KVB Remit Home

The Basics

1. Who can use KVB Remit Home?

Any person from the US remitting in USD can avail of this online remittance facility.

2. Which currencies can I remit?

You can now send your remittance in U.S Dollars. The remittance will be made to your beneficiary in India in Indian Rupees only.

3. Why should I trust KVB Remit Home?

KVB Remit Home is brought to you by Karur Vysya Bank - one of India’s leading private sector banks.

4. Why is KVB Remit Home safe?

When you pay through KVB Remit Home, the money is debited through the Automated Clearing House Direct Debit, which means, no debits appear in your bank account unless you have personally authorized it. All transactions are on fully secure encrypted lines, and your data is stored on our machines, which are behind state of the art firewalls, and have gone through extensive security tests.

5. What does powered by Times of Money mean?

Times of Money is Karur Vysya Bank’s alliance partner for the KVB Remit Home service.It is part of the Times of India Group, India’s largest media group.

6. What type of payments can I make through KVB Remit Home?

Inward remittances such as remittances towards family maintenance, remittances from foreign tourists visiting India, are allowed by the RBI to be received under the arrangement.

7. Can I send money to my NRE accounts?

Yes. You can now send your money into your NRE account in India.

8. Is the money sent through KVB Remit Home taxable for my beneficiary?

No. This money is income earned by you overseas, and you have already paid taxes for it in the US. Your beneficiary need not pay tax on this money again once it is remitted to India.

9. How long does it take for the beneficiary to receive money?

Refer to this ready reckoner to know all about Delivery Schedules.

Direct Debit

10. What is Direct Debit?

Direct Debit is the completely online way to send money through KVB Remit Home. It uses the Automated Clearing House (ACH) network to directly debit your account, and transfer the funds to us.

11. What is Automated Clearing House (ACH)?

ACH stands for Automated Clearing House. The ACH Network is a highly reliable and efficient nationwide electronic funds transfer system governed by the NACHA (National Automated Clearing House Association) operating rules, which authorize inter-bank clearing of electronic payments.

12. What is the relationship between Direct Debit and ACH?

KVB Remit Home uses the ACH Network to “directly debit” your bank account based on your instructions whenever you use Direct Debit at KVB Remit Home.

13. How do I use Direct Debit at KVB Remit Home?

• After you register at KVB Remit Home and select Direct Debit to transfer money, you have to provide a few basic Bank Account details such as your Account Name and Number as well as your Routing (ABA) Number.

• Your details will be verified through a statutory verification process, which takes 3 working days.

• Once your account is activated, we will notify you by e-mail.

• To prevent misuse, a nominal amount will be credited and debited from your account. This amount will have to be entered by you to validate your account. Hence it is vitally important for you to refer to your bank statement and enter the exact amount in the space provided.

14. How do I get my bank account verified by KVB Remit Home?

The Direct Debit facility is intended to give you a truly online experience with unmatched convenience and security. Getting started is easy:

• Click on “Bank Accounts” and choose “Add”.

• Provide basic Bank Account details such as your Account Name and Number as well as your Routing (ABA) Number for the bank account you wish to use for the purpose.

• We initiate a verification transaction into the bank account mentioned by you, which takes 3 days. Once these transactions are successful, we send you an email to visit the KVB Remit Home site to verify your account.

• Check your bank account statement and enter the details of the transactions passed by Karur Vysya Bank on the website.

• If the details match the actual transactions passed by us, you are ready to start using your account to transact.

15. How long will it take for me to begin transacting with Direct Debit?

For the Direct Debit mode, you will be able to transact after the mandatory verification of your account is complete.

16. How long will it take for my remittance sent through Direct Debit to reach my family?

Your funds could reach your family as fast as 3 working days from the time you book a remittance. There will be no additional charges from your bank.

17. What is an ABA/ Routing Number?

The ABA (American Bankers Association) Number or Routing number is also called a “Routing Transit” number. It is an identification number assigned to each financial institution and each branch office of that financial institution. It was developed by the American Bankers Association in 1910 to help route payments among banks. Perhaps the most important thing to keep in mind about the ABA/Routing number is that without it transmitting funds is not possible.

18. Why does my Status Tracker show ‘Funds in Clearing’ when it is a Direct Debit transaction?

Though it is a Direct Debit transaction, we do not receive the credit immediately and hence the status may show as ‘Funds in Clearing’. However, you need not worry, as there would be no delay in sending the money to your family in India.

