NRI outward remittance: How to send money home without commissions?

In today’s interconnected world, cross-border transactions are common. As barriers between countries continue to break down, NRIs require a convenient and cost-effective solution for the otherwise complex, time-consuming, and expensive process of remittance. 

If you are an NRI looking to transfer funds to India, one option that stands out is the NRI Remittance Scheme offered by IDFC FIRST Bank. With this, NRIs can send money from their foreign account to their NRI account in India without any commission from IDFC First Bank.

Also read - 6 Things NRIs should know before investing in India

Benefits of IDFC FIRST Bank’s NRI Remittance Scheme

IDFC FIRST Bank's NRI Remittance Scheme offers several benefits to NRIs looking to transfer money to India. These benefits include -

• No commissions or fees

IDFC FIRST Bank does not charge a commission or fee for using their NRI Remittance Scheme, allowing you to transfer money to India without worrying about additional costs.

• Competitive exchange rates

The bank delivers competitive exchange rates for converting foreign currency into Indian Rupees. This ensures that you get more for your foreign currency.

• Fast and secure transfers

This NRI Remittance Scheme offers fast and secure transfers, ensuring that the money reaches the beneficiary’s account in India quickly and safely.

• 24X7 customer support

IDFC FIRST Bank’s customer support team is available 24X7 to assist NRIs with any queries or issues they may have.

Purpose of remittance

The purpose of remittance can vary depending on individual needs and circumstances. For instance, NRIs often use remittance to transfer money to India to support their families by paying for their education, medical care, or daily expenses.

They can also invest in businesses or properties in India to generate a source of income or explore a long-term investment opportunity. Additionally, NRIs may use remittance to transfer their savings to India to achieve a sense of security and stability.

Overall, remittance aims to provide financial support to family members or for investment opportunities in India.​​

How to transfer money to India with IDFC FIRST Bank NRI Remittance Scheme

Here’s how you can initiate the transaction in 3 simple steps -

Step 1 - Visit your Foreign bank branch

Visit your foreign bank branch anywhere in the world to initiate the transfer.

Step 2 - Submit payment details

You will need to provide the following payment information to your foreign bank -

• Sender’s details- Name, Account number, and Complete address

• Beneficiary’s details- Name, Account number, and Complete address

    o  Beneficiary Bank name: IDFC FIRST Bank

    o  Beneficiary Bank Swift code: IDFBINBBMUM

    o  Correspondent’s bank: Click here

• Purpose of payment to ensure faster credit to your account

Mention charges as “OUR” in your fund transfer form to avoid correspondent bank charges.

Step 3 - Allow the transfer to complete

After your foreign bank sends the payment, IDFC FIRST Bank will deposit the funds in your designated NRI account within 1-2 working days.

That’s it. Follow these steps to transfer funds conveniently with IDFC FIRST Bank’s NRI Remittance Scheme.

Currencies offered by IDFC FIRST Bank

IDFC FIRST Bank facilitates remittance for NRIs that allows sending money in 14 different foreign currencies, including - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, CNH, and NOK.

This allows you to transfer money from your overseas accounts to India, in your preferred currency. This foreign currency is then converted into Indian Rupees by IDFC FIRST Bank.

Potential charges involved in transferring money to India

Now that you know about IDFC First Bank’s remittance, let us discuss the additional charges involved in transferring money to India, such as-

• Indian bank charges

These charges are alternatively known as transfer fees or commission. Banks or money transfer services impose these charges to process the transaction. The amount of these charges can differ depending on the transfer amount, the beneficiary’s country, and the method of transfer.

However, when you transfer money to India with IDFC FIRST Bank, there is no commission or fees charged for using the service. This means you can send money to India without worrying about additional charges eating into your funds.

• Correspondent bank charges

Sometimes, intermediary banks (also known as correspondent banks), may be involved when transferring money from a foreign bank account to an NRI account in India. Correspondent banks aid in transferring funds between banks located in different countries. They may levy a fee for their services, which is commonly borne by the sender. These charges may vary depending on the sender bank used and the location of the NRI account.

If your remittance involves correspondent banks, then IDFC FIRST Bank may charge you the fees charged by correspondent banks for their services.

• Exchange rate

When you transfer money to India, IDFC FIRST Bank will apply an exchange rate to convert the foreign currency into Indian Rupees.

• GST on foreign exchange conversion

Additionally, foreign exchange conversions in India are levied with a Goods and Services Tax (GST) on the gross converted amount in Indian Rupees. Click here to view the GST slabs.

This tax is added to the total cost of your remittance.

You can reach IDFC FIRST Bank through the 'Banker on Call' service and email at nriservices@idfcfirstbank.com, for a prompt call back. Alternatively, you can 'request for a call back' to save time navigating through the IVR.

Also read - TDS deductions for NRIs – everything you should know

In conclusion

When considering remittance services for international money transfers, it is crucial to understand the fees involved and explore ways to reduce costs. IDFC FIRST Bank NRI Remittance Scheme provides an accessible and economical option for NRIs. 

You should also be aware of other charges that may apply while you transfer money to India. By reviewing and understanding these charges, you can make informed decisions.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.