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

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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.

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Charges

    Money Transfer Abroad Resident Indian NRI
    Charges* INR 100 + GST 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.
    * GST will be levied on the converted gross INR amount, as per the existing Tax slab. Click here to know the slab wise 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

     

    For details on the Exchange Rates, please click here.

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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

FREQUENTLY ASKED QUESTIONS

What is Transfer Funds Abroad Facility?

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.

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.

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, 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.

What are the charges for doing Fund Transfer abroad?

Customer Type Charges
Resident Indian INR 100 + GST
NRI No charges

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)

I want to send money to my family member living abroad under the purpose of 'Family Maintenance' Can I?

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.) – 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.

  • 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?

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%. 

Wef July 1, 2021, if TDS and TCS in the prior two years is more than Rs 50,000 each and if the tax return has not been filed for both the prior two years, the TCS rates will be

• @ 5% on remittances made under the LRS Scheme of the RBI for pursuing education through a loan obtained from a financial institution

• @ 10% on any other remittance made under the LRS scheme of the RBI


TCS will apply only after the aggregate remittances made (including international spends on debit cards) 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.

Nature of remittances

Regular TCS

(effective from Oct 1, 2020)

Additional TCS

 (effective from July 1, 2021)

Education expenses financed through a loan (you will need to show proof of loan sanction)

0.5% in excess of INR 7 lakhs in a financial year

5% in case you have paid more than 50,000 TDS +TCS in each of the two previous financial years and did not file return in any of those two years

Education expenses not financed through a loan

5% in excess of INR 7 lakhs in a financial year

10% in case you have paid more than 50,000 TDS +TCS in each of the two previous financial years and did not file return in any of those two years

Overseas Travel Package

5% of the entire amount remitted

Note: There’s no 7 lakh threshold, all transactions applicable for the TCS

10% in case you have paid more than 50,000 TDS +TCS in each of the two previous financial years and did not file return in any of those two years

For any other purpose

5% in excess of INR 7 lakhs in a financial year

10% in case you have paid more than 50,000 TDS +TCS in each of the two previous financial years and did not file return in any of those two years

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.

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