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Transfers out of India

IDFC FIRST Bank offers fast and efficient money transfer from your NRE / NRO savings accounts to any beneficiary account overseas. Read More

You can also send funds abroad from your NRE / NRO savings account via Net Banking in just a few clicks. Read Less

Our Solutions

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Transfer funds using Net Banking

    Sending funds abroad is easy with IDFC FIRST Bank by your side. Follow these steps for a seamless fund transfer.

    • Login to Net banking and click on ‘PAY’

    • Click on ‘Pay Abroad’ and select your savings account

    • Add beneficiary and transaction details to confirm your payment

    • Once processed, SWIFT will be mailed to your registered email ID

    Done! The funds will be credited to your beneficiary's account within 1- 3 working days.
    * Based on your purpose of transfer, additional documents may be requested.

    Click here to view documentation

    Here are the details of limits set for transfer:

    Account Type Purpose Per Txn Limit * Annual Limit *
    Non Resident – NRE A/c Repatriation of Funds (S0014) $ 100,000 $ 1,000,000
    Non Resident – NRO A/c Repatriation of Funds (S0014) $ 100,000 $ 1,000,000

     

    * 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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Transfer funds at the Branch

    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.
    * Based on your purpose of transfer, additional documents may be requested.

    Click here to view documentation

    Here are the details of limits set for transfer:

    Account Type Purpose Per Txn Limit * Annual Limit *
    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

     

    * 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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Charges

    IDFC FIRST Bank does not charge anything for overseas funds transfer.

    *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 the existing Tax slab. 

    Click here to know the slab wise structure

    For details on the Exchange Rates, please Click Here

FREQUENTLY ASKED QUESTIONS

What is Transfer Funds Abroad Facility?

Transfer Funds abroad, is a transfer of money in foreign exchange to a beneficiary situated outside the country (except for Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act).

In which currencies can Fund Transfer abroad be made through IDFC FIRST Bank?

You can send money in 13 currencies - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR and NOK.

What is the process of doing Funds transfer abroad at the Branch?

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.

Where do I view the exchange rates?

For details on the Exchange Rates, please Click Here

What are the charges for doing Fund Transfer abroad?

Customer Type

Charges

NRI

No charges*

*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. 

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.

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.

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)

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.

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.

o    Complete Outward Remittance Form (Form A2 Link Click Here), scan and email to nriservices@idfcfirstbank.com, from your registered email id.

o    We will call you on your registered phone number to verify the transaction. Once this is done, transaction will be executed basis your instructions.

o    If you are in India and visiting branch of IDFC FIRST Bank, you could also hand over the request in person.

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

o    Send money overseas from the comfort of your home or office.

o    Make payment request anytime (24X7), anywhere.

o    Lock your exchange rate and protect from fluctuation.

o    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 'Pay Abroad' service?

This facility is currently available for:

o    NRE savings account

o    NRO savings account

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

o    Step 1: Log into IDFC FIRST Bank's Internet Banking.

o    Step 2: Click on ‘PAY’ menu option.

o    Step 3: Click on ‘Pay Abroad’ and select your savings account

o    Step 4: You will be redirected to the 'Transfer Funds Abroad' page.

o    Step 5: Enter your payment details such as Receiving Country, Receiving Currency & Amount. The page will display exchange rate & charges for the transaction. Upload relevant documents for transfer from NRO account.

o    Step 6: Click on 'Send Money' Tab

o    Step 7: Enter Receiver information such as Beneficiary Name, Beneficiary Swift Code, Beneficiary A/c Number, Purpose of Sending and click on 'Continue'.

o    Step 8: Verify your payment details, enter additional information, accept the terms & conditions and click on 'Confirm Booking'.

o    Step 9: 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.

o    Step 10: Bank will verify your payment and ask for additional information from you if required.

o    Step 11: 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, subject to successful verification of payment request, 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?

Your account will be debited after successful verification of your payment request by IDFC FIRST Bank.

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.

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

Account Type

Purpose

Per Txn Limit *

Annual Limit (LRS) *

Non Resident – NRE A/c

Repatriation of Funds (S0014)

$ 100,000

$ 1,000,000

Non Resident – NRO A/c

Repatriation of Funds (S0014)

$ 100,000

$ 1,000,000

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.

How do I know the break-up of charges for online transfer?

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.

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 –

o    (BEN) - By debit to the sending amount before delivery of funds

o    (OUR) Upfront collection of charges from sender and delivery of full amount to receiver (OUR).

o    (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.

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

No documents are required for sending funds abroad from NRE account. For transfer from NRO account, click here to know the list of documents required.

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

Yes

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.

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 from NRO account.

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.

o    Steps to be followed to file Form 15CA online

o    Login to: https://incometaxindiaefiling.gov.in

o    Go to e-filling log in page

o    Input user ID ( PAN of Remitter) and password

o    After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)

o    Select form type – 15CA

o    Instructions are given to fill the 15CA form

o    The online form is available in two parts – Part A and Part B

o    Complete the respective applicable PART either PART A or PART B (as required)

o    Once the Form 15CA is filled, verify and submit

o    Go to My account- My Returns/Forms. It will show all the returns and Forms submitted.

o    Click on the 15CA form and take a print along with the acknowledgment Slip.

Form 15CA duly printed should be signed by Remitter and submitted to Bank in duplicate

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 online fund transfer request?

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

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