Outward remittance refers to the process of transferring money from a resident of one country to a beneficiary in another country. This service is commonly used for purposes like paying for education abroad, supporting family members, or settling international transactions. This service allows individuals and businesses to transfer funds across borders quickly and efficiently. Remittance outward also includes tracking and transparency features to ensure the money reaches its destination securely.

1. You can send money abroad from anywhere.
2. Make a payment request anytime (24X7).
3. Guaranteed exchange rate for 72 hours.
4. Track your transfer request online.

Resident and Non-resident account holders of IDFC FIRST Bank, can do an international fund transfer transaction. The Resident customers should mandatorily have a PAN card, which should be linked with their Aadhaar card. NRI customers don’t need to have PAN card.

You need to open an individual savings account with IDFC FIRST Bank to use the 'Pay Abroad' facility.

In Fx Retail, individuals engage in the buying and selling of currencies, often through online fx retail platforms or financial institutions. This market allows people to exchange currencies for various personal needs, such as travel, online purchases, or investment opportunities. Unlike the wholesale FX market, where large institutions conduct high-value transactions, Fx Retail deals with smaller amounts and may offer less favourable exchange rates.

You can send money overseas in 14 currencies - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK, SEK.

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)

You can do an outward remittance online or 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. 

For details regarding the exchange rates, please click here.

Yes, PAN is mandatory for outward remittance.

No. PAN is mandatory for all resident individuals who want to send money abroad. The ‘Pay Abroad’ facility on IDFC FIRST Bank’s net banking/mobile app will not allow you to proceed if PAN details are not updated in your account. You may update PAN details through net banking or by visiting an IDFC FIRST Bank Branch.

Yes, you can.

Yes. You can send money overseas basis the PAN of your natural guardian.

Most transaction gets processed within a few hours. However there is a dependency on overseas bank which may lead to small delays. You may track the status of your transfer end-to-end seamlessly.

SWIFT Code is mandatory for all countries

Additional details if bene country is:

• UK - Sort Code

• Canada - Transit Code

• Australia - BSB Code

• Remittance to European & Gulf Countries - IBAN

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 regarding retail outward remittance.

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 any IDFC FIRST Bank branch, you could also hand over the request in person.

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.

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.

• Steps to be followed to file Form 15CA online

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

• Go to e-filling log in page

• Input user ID ( PAN of Remitter) and password

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

• Select form type – 15CA

• Instructions are given to fill the 15CA form

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

• Complete the respective applicable Part either Part A or Part B (as required)

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

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

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

Form 15CA duly printed should be signed by you, the remitter, and submitted to bank in duplicate.

Each and every charge (including govt. taxes) levied on the transaction will be displayed to you with its reason on the website, during the process of your transaction.

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.

When you send money abroad, charges are imposed by various banks, such as the remitting bank, the beneficiary bank and the intermediary banks.  These charges can be settled in multiple ways –

BEN -  These are foreign bank charges which are borne by beneficiary.

OUR - These charges are borne by the sender for sending full transaction amount to the beneficiary.

SHA – These charges are shared by the sender and the beneficiary.

In IDFC FIRST Bank's 'Pay Abroad' facility, we try to keep things simple. Hence, for all the transactions, 'OUR' charges are collected upfront and are borne by the sender.

Liberalised 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.

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.

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)

A 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.

No, TCS is not applicable for NRIs.

NRE account balances are freely repatriable. There is no limit specified for making international fund transfer from such accounts.

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).

The Reserve Bank of India (RBI) has cautioned customers against unauthorised entities offering foreign exchange (forex) trading facilities to Indian residents with promises of disproportionate/exorbitant returns. These entities may take recourse to engaging local agents who open accounts at different bank branches for collecting money towards margin, investment, charges, etc. These accounts are opened in the name of individuals, proprietary concerns, trading firms etc. and the transactions in such accounts are not found to be commensurate with the stated purpose for opening the account in several cases. It is also observed that these entities are providing options to residents to remit/deposit funds in Rupees for undertaking unauthorised forex transactions using domestic payment systems like online transfers, payment gateways, etc.

The following may be noted in this regard: -

1. Section 3 (a) of the Foreign Exchange Management Act (FEMA), 1999, in terms of which, no person shall deal in or transfer any foreign exchange or foreign security to any person not being an ‘Authorised Person’, unless under general or special permission of the Reserve Bank;
2. Regulation 4 read with Schedule I of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 (Notification No. FEMA 25/2000-RB dated May 3, 2000), as amended from time to time, in terms of which, a person, whether resident in India or resident outside India, may enter into a foreign exchange derivative contract with an authorised dealer or on recognised exchanges, only;
3. Para 3 (1) of the Electronic Trading Platforms (Reserve Bank) Directions, 2018 dated October 05, 2018, in terms of which, no entity shall operate an Electronic Trading Platform (ETP) without obtaining prior authorisation of the Reserve Bank;
4. Press releases dated February 03, 2022, September 07, 2022 and February 10, 2023 issued by the Reserve Bank, cautioning against unauthorised forex trading platforms; and
5. ‘Alert List’ issued by the Reserve Bank containing names of entities which are neither authorised to deal in forex under FEMA, 1999 nor authorised to operate ETP for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.

We request you to exercise caution and display greater vigilance to prevent the misuse of your account in facilitating unauthorised forex trading. If you come across an unauthorised entity which claims to facilitate forex trading, we request you to get in touch with the nearest Branch or your Relationship Manager for further action.

For purposes such as gift, family maintenance etc., no documents are required for sending money abroad.

Here are some of the purposes for which documents are required:

1) Education (financed by loan)- Loan Sanction or Loan Disbursement letter

2) Travel for education- Passport

3) Travel for education (if financed by loan)- Loan Sanction letter and Passport

4) Payment to overseas tour agent- Passport

5) Business travel- Passport

6) Transfer to my own account overseas- If the account is less than 1 year, then latest one year statement of other Bank in India or income tax assessment order or return is required

7) Employment abroad- Passport

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 for Indian residents.

No. For doing a transaction via net banking, you don't need to submit any document in the branch. When you initiate the transaction online, it will prompt you to upload the relevant documents there.

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.

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

-  Once the transaction is initiated, log in to IDFC First Bank mobile app/Net Banking

- Go to Payments section and then click on Pay Abroad

- Select the transaction which you want to track from the Dashboard

- Status of your remittance will be displayed via SWIFT GPI tracker

The exchange rate applied is visible at the time of initiating transaction request in the last stage where you review your transaction details on the Mobile App/Net Banking. You can also view applied exchange rate once transaction request has been submitted via Pay Abroad Dashboard.

Yes, Debit Advice & SWIFT Copy will be shared via email once transaction is processed from IDFC First bank’s end.

If additional information is required (e.g. document submissions, clarification on the purpose/uploaded document), your transaction will be placed on hold. You will be notified via email and to resolve the queries you will have to login to IDFC First Bank Mobile App/Net Banking and go to Pay Abroad Dashboard.

-  Once on Dashboard, click on ‘View Details’ of your transaction

-  Tap on ‘Click Here’ highlighted in Red

-  Add required information or document

-  Click on Submit

If incorrect details are provided, the transaction may be returned by the beneficiary bank, and returned amount may not be the same as originally remitted amount due to charges deducted by beneficiary bank or any intermediary bank involved in processing of the transaction.

Before submitting the transaction always double check:

-  Beneficiary Account Number

-  SWIFT Code

-  Beneficiary Details such as Name, Address etc.

-  Any other important details related to the transaction