IDFC FIRST Bank How to Transfer Funds Abroad through your IDFC FIRST Bank Branch

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
Our 'Transfer Funds Abroad' facility is available via internet banking as well branches.
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Transfer Money abroad in 3 Easy steps

Sending funds abroad is easy with IDFC FIRST Bank by your side. Follow these steps for a seamless fund transfer.
  • Walk in to your nearest IDFC FIRST Bank branch
  • Fill up Application for Outward Remittance – Form A2 click to download:
  • Provide the necessary supporting documents*

Done! The funds will be credited to your beneficiary's account within 1- 3 working days.

Documentation
Click here to view documentation
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Terms & Conditions

*PAN card is mandatory for outward remittance under Liberalized Remittance scheme.
* Based on your purpose of transfer, additional documents may be requested.
*In case of a minor remitter, the LRS declaration must be countersigned by the minor's natural guardian.
* The LRS limit of the minor can be utilised but with the PAN of natural guardian. This is applicable where the minor doesn't have a PAN card.
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Charges

Money Transfer Abroad Resident Indian NRI
Charges* INR 2000+GST 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 as per the existing tax slab over the charges mentioned above
* GST will be levied on the converted gross INR amount, as per the 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 Limits
Resident Indian USD$ 2,50,000 and equivalent in a financial year
Non Resident From NRE A/c: No limit
From NRO A/c: USD$ 1,000,000 and equivalent per financial year (No limit for Current Income)
Foreign National Residing in India Up to net salary received in India (after deduction of applicable taxes)
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Get in touch

  • Simply walk into the nearest IDFC FIRST Bank branch for more information.
    or
  • 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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Frequently Asked Questions

1) What is Transfer Funds Abroad Facility?

Transfer Funds abroad, is a transfer of money in foreign exchange, by a resident in India or an NRI to a beneficiary situated outside the country (except for Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act). You may send money abroad to a beneficiary for various purposes including maintenance of close relatives, education, gifts, medical treatment, foreign travel, employment abroad, repatriation of funds from NRI account, etc.

2) Who is eligible to do a Funds Transfer abroad?

Resident and Non-resident account holders of IDFC FIRST Bank, can do an International fund transfer transaction.

3) In which currencies can Fund Transfer abroad be made through IDFC FIRST Bank.

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

4) What is the process of doing Funds transfer abroad?

You can do an outward remittance by visiting any of the IDFC FIRST Bank branches after submitting necessary forms/documents. Click here to download Form A2 with required beneficiary and transaction details.

5) Where do I view the exchange rates?

For details on the Exchange Rates, please Click Here

6) What are the charges for doing Fund Transfer abroad?

Customer Type Charges
Resident Indian INR 2,000 + GST
NRI No charges

7) Are there any additional charges by Correspondent Banks?

After you initiate the International fund transfer 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 or responsibility of IDFC FIRST Bank.

8) What is Liberalized remittance scheme? Who is eligible to avail facility under this scheme

Liberalized remittance scheme (LRS) is a facility available to resident Indians (including minors) to remit up to USD 2,50,000, in a financial year (Apr – Mar), for any permissible current account or capital account transaction, or a combination of both. It is mandatory to have a PAN number to transfer funds under this scheme.

9) What is the Fund Transfer abroad limit for a Resident Individual?

Resident Individuals (including minors) are allowed to do International Fund Transfer under Liberalised Remittance Scheme (LRS) up to USD 250,000 per financial year for any permissible current or capital account transactions. For the purposes Emigration, Expenses in connection with medical treatment abroad and Studies abroad, the individual may avail of exchange facility for an amount in excess of the limit, after submitting necessary supporting documents.

10) What are the purposes under which Funds transfer abroad can be made under Liberalized Remittance scheme (LRS)

This facility is available for making international fund transfer for any permissible current or capital account transactions or combination of both like

  • Maintenance of close relatives abroad
  • Gift
  • Education
  • Medical Treatment
  • Foreign Travel (Except Nepal & Bhutan)
  • Emigration
  • Opening of Foreign currency account abroad with a bank
  • Purchase of Property overseas
  • Portfolio Investment Abroad ( Equity & Debt)
  • etc.

11) 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)

12) What is the limit for making Fund Transfer abroad from NRE Account?

NRE account balances are freely repatriable. There is no limit specified for making International Fund Transfer from such accounts.

13) What is the limit for making Fund Transfer abroad from NRO Account?

When the source of funds is Current Income (e.g Rent, Dividend, Interest, etc.) – No Limit When the source of funds is Capital Receipts (e.g Sale of Property) – USD 1 million in a financial year (Apr-Mar)

14) What is the process of making Fund Transfer abroad from my NRO account from IDFC FIRST Bank branch?

For transferring funds abroad from your NRO account, please walk in to any IDFC FIRST Bank branch, and initiate the fund transfer by filling up the Retail Outward remittance application from (Form A2 link Click Here) and application for repatriation of funds from NRO account (Link Click Here), specifying the necessary details. In addition to this you have to provide documentary proof of the source of funds sought to be transferred and C.A certificates in form 15 CA & 15CB. You may email nriservices@idfcfirstbank.com for any further assistance.

15) What is the process of making Fund Transfer abroad from my NRE/FCNR Account?

From your NRE or FCNR account, you can transfer funds to any account overseas easily.

  • Complete Outward Remittance Form (Form A2 Link Click Here), scan and email to nriservices@idfcfirstbank.com, from your registered email id.
  • We will call you on your registered phone number to verify the transaction. Once this is done, transaction will be executed basis your instructions.
  • If you are in India and visiting branch of IDFC FIRST Bank, you could also hand over the request in person.

VIEW ALL FAQS

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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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