Sending Money

19. Can I send cash through KVB Remit Home?

No, we accept only direct debits from your bank account currently. However, we are developing other forms of payment, and will introduce them shortly.

20. Does KVB Remit Home accept my payment online through Credit Card or Debit Card?

No. We do not accept transfers through a Credit or Debit card. Money transmitters who accept credit cards usually charge up to 4% as transaction fees to you. As a result, you could be paying up to USD 40 for a USD 1000 remittance from the U.S. What’s more, your credit card issuer may treat this transaction as a cash advance and you may end up paying up to 6-7% of the transaction value as fees! We do not believe that these charges are in your favor, and therefore do not support credit and debit cards for this service.

21. What is the advantage of using the Direct Debit facility at KVB Remit Home?

When you send money from your Bank account in the U.S using Direct Debit, we receive the money in 3 working days from your bank at no extra cost to you. This ensures that your remittance can be processed much sooner and in turn be delivered faster to your beneficiary. Also, you do not have to go to any place to mail a check, saving you trouble and time. In short, using Direct Debit saves you valuable time and effort and reaches your remittance to your beneficiary much faster.

22. Why do I see ‘Funds in Clearing’ in my transaction history when my account has already been debited?

There is generally a gap between the time that your account is debited and the time that we receive the credit hence the status would show as ‘Funds in Clearing’. However, you need not worry, as there would be no delay in sending the money to your family in India.

Receiving Money

23. How is the money delivered to my beneficiary in India?

A Courier will deliver a locally payable Demand Draft to your beneficiary. We have alliances with globally renowned courier company to ensure the highest standards of safety and service. In case the beneficiary has an account with select branches of Karur Vysya Bank, and the details are added on the site, KVB Remit Home can directly deposit into the account of the beneficiary.

24. Which locations in India can I remit money to?

We currently support over 170 locations in India. You can find a list of these locations here. If you would like us to add a location, please send us an email at kvb@timesofmoney.com and we will endeavor to do so at the earliest.

25. How long will it take for the beneficiary to receive the money?

Direct Debit: The money could reach your family as fast as 3 working days through the Direct Debit system, from the time you book your transaction. The actual time would also depend on the location to where the money is being sent.

26. In what form will the beneficiary receive the money?

Your beneficiary will receive Indian Rupee funds in the form of a Demand Draft payable at the location you have chosen while booking the remittance. In case the beneficiary has an account with any of our select branches of Karur Vysya Bank, and the details are added on the site, we can directly deposit into the account of the beneficiary.

27. When do you update the delivery details against my Remittance Reference Number?

Typically, the status update is done 24-48 hours after delivery to your beneficiary. Until then your remittance will show ‘In Process’ although the funds have been delivered. If the Demand Draft was sent by Registered Post, which happens if your beneficiary’s address is unreachable through courier, a delivery confirmation might not be reliable.

28. What happens if I enter an incorrect beneficiary address?

If the primary address of the beneficiary is wrong, the courier returns the Demand Draft to us. We send you an email and ask you what to do with your funds. You will then need to book a fresh remittance request and instruct us in the “Personal Message to Beneficiary” field to use the funds of your earlier remittance request number for the purpose of the new remittance booked by you.

29. Do I or the beneficiary need to have an account with Karur Vysya Bank?

No. This is not necessary, though it will speed up the process tremendously if your beneficiary has an account with Karur Vysya Bank. In this case, the funds will be deposited directly into your beneficiary’s account, eliminating the time involved in courier delivery, and saving the beneficiary the bother of depositing the Demand Draft into their account.

Fees, Charges and Limits

30. How much can I send through KVB Remit Home?

Individual transactions are capped at USD 5000 per transaction. Over a week, you may send up to USD 10,000 over multiple transactions.

31. How much does it cost me to use KVB Remit Home?

32. What is the exchange rate applied on my remittance?

The exchange rate will be based on the prevailing rate at the time of converting your funds to Indian Rupees. The rate that is shown to you at the time of booking the remittance, on the online calculator, is only an indicative rate, which can help you arrive at the approximate US Dollar amount that you should send. However, the rate shown on the calculator on any day is the actual rate that has been used for all remittances for which funds have been dispatched on that day.