Money transfers abroad must be a hassle-free process. IDBI Bank’s international money transfer services offer speedy, secure, and convenient remittances. You can easily transfer funds in simple steps using the bank’s I-Net Banking platform through the SWIFT network. The process is straightforward, but it is important to be aware of fees, exchange rates, and limits of international money transfers as per RBI guidelines. Let’s explore all these details in this blog-
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IDBI International Money Transfer
IDBI Bank provides a reliable option for sending money abroad at competitive rates. This service caters to both Resident Indians and Non-Resident Indians (NRIs), providing a reliable platform for various remittance needs. The bank utilises the SWIFT network for international transfers, supporting transfers to numerous countries and currencies.
This scheme only allows personal remittances for family maintenance and payments for foreign tourists visiting India. It does not permit trade-related remittances, payments for property purchases, investments, credits to NRE/FCNR accounts, or donations to charitable organizations.
| Transfer Limit | USD 250,000 per financial year as per Liberalised Remittance Scheme |
| Transfer Fees | Transfer fee + SWIFT fee + exchange rate markup |
| Processing Time | 3 to 5 business days |
Also Read: Know all about IDBI Student Account and explore the features and benefits of opening the same.
IDBI Money Transfer Fees
IDBI Bank charges for international money transfers include several fees. These include the transfer fee, SWIFT fee, and exchange rate markup fees. For example, if you send INR 1,00,000, the total cost would be the sum of the transfer fee, SWIFT fee, and any applicable exchange rate markup and correspondent bank fees. The overall processing time for these transfers is generally between 3 to 5 business days.
- Transfer Fee: INR 250
- SWIFT Fee: INR 500
- Exchange Rate Markup: This varies, typically around 3% of the transaction amount.
- Correspondent Bank Fees: Additional fees may apply depending on the intermediary banks involved in the transfer process.
How to Initiate IDBI Money Transfer?
To initiate an international money transfer with IDBI Bank, you have several options depending on your account type and permissions-
Internet Banking
- Log in to your IDBI Bank Internet Banking account.
- Navigate to the fund transfer section.
- Select “International Money Transfer” or a similar option.
- Enter the required details:
- Beneficiary Full Name
- Beneficiary Bank Account Number or IBAN
- Beneficiary Bank Name and Address
- Additional details like sort code (for the UK) or routing number (for the US).
- Reason for payment.
- Confirm and authorize the transaction using your transaction password and OTP (One-Time Password).
Mobile Banking App
- Download and install the IDBI Go Mobile+ app on your smartphone.
- Log in using your credentials.
- Use the fund transfer feature to send money internationally.
- Follow similar steps as online banking to enter beneficiary details and authorize the transaction
In-Branch Transfer
- Visit your nearest IDBI Bank branch.
- Request assistance from a bank officer to fill out the international transfer form.
- Provide all necessary details as mentioned above.
- Submit the form along with any required identification
Also Read: Know all about the IDBI education loan repayment plan and explore the best plan for you.
Information Needed to Make International Transfer with IDBI Bank
When you initiate an international money transfer through IDBI Bank online banking, you will be guided through a series of prompts to fill in all necessary details for your payment. Alternatively, if you prefer to visit a branch, a staff member will assist you in entering the required information to ensure your funds reach their intended destination.
- Your account number
- Your name and address
- Purpose of remittance
- IDBI Bank SWIFT Code (IBKLINBB)
Alternatives to IDBI International Money Transfer
Before you choose IDBI international money transfer, it’s important to note that IDBI Bank might not be the most cost-effective or quickest option for international transfers. Alternative services like Wise, Western Union, and Fly Finance often provide more flexible payment solutions that can be arranged conveniently online or via mobile apps.
Fly Finance Forex
Our Forex services provide competitive fees for cross-border transfers, making it a cost-effective choice for sending money internationally.
- The services are designed to be quick and straightforward, ensuring a hassle-free experience for you.
- We prioritize transparency in its operations, providing clear information about fees and exchange rates.
- You can track their transfers in real-time, offering peace of mind and visibility throughout the transaction process.
With these benefits, Fly Finance stands out as a reliable option for the cheapest money transfers globally. This was all about IDBI Bank’s international money transfer services.
To know about education loans, the best bank accounts for students, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
You can transfer money internationally through IDBI Bank either online via Internet Banking or by visiting a branch. Simply log in to your account, select the international transfer option, and enter the required beneficiary details.
Yes, IDBI Bank charges a transfer fee and a SWIFT fee for international transactions, including exchange rate markup fees.
To activate international transactions, you need to register for the Fx-Remit service through IDBI Bank’s Internet Banking. You may also need to submit a signed form at your branch to complete the activation.
The remittance charges at IDBI Bank include an INR 250 transfer fee and an INR 500 SWIFT fee. Additional fees may apply based on the exchange rate and any correspondent banks involved.
SWIFT remittance fees at IDBI Bank include a fixed fee of INR 500, along with potential additional charges from correspondent banks. The total cost may also include an exchange rate markup.
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