IDFC FIRST Bank Overseas Transfers- How to Transfer Funds Abroad digitally?

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!

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Send Funds to Relative abroad
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To foreign institute abroad for education
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A gift to your loved ones
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Investments

Key Features

Here are a few exciting and beneficial features that will make funds transfer convenient and swift for you:
  • You can transfer funds in 14 currencies such as USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK, CNH
  • Competitive exchange rates
  • Safe way to send money abroad
  • Available to residents and non-resident customers of the bank
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Internet banking - Transfer funds abroad from anywhere, anytime:

You can send money overseas through our internet banking 24*7. Follow these steps for a seamless fund transfer.
  • Log into your account via net banking.
  • Select 'Transfer Funds Abroad' option and your account details.
  • Enter information related to your payment and confirm.
  • Done! The funds will be credited to your beneficiary's account within 1- 3 working days.
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Charges

Money Transfer Abroad Resident Indian NRI
Charges* NIL NIL

*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.
** GST will be levied on the converted gross INR amount as per existing Tax Slab

For details on the Exchange Rates, please click here ,
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Limits:

Here are the details of limits set for transfer:
Account Type Purpose Per Txn Limit * Annual Limit *
Resident & Sole Proprietor Gift $ 10,000 $ 250,000
Donation $ 10,000 $ 250,000
Travel $ 10,000 $ 250,000
Other Purposes $ 25,000 $ 250,000
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 (Residing in India) Salary (1301) No Limit No Limit
Minor Same as Resident
* Annual Limits are applicable on aggregate amount of overseas payments made during a financial year through any Bank or authorized dealer in India.

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Get in touch

  • Are you an Indian resident? If yes, you may also email us at banker@idfcfirstbank.com or call us at 1800-419-4332
  • Are you an NRI? If yes, please feel free to get in touch with us at nriservices@idfcfirstbank.com or call us at +91-22-6248-5152.
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Payment related queries

What is 'Transfer Funds Abroad' facility? How do I start using the 'Transfer Funds Abroad' Facility?

'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.

What are the advantages of 'Transfer Funds Abroad' through IDFC FIRST Bank's Internet Banking?

  • Send money overseas from the comfort of your home or office.
  • Make payment request anytime (24X7), anywhere.
  • Lock your exchange rate and protect from fluctuation.
  • Track your transfer request online.

I don't hold a Savings Account with IDFC FIRST Bank. Can I avail 'Transfer Funds Abroad' service?

No. You need to open an individual account with IDFC FIRST Bank to use this service.

What type of individual customers can send money overseas through online 'Transfer Funds Abroad' service?

This facility is currently available for:

  • Resident Individuals (including Sole proprietors & Minors)
  • Non Resident Individuals
  • Foreign Nationals

This facility is NOT available for:

  • Corporates/ Companies/ Partnerships/ HUF/ Trusts etc.
  • Individuals (excluding Minor) without PAN

Can the joint account holder do an outward remittance out of the resident savings bank account?

Yes

What are the steps for ‘Transfer Funds Abroad’ through Internet Banking?

  • Step 1: Log into IDFC FIRST Bank's Internet Banking.
  • Step 2: Click on ‘Transfer Funds Abroad' menu option.
  • Step 3: You will be redirected to the 'Transfer Funds Abroad' page.
  • Step 4: Enter your payment details such as Receiving Country, Receiving Currency & Amount. The page will display exchange rate & charges for the transaction.
  • Step 5: Click on 'Send Money' Tab
  • Step 6: Enter Receiver information such as Beneficiary Name, Beneficiary Swift Code, Beneficiary A/c Number, Purpose of Sending and click on 'Continue'.
  • Step 7: Verify your payment details, enter additional information, accept the terms & conditions and click on 'Confirm Booking'.
  • Step 8: On successful submission of your request, a success message containing Reference Number for the payment will be displayed to you. IDFC FIRST Bank will also send a success message to your registered Mobile Number and email ID.
  • Step 9: Bank will verify your payment and ask for additional information from you if required.
  • Step 10: Check Payment History Tab in 'Transfer Funds Abroad' page for status of your payment.

