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:

• 1. Inward Forex Remittance: When you receive a payment from overseas in foreign currency converted into local currency (INR) and credited to your Citibank India account.
• 2. Outward Forex Remittance: When you send money abroad (INR converted to foreign currency) for purposes like education, family usage, investment etc.

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:

• Competitive exchange rates
• Faster turnaround time on remittances across countries owing to Citi’s vast global presence
• Transfer funds in 27 currencies through our wide global network
• Easy and efficient online banking interface allowing quick remittance transactions in nine major global currencies, where you can send transfers of up to USD 25,000 per transaction and up to your NEFT limit for the day.
• Specialized Relationship Mangers for our expat clients with In-Depth Knowledge of FX services

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.

• 1. Goods and Services Tax (GST) calculation on foreign currency remittances is as per the below grid applicable w.e.f. 1st July, 2017 and is subject to change:

  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/-

• 2. Click here to know the indicative foreign exchange rates. The applicable exchange rate will be the rate prevailing on the date of funds conversion post fulfilment of all regulatory requirements.
• 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.
• 4. Only for outward remittances, a flat charge of INR 250/- plus applicable taxes levied by Citi India.

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 –

• Maintenance of close relatives staying abroad – especially undertaken by foreign workers employed in India.
• For educational purposes – a widely used remittance service as more students now travel to global schools and universities to pursue international courses.
• For international travel – Use remittance services to directly transact with travel service providers across the globe.
• Employee Stock Option Plans – With many employers now having a global presence, incentivizing employees with ESOPs is a growing trend. As a salaried professional, you can use remittance services to invest in or to receive liquidation proceeds of ESOPs from overseas.
• To invest in immovable property abroad – With countries across the globe relaxing laws to attract more investors, you can invest in purchasing immovable properties across borders.
• FX services to invest in stocks in global markets.
• Medical Services
• For sending gift to friends and family overseas

Inward remittances –

• Family maintenance
• Build corpus/net worth for future goals
• Earn higher interest income

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:

• Beneficiary Account: Your 10 digit Citibank India account number
• Beneficiary Name: Your 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

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:

• Beneficiary details: Name, Account Number
• Beneficiary bank details: Name, Address, SWIFT Code/IBAN Number

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 –

• Gifts: Gifts to a Non Resident Indian
• Travel: Remittance to a travel house or travel company or your own account abroad
• Education: Remittance to a University/School/College/Educational institute
• Medical: Remittance to a Hospital/Doctor/Health Centre/Lab
• Maintenance of close relatives: Remittance to a Non-resident of India
• Remittance by Expat/Foreign national (Not covered under LRS): Remittance of salary income

b) Remittance through branch:

Remit funds overseas under the Liberalised Remittance Scheme – up to USD 250,000 per financial year

• Form A2 and LRS Self declaration
• Supporting documents as applicable for the purpose of remittance
• Debit Authority

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.