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Overseas fund transfers now
made easy
Visit your nearest IDFC FIRST Bank branch
Overseas fund transfers now made easy
Visit your nearest IDFC FIRST Bank branch
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 |
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
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.
'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.
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.
You can send money abroad in 13 currencies - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK
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.
For details on the Exchange Rates, please click here.
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.
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.
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 –
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:
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)
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.
From your NRE or FCNR account, you can transfer funds to any account overseas easily.
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 |
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.
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.
o Steps to be followed to file Form 15CA online
o Login to: https://incometaxindiaefiling.gov.in
o Go to e-filling log in page
o Input user ID ( PAN of Remitter) and password
o After login, go to sub option: E file – Prepare and Submit Online Form ( other than ITR)
o Select form type – 15CA
o Instructions are given to fill the 15CA form
o The online form is available in two parts – Part A and Part B
o Complete the respective applicable PART either PART A or PART B (as required)
o Once the Form 15CA is filled, verify and submit
o Go to My account- My Returns/Forms. It will show all the returns and Forms submitted.
o Click on the 15CA form and take a print along with the acknowledgment Slip.
Form 15CA duly printed should be signed by Remitter and submitted to Bank in duplicate