What are the timing for 'Transfer Funds Abroad' facility on Internet Banking?

You can submit an overseas fund transfer request anytime, 24X7 through 'Transfer Funds Abroad' facility on IDFC FIRST Bank's Internet Banking.

When will my Payment get processed?

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.

When will my IDFC FIRST Bank account be debited?

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.

When will my payment reach the beneficiary?

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.

Am I eligible to send money overseas through 'Transfer Funds Abroad' facility?

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.

For what purposes can I send Money Overseas through this facility?

You can send money for all eligible purposes such as Family Maintenance, Education, Repatriation etc.

Are there any transactional limits in Online transfer of funds overseas?

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

Is it safe to send money online?

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.

In which currencies can I send money abroad?

You can send money in 14 currencies - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK, CNH.

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Charges related Queries

How do I know the break-up of charges?

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.

Are there any additional charges by Correspondent Banks?

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.

What is BEN, SHA, OUR Charges?

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 –

  • (BEN) - By debit to the sending amount before delivery of funds
  • (OUR) Upfront collection of charges from sender and delivery of full amount to receiver (OUR).
  • (SHA) – Part debit to the sending amount prior to delivery of funds & part collection of charges upfront.

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.

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Regulation & Document Related Queries

What are the documents required for sending money overseas through Internet Banking?

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.

I am a resident Indian but don't have a PAN, Can I transfer funds abroad?

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.

I am an NRI/ Foreign National but don’t have a PAN, Can I transfer funds abroad?

Yes

I am a minor (less than 18 years) but don't have a PAN, Can I transfer funds abroad?

Yes. You can send money overseas basis the PAN of your natural guardian.

What is the Liberalised Remittances Scheme? Who is eligible to avail the facility under this scheme?

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.

What is the regulatory compliance requirement for the applicant?

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.

I want to send money to my family member living abroad under the purpose of 'Family Maintenance' Can I?

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:

  • Father (Including step-father)
  • Mother (Including step-mother)
  • Son (Including step son)
  • Son's wife
  • Daughter
  • Daughter's husband
  • Brother (including step brother
  • Sister (including step-sister)

If you are not related to the beneficiary as mentioned above, then you may transfer under the purpose of 'Gift'

What documents do I need for Travel for Education, Family Maintenance etc. Do I need to submit any documents at a Bank Branch?

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.

When is the C.A. Certificate required for initiating outward remittance?

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.

What is the process for obtaining C.A. Certificate?

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.

  • Steps to be followed to file Form 15CA online
  • Login to: https://incometaxindiaefiling.gov.in
  • Go to e-filling log in page
  • Input user ID ( PAN of Remitter) and password
  • After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
  • Select form type – 15CA
  • Instructions are given to fill the 15CA form
  • The online form is available in two parts – Part A and Part B
  • Complete the respective applicable PART either PART A or PART B (as required)
  • Once the Form 15CA is filled, verify and submit
  • Go to My account- My Returns/Forms. It will show all the returns and Forms submitted.
  • Click on the 15CA form and take a print along with the acknowledgment Slip.e
  • Form 15CA duly printed should be signed by Remitter and submitted to Bank in duplicate

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Payment Issues Related Queries:

What should I do if payment has not been credited to my beneficiary?

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.

Can I cancel my fund transfer request?

Any cancellation request received for fund transfer will be handled by the Bank on best effort basis.

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Contact us

REGISTERED office:

IDFC FIRST Bank Ltd

KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India

Corporate office:

IDFC FIRST Bank Ltd

Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India

IDFC FIRST Bank Customers

Toll Free No - 1800 419 4332
Email - Banker@idfcfirstbank.com

Capital First Customers

Toll Free No - 1860 500 9900
Email - Customer.Care@Capitalfirst.Com

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