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Enjoy Zero Charges on All Commonly Used Savings Account Services
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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Visit your nearest IDFC FIRST Bank branch
Overseas fund transfers now made easy
Visit your nearest IDFC FIRST Bank branch
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Transfer funds in 13 currencies to 100+ countries
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Competitive exchange rates
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Industry best transaction fee
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Available to residents and non-resident customers of the bank
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Transfer funds in 13 currencies to 100+ countries
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Competitive exchange rates
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Industry best transaction fee
-
Available to residents and non-resident customers of the bank
Outward Remittance at the Branches
With IDFC FIRST Bank by your side, you never have to worry about the well-being of loved ones abroad!Read More
Visit the nearest IDFC FIRST Bank branch and get complete guidance for funds transfer from your Indian account to any beneficiary’s account globally.Read Less
How to transfer
Sending funds abroad is easy with IDFC FIRST Bank by your side. Follow these steps for a seamless fund transfer.
1. Walk in to your nearest IDFC FIRST Bank branch
2. Submit the Application for Outward Remittance – Form A2 click to download
3. 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
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 utilized but with the PAN of natural guardian. This is applicable where the minor doesn't have a PAN card.
Charges
| Money Transfer Abroad | Resident Indian | NRI |
|---|---|---|
| Charges* | NIL | 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. W.e.f. Oct 1, 2020, TCS will be collected by the Bank on remittances made under LRS as per prevailing Income tax guidelines |
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For details on the Exchange Rates, please click here.
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) |
| Minor | Same as Resident |
FX Retail Platform
Reserve Bank of India (RBI), through Clearing Corporation of India Ltd (CCIL), has rolled out an electronic trading platform ‘FX-Retail’ where customers have the option to BUY and SELL foreign exchange. FX Retail platform, currently offers Cash/Tom/Spot deals.
For registration, please visit CCIL-FX Retail website,
https://www.fxretail.co.in/#/login
Post successful registration, the limit can be setup by visiting the nearest branch of IDFC FIRST Bank.
For more information, visit the CCIL website, https://www.ccilindia.com/AboutUs/Pages/FxRetailPlatform.aspx
FREQUENTLY ASKED QUESTIONS
What is 'Pay Abroad' facility?
'Pay Abroad' is a facility to transfer money by a resident in India or an NRI to a beneficiary outside India (except Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act).
The various purposes include family maintenance, education, gifts, medical treatment, foreign travel, employment abroad, repatriation of funds, etc.
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. The Resident customers should mandatorily have PAN card which should be linked with their Aadhar card. NRI customer don't need to have PAN card.
In which currencies can Fund Transfer abroad be made through IDFC FIRST Bank?
You can send money abroad in 13 currencies - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK
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.
Where do I view the exchange rates?
For details on the Exchange Rates, please click here.
Are there any additional charges by Correspondent Banks?
After you initiate the International bank 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 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.
What is the Fund Transfer abroad limit for a Resident Individual?
Resident Individuals (including minors) are allowed to do international bank 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.
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)
Can I send money to my family member living abroad under the purpose of 'Family Maintenance'?
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)
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.), then there is No Limit
When the source of funds is Capital Income (e.g Sale of Property) , then it is 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.
- 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.
What are the provisions of TCS for transferring funds abroad?
The increase in TCS rates; which were to come into effect from 1 July, 2023 shall now come into effect from 1 October, 2023. Till 30 September, 2023, earlier rates (prior to amendment by the Finance Act 2023) shall continue to apply.
Earlier and New TCS rates are summarized as under:
| Sr No. | Type of remittance | TCS Rate ( valid till 30thSept’23) |
New TCS Rate w.e.f. 1st Oct’23 |
| (i) | For the purpose of any education, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E | NIL upto Rs 7 lakh 0.5% of the amount or aggregate of the amounts in excess of Rs 7 lakh |
NIL upto Rs 7 lakh 0.5% of the amount or aggregate of the amounts in excess of Rs 7 lakh |
| (ii) | For the purpose ofeducation( if not financed by Loan) OR for medical treatment | NIL upto Rs 7 lakh 5% of the amount or theaggregate of the amounts in excess of Rs 7 lakh |
NIL upto Rs 7 lakh 5% of the amount or theaggregate of the amounts in excess of Rs 7 lakh |
| (iii) | Overseas tour package | 5% without any threshold limit | 5% upto Rs 7 lakh 20% thereafter |
| (iv) | For all other purposes | NIL upto Rs 7 lakh 5% of the amount or theaggregate of the amounts in excess of Rs 7 lakh |
NIL upto Rs 7 lakh 20% of the amount or theaggregate of the amounts in excess of Rs 7 lakh |
When can I get TCS certificate?
TCS certificate is generated quarterly. You can check with your Branch for the same. The TCS will also reflect as tax credit in your Form 26AS
Is TCS applicable for NRIs?
No, TCS is not applicable for NRIs.
