Remit to India with Federal bank

Aditya Shrivastava

16.11.23

3 minute read

Federal Bank has more than 16 million customers and branches across India.¹ If you are looking to send money from abroad to a local Indian bank account, or from India to overseas, Federal Bank has remittance options- however, you must be an existing customer. Read on to learn more about how to remit money with Federal Bank.

How to Remit to India with Federal Bank

There are many options for Non-Resident Indians (NRIs) to send money, or remit, to India, but Federal Bank only provides service options to account holders.

Federal Bank has partnered up with third-party money transfer services to help NRIs in the following countries to send money to India:²

Every location has a few transfer services to choose from. For instance, UK NRIs can choose from Ria Money Transfer, Moneygram, Muthoot Global Money Transfer or Fast EnCash. These are the services will complete the transfer, not Federal Bank.³

Each service will have its own fees, exchange rates and process - some may have online transfers while others may require you to go to a physical location. Most providers will carry a transfer fee, which is the cost of the service, and possibly an exchange rate fee. The exchange rate fee is an extra markup that banks put on top of the mid-market rate, which is the rate you see on Google — and the one used by Wise.

Compare the providers and check the exchange rate and time it takes to transfer before deciding on one.

Send money to India with Wise 👉

International Wire Transfer to Federal Bank

An international wire transfer, sometimes called a SWIFT transfer, is a way to send money from one bank to another internationally. Most popular banks are part of the SWIFT network which allows direct transfers between bank accounts. You should be able to complete a wire transfer with your local bank either online or at the bank branch.⁴

International wire transfers typically take five business days to complete, which can be slower than more modern options. You will also be charged a fee by the sending bank to complete the transfer, and you are likely to get an exchange rate fee. That’s the small fee the banks add to the exchange rate so it's applied to every dollar or Pound you convert to Indian rupees.

Federal Bank also works with correspondent banks in different countries to complete transfers. These are intermediary banks and the process may take longer than sending money directly to a bank account. Federal Bank has a list of correspondent banks that it works with around the world.

Meet Wise: a convenient alternative for international remittance

When you need to get money to India fast and conveniently, look no further than Wise. Wise is an online money transfer provider with an award-winning app that can make transfers directly to local accounts in India.

Remit from India with Federal Bank

Resident Indians may want to send money overseas for many reasons, including tuition, family support or for medical procedures.

Federal Bank offers the Fed-e-Remit option for outward remittances or international money transfers. It is a SWIFT transfer that is available for Resident Indian account holders and for NRIs with a Federal Bank NRE account who want to repatriate or send back funds.

An outward remittance from India can be sent in up to 13 currencies, including:⁵

UAE dirham
Australian dollars
Canadian dollars
Euros
British pounds
Singapore dollars
US dollars.

You can access the Fed-e-Remit platform through Federal Bank’s Netbanking. You can choose which currency you want to send the money in, complete the transfer and track it online. There may be an outward remittance fee of ₹1,000 INR for amounts below five lakhs, and a SWIFT transfer fee of ₹500 INR. ⁶

Resident Indians will need to make sure that their PAN is linked to their account, and follow the Reserve Bank of India’s Liberalised Remittance Scheme guidelines to cap outward remittances at the currency equivalent of $2,50,000 USD in one year.

If you want to send more than $25,000 USD in one transfer abroad, you will be required to go to a Federal Bank branch in-person.

Learn more about sending money from India with our Complete Guide to Federal Bank International Transfers 👉.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Sources used for this article:

Sources verified on 15 November 2023.

Cover photo by Puvvukonvict photography on Unsplash.

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