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 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.
Resident and Non-resident account holders of IDFC FIRST Bank, can do an International fund transfer transaction.
You can send money in 14 currencies - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK, CNH.
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.
For details on the Exchange Rates, please Click Here
|Resident Indian||INR 2,000 + GST|
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.
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.
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.
This facility is available for making international fund transfer for any permissible current or capital account transactions or combination of both like
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:
NRE account balances are freely repatriable. There is no limit specified for making International Fund Transfer from such accounts.
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)
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 email@example.com for any further assistance.
From your NRE or FCNR account, you can transfer funds to any account overseas easily.
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.
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