Outward Remittance using Net Banking

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.

After you initiate the remittance 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 nor the responsibility of the 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.

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:

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.

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

No. PAN is mandatory for all resident individuals who want to send money abroad. The ‘Pay Abroad’ facility on IDFC FIRST Bank’s Netbanking/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

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

The Liberalised Remittance Scheme (LRS) is a facility to send money abroad up to USD 250,000 per financial year which is permissible for Current or Capital Account transactions or a combination of both. 

All resident individuals are eligible to avail of the facility under the Liberalised Remittance Scheme. It is mandatory to have a PAN number to make a remittance under this scheme.

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.

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)

If you are not related to the beneficiary as mentioned above, then you may transfer under the purpose of 'Gift'

No. For doing a transaction via Netbanking, 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.

Based on the Reserve Bank of India guidelines, a certificate in prescribed forms (15CA & 15CB) need to be produced while making remittances for certain types of transactions which are not covered by the Liberalised Remittance Scheme such as remittances from NRO account and for foreign nationals seeking repatriation.

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.e

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

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: -

a.   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;

b.   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;

c.   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;

d.   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

e.   ‘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.

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.