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Transfer money from Singapore to India

Singapore is an economic giant and a hub for advanced studies. It is a popular destination amongst Indians for studying and living due to the excellent career prospects and a high standard of living. While these NRIs might transact predominantly in foreign currency, they may need to transfer funds to India frequently for their families.Read More

IDFC FIRST Bank allows you to transfer funds from Singapore to India via different modes. Each of them is easy, convenient, and fast!Read Less

Fees and Charges for fund transfers to India with IDFC FIRST Bank

IDFC FIRST Bank does not charge anything for funds transfer received from abroad. GST will be levied on the converted gross INR amount, as per the existing Tax slab.

Please note that the remitting bank routes remittance funds through their correspondent banks in arrangement. These correspondent banks may levy certain charges for rendering their services which are neither in control nor the responsibility of the IDFC FIRST Bank.Read More

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Inward remittance

The procedure which facilitates the reception of an amount sent from Singapore (or any other country) to India is called inward remittance.

If NRIs living in Singapore want to transfer monies to their family and friends in India, they can do so by using the outward remittance feature. The mechanism that allows their parents in India to receive that amount is called inward remittance. Inward and outward remittances are facilitated by NRE (Non-Resident External) accounts.Read More

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Features and Benefits

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You can open an NRE account from anywhere in the world

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You can repatriate money back to Singapore at any time into an NRE account

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The interest that you earn on an NRE account is not subject to taxation in India

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NRE savings accounts offer higher interest rates than normal savings accounts

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An NRE account has no limit on money transfers. Hence, large money transfers can be made using an NRE account

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IDFC FIRST Bank’s mobile and net banking services can help you make instant bill payments online and invest through your phone

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NRE accounts can be held as joint accounts. If you are an NRI residing in Singapore, you can open a joint NRE account with a resident Indian or another NRI

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How to transfer money from Singapore to India?

    You can use IDFC FIRST Bank’s inward remittance services to transfer money securely from Singapore to India. Follow these steps to make a fund transfer from Singapore to India:

    1. Visit your foreign bank branch in Singapore

    2. Submit the following payment details:

    • Sender’s details – Name, account number, and complete address
    • Receiver’s details – Name, 11-digit account number, and complete address
    • Receiver’s bank details
      • Bank name – IDFC FIRST Bank
      • Swift code – IDFBINBBMUM
      • Correspondent’s bank – Please click here
    • Mention the purpose of payment for faster credit to your account
    • Kindly mention charges as OUR in your fund transfer form to avoid correspondent bank charges.

    3. After receiving the foreign bank's payment, IDFC FIRST Bank will deposit the money in the desired account within days.

    It is important to note that you do not need to mention the account number for an FCNR (Foreign Currency Non-Resident) deposit. However, ensure that your 10-digit customer ID is mentioned.

    For faster credit, it is imperative to mention the purpose of payment. Also, note that the bank might need to reach the beneficiary for additional details before the money transfer.

FREQUENTLY ASKED QUESTIONS

How much does it cost to send money to India?

IDFC FIRST Bank does not charge anything for funds received from abroad. However, GST is levied on the converted gross INR amount per the existing tax slab.

Also, note that the remitting bank routes remittance funds through their correspondent banks in arrangement. These correspondent banks may levy certain charges for rendering their services, which are neither in control nor the responsibility of the IDFC FIRST Bank.

What is the maximum amount I can transfer?

There is no limit to the amount that can be transferred from Singapore to an Indian account for an NRE account holder.

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