- Payments & Transfers
- Transfers from Overseas
- International Wire Transfers
You can wire funds from your overseas bank account to your Rupee Checking Account. It normally takes 2-3 business days for the funds to reflect in your account after your overseas bank has initiated this international wire transfer. Funds transferred to your Rupee Checking Account are available for use as soon as they are credited to your account. The exchange rate applied for your transfer will be the exchange rate on the date on which we receive funds in your account.
Citibank India does not charge a fee for incoming Wire Transfers, however your local bank overseas may charge a fee for sending International Wires. Your bank will require information such as your Rupee Checking Account Number, Beneficiary details and routing number. For your convenience, you can complete the details below, print the form and provide to your bank to initiate the wire transfer from your account.
1.To initiate a wire transfer, remitter needs to share the following information with their local bank:
- Beneficiary Account: 10 digit Citibank India account number
- Beneficiary Name: Name as on Citibank India account
- Beneficiary Bank: Axis bank
- Beneficiary SWIFT Code for all currencies: AXISINBB
2.Correspondent Bank Name, SWIFT Code & Correspondent Account No., available here (optional)
1.Citibank does not charge service fee for Foreign currency conversions
2.Please note that as per Government of India regulations, GST will be charged on all foreign currency conversions, interest and fees and other charges. This tax is payable to the Government of India and will be charged to your account. This is subject to change as per the regulations of the Government of India.:
|Exchanged Amount (INR)||Taxable Amount|
|Up to INR 1,00,000||1% of gross amount of currency exchanged subject to a minimum taxable amount of INR 250/-|
|Exceeding INR 1,00,000 and up to INR 10,00,000||INR 1,000 + 0.5% of gross amount of currency exchanged in excess of INR 1,00,000/-|
|Exceeding INR 10,00,000||INR 5,500 + 0.1% of gross amount of currency exchanged in excess of INR 10,00,000/- subject to a maximum of INR 60,000/-|
3.Correspondent bank charges are levied as per prevailing policy of the correspondent bank routing the funds. Please note that the correspondent bank charges are subject to change. Below is indicative correspondent bank charge grid.
Indicative charges for USD
|AMOUNT (USD)||Charges (USD)|
|99.99 - 499.99||10|
|499.99 - 2499.99||20|
|2499.99 - 24,999.99||30|
|24,999.99 - 49,999.99||40|
|49,999.99 - 99,999.99||50|
|99,999.99 and above||60|
|1501 – 20000||30|
|20001 – 75000||35|
For other currencies, flat charges as per below:
|Currency||Charges (in respective currency)|
For exchange rates, click here
The foreign exchange rates mentioned are indicative only. The applicable rate will be the exchange rate prevailing on the date of funds conversion post fulfilment of all regulatory requirements.
How much time will it take to get funds credited to my Citibank account, once transaction is successful from overseas bank?
Upon receipt of funds and the SWIFT message mentioning mandatory details from remitting bank, it usually takes 24 to 48 working hours to credit the funds. Please note that timelines may get impacted in case additional information/documentation is required per FEMA/RBI/internal/other guidelines. To ensure timely credit of funds, please ensure purpose of remittance is provided and all wire transfer details are accurately filled.
What are correspondent bank charges?
Correspondent bank charges are levied by the intermediary bank routing the funds to Citibank India. These charges are levied basis the prevailing charge structure of the intermediary bank and may depend on the value of the transaction. Citibank India would typically receive funds post deduction of charges by correspondent bank.
Is IBAN mandatorily required for all inward remittances?
No; for all remittances, Axis NR SWIFT code (i.e. AXISINBB), along with Axis ABA routing number will be required. (Please refer to the link to know currency specific details).
Will Citibank India SWIFT Code change as per currency of remittance?
Yes, for all inward remittances, Axis bank SWIFT code to be used is AXISINBB.