Yes, only IDFC FIRST Bank Account holders can avail this service.

Remittance can be done in 15 currencies -: USD, GBP, EUR, CAD, AUD, SGD, HKD, JPY, CHF, ZAR, CNH, NOK, SEK, AED and NZD.

In addition to the above 15 currencies IDFC FIRST bank also processed fund transfer in 27 other currencies: SAR, QAR, BHD, KWD, OMR, ILS, THB, DKK, PLN, RON, CZK, HUF, RSK,ISK,BGN, CNY, BWP,UGX,ZMW, BBD,BSD, JMD, CLP, CRC,PEN, MXN

Note: These 27currencies will be received in equivalent USD. The USD Card Rate prevailing on the date of credit to customer account would be the applicable exchange rate.

On receiving the foreign currency (‘Funds’) in bank’s Nostro, IDFC FIRST Bank will deposit the money in the beneficiary’s account within 1 to 2 days*. *In certain cases, the bank may be required to reach beneficiary for additional details prior to credit of funds.

Any inward remittance from overseas can be settled against a specific alphanumeric code, as defined by RBI, which indicates the nature and purpose of the fund transfer.

For e.g.

·  P1401 – Salary

·  P1301 – Family Maintenance

·  P1302 – Personal Gifts

SWIFT is a vast messaging network used by financial institutions globally to send / receive information, such as money transfer instructions. SWIFT/BIC code for IDFC FIRST Bank for sending funds to India is IDFBINBBMUM (if beneficiary Resident Indian) & IDFBINBBIDV (if beneficiary is NRI).

For faster credit in your account, it is mandatory to mention purpose of payment.

Introduced by the Reserve Bank of India and developed by the Clearing Corporation of India Ltd. (CCIL), FX-Retail is an electronic trading platform for retail banking customers to buy and sell foreign exchange. The purpose of the platform is to facilitate autonomous price discovery and transparency in dealing for Retail clients. IDFC FIRST Bank’s account holders who want to avail of this facility must first undertake a one-time registration activity on the FX Retail platform.

https://www.fxretail.co.in

Different formats of message type (MT) are being used by the sending bank basis the nature of communication. Some of them are MT103, MT202, MT940 etc. Largely, MT103 format is used for remitting funds, which contains the entire transactional information such as remitter, beneficiary details making it an essential message in fund transfer.

NOSTRO are the accounts that banks hold in foreign currencies with other banks in foreign countries. 

It’s foreign exchange rates which are paid by banks when they conduct currency trading with other banks.

Card Rates or Rack Rates or Forex Rates are used interchangeably. These are essentially the exchange rate published by the Bank’s Treasury by keeping certain margin on IBR. Card Rates are available in our website: https://www.idfcfirstbank.com/forex-rate

• Remitter/sender request to send funds from its overseas / remitting bank.

• Remitting bank collects the mandatory information from remitter (i.e. Remitter details, beneficiary details, amount, purpose etc.)

• Remitting or it’s correspondent bank debit customer account.

• Once fund transfer is initiated Remitting bank sends MT103 / Swift copy to IDFC FIRST Bank.

• Funds are further credited into NOSTRO account of IDFC FIRST Bank.

• Once fund is sighted & matched in NOSTRO is assigned to respective branch for processing. 

No. You can transfer money to India without any limits.

IDFC FIRST Bank does not charge anything for funds transferred from abroad. The remitting bank or the correspondent banks may levy charges for the wire transfer. GST will be levied on the converted gross INR amount, as per the existing Tax Slab know more

Correspondent bank charges are levied by the intermediary bank, routing funds to IDFC FIRST Bank. These charges are neither in control nor responsibility of IDFC FIRST Bank.

There are 3 charge codes being used in SWIFT while sending funds to another bank. i.e. BEN (beneficiary), SHA (sharing) & OUR (ours) indicates the party who bear the transfer fees.

Yes, IDFBINBBIDV is the exclusive SWIFT code for NRI customers for sending funds to India.

If fund transfer is initiated with SWIFT code IDFBINBBIDV through our Nostro partner JP Morgan Chase, this will not attract any correspondent bank fee & help NRI customer save some additional money ranging from $15 to $40 per transaction, while sending money into their IDFC FIRST bank NRE/NRO account from US.

Yes. However, the benefit of correspondent bank charges waiver shall be applicable only for USD currency through preferred partner bank – JP Morgan chase.

It's a web-tool to generate the information (i.e. Intermediary bank details, SWIFT code, charge code etc.) required to initiate the fund transfer from overseas know more.

1.   Click on the Wire FIRST Advice link : https://www.idfcfirstbank.com/remittance-information-wire-transfer-advice

2.  Fill in the details (like, currency, email id, amount, purpose, etc.)

3.  Click on get OTP, user will receive OTP on email, as provided above.

4.  Type the OTP & click on [Submit]

5.  The information required for fund transfer shall be displayed on screen, which customer can save as PDF

6.  The above details will also be triggered (sent) to the email id, as provided above.
Using these information customers can initiate fund transfer from its overseas bank.

The information required to initiate the fund transfer can be generated promptly in usable format.

No, this is an informative tool & not a transactional interface. The information generated using this web-tool can be used to initiate fund transfer. 

There are no charges levied on using this tool.

'DI' is applicable for only one (current) transaction, however 'SI' can be used for recurring transactions, where remitter/s, purpose codes & amount (maximum) are same as declared in the SI-Form.

For the recurring inward remittance transactions, beneficiary (customer) can opt for 'SI-Standing Instruction' in the form by declaring the purpose code, remitter details & amount (maximum) in advance, applicable for the full Financial Year. 

No, DI/SI is applicable for Resident Individuals only.

Yes. Branch can take the signed & scan copy of SI Form from registered email id of the customer. Alternatively, content of the SI, with all information filled, can be pasted on mail-body itself client can mail the same from registered email id.

Yes, existing DI form can be used at transaction level. However, it is recommended to use the new form, since both - DI & SI options are there to opt for. No requirement to refer two different forms.

Yes, the details need to be filled accordingly in the provided table in the form.

Yes, it is imperative to fill all details in the form, to avoid any rejection

The SI can be obtained for the financial year. RM/Branch needs to ensure that new SI forms are collected from the client as and when new FY begins.

Please refer to the Form - Center >> 'Purpose Codes - Inward Remittance' to get the purpose code & it's description.