Did you know that you could both receive and send money from and to your family/loved ones outside India anytime anywhere? With Citi, make secure transfers from the comfort of home. Whether you are redeeming money from your MNC employer’s Stock Option Plans or making international wire transfers to family members for educational, medical, travel, investment or gifting purposes, our global network ensures smooth and secure remittance of overseas funds via your Citi India savings account.
Wire transfer is electronic transfer of money, from one bank to another, using networks like the Society for Worldwide Interbank Financial Telecommunication (SWIFT), among others. When the transfers are done internationally, they become cross-border remittance transfers, also known as Forex (Foreign Exchange) remittances. Here, other financial service companies, in addition to banks, can serve as money transfer providers.
A forex remittance involves exchange of currency and can be of two types:
Fun fact: International remittances have a major impact on the economies of many developing nations in the world. Due to India’s large diaspora and overseas expat population, it is one of the top receivers of remittances globally, receiving approximately US$ 80 Billion in 2018, followed by China at US$ 67 Billion.
Make the most of Citi’s expansive global network. Enjoy:
International money transfers, unlike domestic transfers, cost money per transaction, which depends on the exchange platform or bank, type of transaction and amount. They also come with a limit on the amount transferred in a single transaction or day.
At Citi, you enjoy competitive and transparent charge structure and exchange rates, one of the many reasons why you should look no further when trying to make remittances.
|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/-|
The answer is simple – if you hold a Citibank account, you are. So move money across borders with the click of a button.
You might want to avail remittance services for a variety of reasons, which include:
Outward remittances –
Inward remittances –
1. Inward Remittance (Receiving Funds in your Citibank account)
To receive a wire transfer, you need to share the following information with the remitting or correspondent bank:
You can check out the Correspondent Bank Name, SWIFT Code & Correspondent Account Number here.
Once the overseas bank makes a successful transaction (funds and details confirmed), it usually takes 24 to 48 working hours to credit the funds to your Citi account.
Please note that timelines may get impacted in case additional information/documentation is required as per FEMA/RBI/internal/other guidelines.
2. Outward Remittance (Transferring Funds from your Citibank account)
Resident Indian individuals are permitted to remit up to USD 250,000 equivalent amount each financial year outside India under RBI’s Liberalized remittance scheme. Click here to know more.
Click here to know more about global diversification under LRS.
Initiating outward remittance – To initiate an outward remittance under LRS, you would need following information:
You can remit funds via different modes of outward remittances –
a) Online remittance (remittance through Citibank Online):
Click here to refer to this handy blog (step by step) on how to remit funds overseas using online banking for resident individuals.
You can remit up to USD 25,000 equivalent per transaction online, subject to your unutilized LRS limits and daily online banking limits
Online remittance can be made for the following purposes –
b) Remittance through branch:
Remit funds overseas under the Liberalised Remittance Scheme – up to USD 250,000 per financial year
c) International debit card transactions:
You can make payments to merchants across the globe through Point of Sale (POS), Payment Gateway (PG) or withdraw cash from an ATM in an international location.
Please click here to know the LRS remittance transactions where TCS is applicable.