IDBI International Transfer

Do you need to send a payment overseas with IDBI Bank? Or maybe you’re expecting to receive an INR transfer into your IDBI Bank account and you’re wondering what information the sender needs?

This guide to the IDBI Bank international bank transfer process, costs, exchange rate, limits and inward payment service is for you.

Before you get started though, it’s useful to know that IDBI Bank may not be the cheapest or fastest option for sending your transfer overseas. Specialist services like Wise and Western Union may be able to offer a more flexible international payment, which you can arrange online or from your phone.

IDBI Bank international money transfer comparison

IDBI Bank international money transfers are sent through the SWIFT network and can mean paying several different fees:

• Transfer fee - paid to IDBI Bank directly

• Exchange rate markup - a percentage rolled up in the exchange rate

• SWIFT and correspondent fees - SWIFT fees are paid to IDBI Bank in advance, but additional correspondent fees may be deducted as the transfer is processed

To give an idea of how IDBI Bank compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending an online transfer of 100,000 INR to a GBP denominated account, with IDBI Bank and a few specialist services.

IDBI Bank may be able to offer online and in branch payment services, depending on your account type and the value of the transfer. However, it’s useful to know that several different fees can apply, which can push up the costs and make it tricky to see the full charge for your transaction.

Online specialist services like Wise and Western Union often have more transparent fees which can work out cheaper overall, with payments you can make online or from your phone without needing to visit a bank branch.

Read our detailed comparison article to learn how Wise compares to international bank transfers.

IDBI Bank international transfer fees

Here’s what you need to know about IDBI Bank international remittance fees:

IDBI Bank exchange rate

You can find the indicative IDBI Bank international transfer exchange rate online. Rates are updated twice daily, but it’s useful to know that the actual exchange rate applied to your transfer may differ slightly thanks to movements in the market. The rates you’ll find online are applicable for telegraphic transfers up to 50,000 USD in value. For higher value payments you may be eligible for a better rate, but you’ll need to visit a branch in person to set that up.

In either case, the IDBI Bank exchange rate used for your transfer is likely to include a markup on the mid-market exchange rate. That’s an extra fee rolled up into the rate applied, which can be in the region of 3% or more.

That doesn’t sound like much, but mounts up quickly:

• Sending 50,000 INR - a 3% exchange rate markup adds 1,500 INR to the total

• Sending 100,000 INR - a 3% exchange rate markup adds 3,000 INR to the total

• Sending 500,000 INR - a 3%  exchange rate markup adds 15,000 INR to the total

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you send 100,000 INR online, to a GBP denominated account:

• IDBI Bank: 250 INR transfer fee + 500 INR SWIFT fee + exchange rate markup + correspondent bank fees

• Wise transfer fees: 2,102.12 INR transfer fee  and no markup on the mid-market exchange rate

• Western Union: No transfer fee, but a markup is added to the mid-market exchange rate

IDBI Bank additional fees

IDBI Bank notifies customers in its terms and conditions, that additional correspondent charges may apply when sending an outward remittance. This can happen when international payments are processed through the SWIFT network.

Correspondent bank fees go to intermediaries involved in processing the payment rather than to IDBI itself, and are usually deducted as the transfer is processed. This can mean that the recipient gets less than you’re expecting in the end because fees have been removed before the transfer arrives in their account.

How long does an IDBI Bank international money transfer take

IDBI Bank transfers are processed through the SWIFT network. While exact delivery times do vary depending on the destination, SWIFT payments can often take 3 - 5 days to arrive in the recipient’s account.

Here’s how that compares with the other providers we looked at earlier:

• IDBI Bank: SWIFT payments can take 3 - 5 days to arrive

• Wise: 80% of payments arrive in 24 hours

• Western Union: 0 - 1 business days

Pros and cons of transferring money abroad with IDBI Bank

Pros:

• Familiar and reliable service

• Relatively low upfront fee

• Transfer in up to 10 global currencies

Cons:

• Overall costs can be high, including third party fees

• Exchange rates are likely to include a markup

IDBI Bank international transfers can be made in around 10 currencies, depending on your account type. If you’re looking for a different currency, or want to compare the overall costs, take a look at specialist online services like Wise or Western Union. Digital providers like these tend to cover a broader range of currencies and have more transparent fees.

How to make an international transfer with IDBI Bank

Depending on your account type and permissions you may be able to make IDBI Bank international money transfers online or in a branch. The amount you’re sending, and the destination country, may also make a difference to the payment options available. Check in your online banking service, or visit a branch to understand more about how to send your specific IDBI Bank transfer.

What information do you need to make an international transfer with IDBI Bank?

If you’re sending your IDBI Bank international bank transfer online you’ll be prompted to complete all the details needed to guide your payment. In a branch a member of staff will help you enter all the right information to get your money where it needs to be. The exact details required vary a bit depending on where you’re sending money to - but usually include:

• Beneficiary full name

• Beneficiary bank account number or IBAN

• Beneficiary bank name and address

• Additional information based on the country - like a sort code for the UK or routing number for the US

• Reason for payment

Transfer limits and available countries

International transfers for resident Indians are limited by LRS rules, which mean you can usually send a maximum of 250,000 USD or the currency equivalent per year. Your own specific IDBI account may have lower annual limits, and transaction limits may also apply. You can often amend these limits by logging into your online banking service or visiting a branch in person.

IDBI Bank  publishes exchange rates for up to 10 major global currencies: USD, GBP, EUR, JPY, CHF, AUD, SGD, HKD, CAD, NOK and AED.

Receiving money from abroad with IDBI Bank

When you receive an international payment into your IDBI Bank account the sender will need the following information about the payment and your own account:

• Your account number

• Your name and address

• The purpose of the remittance

• IDBI Bank SWIFT Code

In addition to the information required by the sender’s own bank, IDBI Bank recommends including the following message with your payment. Use this template as a guide and add your own account information to complete the message - or ask IDBI Bank staff for support if you’re unsure:

“Please remit (currency + amount)to IDBI Bank Ltd, Mumbai (account no.)with (correspondent bank name and location)(Swift Code) for further credit to my (account no.) with IDBI Ltd.(Swift code IBKLINBB) (branch and city),India.”

Read our article to the Best Ways to Receive Money Internationally in India

IDBI Bank SWIFT code

The person sending you a payment will ask for the correct IDBI Bank SWIFT code for your transfer type.

SWIFT codes are assigned to all banks involved in processing international transfers, and used to make sure payments arrive in the right place.

The IDBI Bank SWIFT/BIC code is: IBKLINBB

Conclusion

If you have an IDBI Bank account, sticking with IDBI for your international money transfers can seem like the obvious way to go. However, traditional banks like IDBI Bank often don’t offer the very best service for telegraphic transfers, both on price, convenience and delivery time.

Compare your options with IDBI Bank against specialist providers like Wise or Western Union, to see if you can get a faster - or cheaper - transfer from an online service instead of using IDBI.