name, address and bank account number/Unique Identification Number.
- Beneficiary's Name
- Beneficiary's Account Number
- CSB Branch Name and Branch Code where the beneficiary's account is maintained
- Exchange House transfers the amount to CSB along with the account details of the beneficiary and the Bank credits the amount to the beneficiary's account with the respective CSB Branch.
RBI Guidelines on Remittances through Exchange Houses
Drawing Arrangements with Exchange Houses are primarily designed to channel inward personal remittances. Under no circumstances, donations / contributions to charitable institutions should be routed through the Exchange Houses. The following is the list of permissible transactions under Drawing Arrangements with Exchange Houses.
- Credit to Non-resident (External) Rupee accounts maintained by Non-resident Indians in Indian Rupees.
- Payments to families of Non-resident Indians.
- Payments in favour of Insurance companies, Mutual Funds and the Post Master for premia / investments.
- Payments in favour of bankers for investments in shares, debentures.
- Payment to Coop. Housing Societies, Govt. Housing Schemes or Estate Developers for acquisition of residential flats in India in individual names subject to compliance of regulations thereof by the Non-resident Indians.
- Payments of tuition/ boarding, examination fee etc. to schools, colleges and other educational institutions.
- Payments to medical institutions and hospitals in India, for medical treatment of NRIs / their dependents and nationals of all FATF countries.
- Payments to hotels by nationals of all FATF compliant countries / NRIs for their stay.
- Payments to travel agents for booking of passages of NRIs and their families residing in India towards their travel in India by domestic airlines / rail, etc.
- Trade transactions up to Rs.15,00,000 (Rupees Fifteen lakhs only) per transaction.
- Payments to utility service providers in India, for services such as water supply, electricity supply, telephone (except for mobile top-ups), internet, television etc.
- Tax payments in India
- EMI payments in India to Banks and Non-Banking Financial Companies (NBFCs) for repayment of loans.
- Remittances to the Prime Minister’s National Relief Fund/Chief Minister’s Distress Relief Fund- Kerala/Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund subject to the condition that the remittances are directly credited to the Fund by the banks and the banks maintain full details of the remitters.
