Inward Remittance

Enjoy seamless inward remittance with Citi

Enjoy seamless inward remittance with Citi

Enjoy smooth remittance of funds from overseas to your Citibank account in India. With our global network, we ensure secure transfer of funds to your Citibank India account seamlessly.

Citibank Suvidha Salary Account

Top reasons for making wire transfer with Citi:

  • Competitive exchange rates
  • Direct credit to your Citi India account
  • Faster turnaround time on remittances across countries
  • Transfer funds in 27 currencies through our wide global network
How to make inward remittance?
  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: Citibank N A
    • Beneficiary SWIFT Code: CITIINBX
    • ABA Routing Code (for USD transactions only): 021000089
    • Sort Code (for GBP transactions only): 185008
    • IBAN (for GBP transactions only): GB 90 CITI18500800600091
    • IBAN (for CHF transactions only): CH 12 89095000010570109
    • IBAN (for EUR transactions only): IE68CITI99005123898004
    • IBAN (for AED transactions only): AE750211000000700006018
    • IBAN (for DKK transactions only): DK7030003996058646
  2. Correspondent Bank Name, SWIFT Code & Correspondent Account No., available here (optional)
Applicable taxes and charges

Applicable taxes and charges on foreign currency inward remittance

  1. Goods and Services Tax (GST), as per below current grid applicable w.e.f. 1st July, 2017 and is subject to change:
  2. 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 and are applicable as per the correspondent bank’s current grid.

Exchange rates

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.

FAQs

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Upon receipt of funds and the SWIFT message mentioning all 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.

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.

Service tax (ST) for foreign currency is calculated basis the prevailing ST grid. A separate debit will reflect in the account statement for the same (As per the current prevailing grid)

No; for USD remittances, Citibank SWIFT code, along with Citibank ABA routing number will be required. (Please refer to the link to know currency specific Citibank details).

No, Citibank India has only one SWIFT code i.e. CITIINBX for inward remittances towards domestic/resident account holders. In case an eleven character SWIFT code is required by overseas bank platform, you may provide CITIINBXXXX.