IDFC FIRST Bank offers fast and efficient money transfer from your Indian account to any beneficiary’s account overseas. Choose to send funds for any of the following reasons or more!
|Money Transfer Abroad||Resident Indian||NRI|
*This does not include charge levied by correspondent / intermediary banks. Charges for remittance levied by intermediary/beneficiary banks (overseas) may be applicable based on the respective banks' tariff structure.
W.e.f. Oct 1, 2020, TCS will be collected by the Bank on remittances made under LRS as per prevailing Income tax guidelines
'Transfer Funds Abroad' is a payment option in IDFC FIRST bank's Internet Banking that enables you to send money abroad (outward remittance) to a foreign bank account. All you have to do is log into your Internet Banking, click on 'Transfer Funds Abroad' Tab, enter information related to your payment and confirm. IDFC FIRST Bank will verify your payment and send to the intended beneficiary account overseas.
No. You need to open an individual account with IDFC FIRST Bank to use this service.
This facility is currently available for:
This facility is NOT available for:
You can submit an overseas fund transfer request anytime, 24X7 through 'Transfer Funds Abroad' facility on IDFC FIRST Bank's Internet Banking.
Transaction request received on bank working day (during weekdays) before 2:00 PM IST will be processed on the same day. Requests received after 3:00 PM IST on bank working day and during holidays will be processed on the next bank working day.
After successful submission of request from your ICICI Bank Saving account, a lien will be marked in your Account against the debit amount for your overseas transfer. However, your account will be debited after successful verification of your payment request by IDFC FIRST Bank on the day of request or the next working day.
Normally, it takes 2 to 3 working days for funds to reach a foreign bank account. It may take more time in case of intervening holidays.
All retail individual customers including Resident Indians, Non Resident Indians, Sole Proprietors Foreign Nationals can use our 'Transfer Funds Abroad' facility on Internet Banking to send money overseas.
You can send money for all eligible purposes such as Family Maintenance, Education, Repatriation etc.
|Account Type||Purpose||Per Txn Limit *||Annual Limit (LRS) *|
Resident & Sole Proprietor
|Gift||$ 10,000||$ 25,000|
|Donation||$ 10,000||$ 25,000|
|Travel||$ 10,000||$ 25,000|
|Other Purposes||$ 25,000||$ 25,000|
|Non Resident – NRE A/c||Repatriation of Funds (S0014)||No Limit||No Limit|
|Non Resident – NRO A/c||Repatriation of Funds (S0014)||$ 1,000,000||$ 1,000,000|
|Foreign National (Non NRO A/c)||Salary (1301)||No Limit||No Limit|
|Minor||Same as Resident|
Absolutely. 'Transfer Funds Abroad' facility is powered by IDFC FIRST Bank and is as good as sending money from the bank branch but only faster and more convenient since you are doing it from the comfort of your own home. It requires login through Internet Banking and sends real time updates on your registered mobile Numer and email ID.
You can send money in 14 currencies - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK, CNH.
Each and every charge (including Govt. Taxes) levied on the transaction will be displayed to you with reason on the website, during the process of your transaction.
After you initiate the remittance process by submitting the payment request, IDFC FIRST Bank routes the payment through its correspondent/ Partner banks. These correspondent banks may levy charges at their discretion for rendering the services which are neither in control nor the responsibility of the IDFC FIRST Bank.
When payments are made overseas, charges are imposed by various banks, such as the remitting bank, the beneficiary bank, the intermediary bank etc. These charges can be settled in multiple ways –
In IDFC FIRST Bank's 'Transfer Funds Abroad' facility, we try to keep things simple. Hence, in all cases, charges are collected upfront (OUR) and you bear all charges for the payment which includes Fees, Taxes as well as partner bank’s fees so the beneficiary receives the complete payment.
Under the provisions of the Income tax Act, 1961, wef October 1, 2020, the Bank will be required to collect tax at source (‘TCS’) as under:
• @ 0.5% on remittances made under the LRS Scheme of the RBI for pursuing education through a loan obtained from a financial institution
• @ 5% on any other remittance made under the LRS scheme of the RBI
For non-PAN/ non-Aadhaar cases, the TCS rate will be 10%.
TCS will apply only after the aggregate remittances made under the LRS scheme exceed Rs 7 lakh during the financial year and will be collected on the amount in excess of Rs 7 lakhs. However, the threshold of Rs 7 lakhs will not apply if the remittance is for the purpose of purchasing an overseas tour program package.
No, TCS is not applicable for NRIs.
In most cases, no documents are required for sending funds abroad. If required, the ‘Transfer Funds Abroad’ facility will ask you to upload the necessary documents online.
No. PAN is mandatory for all resident individuals who want to send money abroad. The ‘Transfer Funds Abroad’ facility on IDFC FIRST Bank’s Internet Banking will not allow you to proceed if PAN details are not updated in your account. You may update PAN details through Internet Banking or by visiting an IDFC FIRST Bank Branch.
Yes. You can send money overseas basis the PAN of your natural guardian.
The Liberalised Remittance Scheme is a facility available for making overseas remittance up to USD 250,000 per financial year for permissible current or capital account transactions or a combination of both. All resident individuals are eligible to avail of the facility under the Liberalised Remittance Scheme. It is mandatory to have a PAN number to make a remittance under this scheme.
The remitter/ applicant shall be the responsible for full compliance with the extant regulatory requirements of FEMA / RBI, etc. The submitted application shall be deemed to be complete in all respects and that the application is being made after having full knowledge on the extant Rules and Regulations relating to Foreign Exchange Outward Remittances Regulatory requirements, as applicable for Indian residents.
Sending money abroad for the purpose of Family Maintenance is permitted to close relatives only. You should be related to the beneficiaries in the manner indicated as follows:
If you are not related to the beneficiary as mentioned above, then you may transfer under the purpose of 'Gift'
Since this is an online request and you are an existing accountholder of IDFC FIRST Bank, A2 form, supporting documents (if any) and declaration is obtained digitally and there is no need for submitting physical documents for the same.
Based on the Reserve Bank of India guidelines, a certificate in prescribed forms (15CA & 15CB) need to be produced while making remittances for certain types of transactions which are not covered by the Liberalised Remittance Scheme such as remittances from NRO account and for foreign nationals seeking repatriation.
Form 15 CB needs to be certified by a Chartered Accountant. Form 15 CA has to be filled in online at the website of the Income Tax Department. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made. The detailed process of filling up the form is also available at the Income Tax Department website. The filled up form then needs to be produced along with the 15 CB to the branch.
Payments to foreign countries take time as they are routed through multiple Banks and depend on intervening holidays in foreign countries. However, if payment does not reflect in your beneficiary’s account within 7 days from the date of debit to your account, please contact IDFC FIRST Bank immediately.
Any cancellation request received for fund transfer will be handled by the Bank on best effort basis.
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