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Outward Remittance using Net Banking

IDFC FIRST Bank offers fast and efficient money transfer from your Indian savings account to any beneficiary’s account overseas. Read More

Login to Net Banking and send money abroad from the comfort of your home.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.

    • Login to Net banking and click on ‘PAY’

    • Click on ‘Pay Abroad’ and select your savings account

    • Add beneficiary and transaction details to confirm your payment

    • Once processed, SWIFT will be mailed to your registered email ID

    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

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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.
    * 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

    Per Txn. Limit*

    Annual Limit*

                     Resident Indian

      All Purposes under LRS

    $ 25,000

    $ 250,000

    Non Resident – NRE A/c

    Repatriation of Funds (S0014)

    $100,000

    $1,000,000

    Non Resident – NRO A/c

    Repatriation of Funds (S0014)

    $100,000

    $1,000,000

    Foreign National (Residing in India)

    Salary (1301)

    $25,000

    $250,000

    Minor

    Same as Resident

     

    *Annual Limits are applicable on aggregate amount of overseas payments made during a financial year through any Bank or authorized dealer in India.

Get In Touch

• Are you an Indian resident? If yes, you may call us at 1800-419-4332

• Are you an NRI? If yes, please feel free to get in touch with us at nriservices@idfcfirstbank.com or call us at +91-22-6248-5152.

Get In Touch

PAYMENT RELATED QUERIES

What is 'Pay Abroad' facility? How do I start using the 'Pay Abroad' facility?

'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.

What are the advantages of 'Pay Abroad' through IDFC FIRST Bank's Netbanking / Mobile App?

1. Send money abroad from anywhere

2. Make payment request anytime (24X7)

3. Guaranted exchange rate for 72 hours

4. Track your transfer request online.

Can a Resident use 'Pay Abroad' facility even if he/she does not hold a Savings Account with IDFC FIRST Bank?

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

Which type of individual customers can send money overseas through online 'Pay Abroad' facility?

This facility is currently available for:

• Resident Individuals (including Sole proprietors & Minors)

• Non Resident Individuals

• Foreign Nationals

This facility is NOT available for:

• Corporates/ Companies/ Partnerships/ HUF/ Trusts etc.

• Individuals (excluding Minor) without PAN

Can the joint account holder do an outward remittance out of the resident savings bank account?

Yes.

What are the steps for ‘Pay Abroad’ facility through Netbanking/ mobile app?

Step 1- Login to Net banking/ IDFC FIRST bank mobile app https://my.idfcfirstbank.com/login

Step 2- Click on 'Pay' then click on ‘Pay Abroad’ and select your savings account

Step 3- Enter the amount you want to send

Step 4- Add beneficiary details to confirm your payment

Step 5- Based on your purpose of transfer, additional documents may be requested

Once the payment is processed by IDFC First Bank, SWIFT will be mailed to your registered email ID. The funds will be credited to the beneficiary's account within 1- 3 working days.

What are the timings for 'Pay Abroad' facility on Net Banking / Mobile App?

You can submit an overseas fund transfer request anytime, 24X7 through 'Pay Abroad' facility on IDFC FIRST Bank's Net Banking / Mobile App.

When will my Payment get processed?

Transaction request received on bank working day (during weekdays) before 3:00 PM IST, subject to successful verification of payment request, will be processed on the same day. Requests received after 3:00 PM IST on bank working day and during holidays will be processed on the next bank working day.

When will my IDFC FIRST Bank account be debited?

After successful submission of request from your IDFC FIRST Bank Saving account, a lien will be marked in your Account against the debit amount for your overseas transfer. However, your account will be debited after successful verification of your payment request by IDFC FIRST Bank on the day of request or the next working day.

When will my payment reach the beneficiary?

Normally, it takes 2 to 3 working days for funds to reach a foreign bank account. It may take more time in case of intervening holidays.

Am I eligible to transfer money abroad through 'Pay Abroad' facility?

All retail individual customers including Resident Indians, Non Resident Indians, Sole Proprietors Foreign Nationals can use our 'Pay Abroad' facility on Net Banking / Mobile App to send money overseas.

What are the purposes to use 'Pay Abroad' facility?

The eligible purposes include Family Maintenance, Education, Repatriation etc.

Are there any transactional limits in Online transfer of funds overseas?

Here are the details of limits set for transfer:

Account Type

Limits

Per Txn. Limit*

Annual Limit*

                 Resident Indian

  All Purposes under LRS

$ 25,000

$ 250,000

Non Resident – NRE A/c

Repatriation of Funds (S0014)

$100,000

$1,000,000

Non Resident – NRO A/c

Repatriation of Funds (S0014)

$100,000

$1,000,000

Foreign National (Residing in India)

Salary (1301)

$25,000

$250,000

Minor

Same as Resident

 

*Annual Limits are applicable on aggregate amount of overseas payments made during a financial year through any Bank or authorized dealer in India.

Is it safe to send money online?

Absolutely. 'Pay Abroad' facility powered by IDFC FIRST Bank is not only faster & convenient but 100% safe. Real time updates will be shared on your registered Mobile Number and email ID for your assurance.

In which currencies can I send money abroad?

You can send money in 13 currencies - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK

More FAQs

CHARGES RELATED QUERIES

How do I know the break-up of charges?

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.

Are there any additional charges by Correspondent Banks?

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.

What is BEN, SHA, OUR Charges?

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.

What are the provisions of TCS for transferring funds abroad?

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  30th Sept’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 of education( if not financed by Loan) OR for medical treatment

NIL upto Rs 7 lakh

5% of the amount or the aggregate of the amounts in excess of Rs 7 lakh

NIL upto Rs 7 lakh

5% of the amount or the aggregate 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 the aggregate of the amounts in excess of Rs 7 lakh

NIL upto Rs 7 lakh

20% of the amount or the aggregate of the amounts in excess of Rs 7 lakh

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.

REGULATION & DOCUMENT RELATED QUERIES

What are the documents required for sending money overseas through Net Banking / Mobile App?

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

I am a resident Indian but don't have a PAN, Can I transfer funds abroad?

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.

I am an NRI/ Foreign National but don’t have a PAN, Can I transfer funds abroad?

Yes

I am a minor (less than 18 years) but don't have a PAN, Can I transfer funds abroad?

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

What is the Liberalised Remittances Scheme? Who is eligible to avail the facility under this scheme?

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.

What is the regulatory compliance requirement for the applicant?

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.

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

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'

Do I need to submit any documents at a Bank Branch?

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.

When is the C.A. Certificate required for initiating outward remittance?

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.

What is the process for obtaining C.A. Certificate?

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

PAYMENT ISSUES RELATED QUERIES

What should I do if payment has not been credited to my beneficiary?

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.

Can I cancel my fund transfer request?

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

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