IDFC First Bank International Money Transfer: How-to, Fees, Alternatives

IDFC First Bank offers international transfers to account holders in India and NRIs (Non-Resident Indians). Learn more about how international transfers work with IDFC First Bank and an overview of fees and charges.

Sending money abroad from India with IDFC Bank

IDFC First Bank offers account holders to send money abroad from India through SWIFT network.¹ IDFC supports transfers 13 currencies: USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, and NOK. You can initiate an international wire transfer online via net banking, or in person at any IDFC First Bank branch.

Via Netbanking

For account holders who have already set up their IDFC Net Banking, here is how to send an international transfer from India online:²

1. Login to the IDFC First Bank Net Banking portal.
2. Click on “PAY”, and then “Pay Abroad”.
3. Select the savings account from which you’ll be making the transfer.
4. Add the beneficiary and transaction details.
5. Confirm all the details.
6. Submit the transfer.

You will receive a confirmation by email once your transfer has been processed, and funds will be credited to the beneficiary’s account within 1 to 3 working days.

In Person at IDFC Branch

Here are the steps to follow to send an outward remittance in person:³

1. Visit the nearest IDFC First Bank branch.
2. Submit the FORM A2 CUM APPLICATION FORM for outward remittance.
   The form requires complete receiver’s and sender’s details, including the information about the source of funds, and the reason for making the transfer.
3. Provide relevant supporting documents outlined here. Note that a PAN card is mandatory for outward remittances under the Liberalized Remittance Scheme.
4. Pay for the transfer costs, and the bank will initiate the SWIFT transfer.

How much does it to send money abroad with IDFC

• For sending money abroad, IDFC First Bank does not charge a processing fee on their end. But you will be required to cover any charges levied by the corresponding/intermediary banks when sending money abroad.

• GST will be levied on the converted gross INR amount, as per the existing tax slab. IDFC provides the slab-wise structure here 👉.

• When transferring money overseas, a significant expense you will need to watch out for is the currency conversion rate. IDFC First Bank publishes its forex rates here.

Sending money to India with IDFC First Bank

IDFC First Bank offers convenient remittance solutions to receive international transfers to your Indian account from abroad.⁴ IDFC supports fund transfers from 12 currencies: USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, and ZAR.

To transfer money to your Indian account from abroad, IDFC provides specific country-wise instructions here.

Swift Instructions

To initiate a transfer, provide the following payment details to the foreign bank where you are sending the transfer from:

1. Sender's details: Name, account number, complete address

2. Receiver's details: Name, 11-digit IDFC account number*, complete address

3. For the receiving bank details, mention the following information.

4. Bank Name: IDFC FIRST Bank

5. Swift Code: IDFBINBBMUM

6. Correspondent bank details, provided by IDFC here 👉

7. Mention the purpose of the transfer.

*If the destination account at IDFC is an FCNR (Foreign Currency Non-Resident) deposit, you can mention your 10-digit customer ID instead.

How much does it cost to send to India with IDFC

Transfer fees vary depending on the bank and country you are sending the transfer from. To avoid any correspondent bank charges, select the option “OUR” for who will pay the transfer fees. This means that you will be paying for all international wire charges upfront to the sending bank, and the transfer amount is expected to be delivered in full to the destination.

IDFC First Bank does not charge a processing fee for inward remittances, but you will need to cover GST on the converted gross INR amount, as per the existing tax slab.

When transferring money overseas, a significant expense you will need to watch out for is the currency conversion rate. IDFC First Bank publishes its forex rates here, which are higher than the mid-market rate you see on Google - the one Wise uses for currency conversion.

Meet Wise: a convenient alternative for international remittances

Need to send money overseas? Make international remittances easier with Wise, which uses smart tech to make international transfers safe, secure - and cheap. Wise can help⁵ you save with a transparent low transfer fee and the mid-market exchange rate, which is the same as the one you see on Google.

And if you're living abroad, check out the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.

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.