# How to Transfer Money from IDFC First Bank to GIFT City - Step-by-Step Guide
Author: Ankur Choudhary
Author URL: https://getbelong.com/blog/author/ankur-choudhary/
Published: 2025-12-09
Category: GIFT City Guide
Category URL: https://getbelong.com/blog/category/gift-city-guide/
Meta Title: Transfer Money from IDFC First Bank to GIFT City
Meta Description: Learn how to transfer funds from your IDFC First Bank account to GIFT City using the Pay Abroad feature. Complete step-by-step guide with screenshots.
Tags: NRI Investment, GIFT City
Tag URLs: NRI Investment (https://getbelong.com/blog/tag/nri-investment/), GIFT City (https://getbelong.com/blog/tag/gift-city/)
URL: https://getbelong.com/blog/transfer-money-from-idfc-first-bank-to-gift-city/
You've heard about [GIFT City's tax-free USD fixed deposits](https://getbelong.com/blog/nri-fixed-deposits-in-gift-city/). The returns sound attractive - 5% or more in dollars, with zero TDS.
But here's where most NRIs get stuck: actually sending the money.
If you have an IDFC First Bank account (savings or NRE), you're in luck. Their 'Pay Abroad' feature makes transfers to [GIFT City](https://getbelong.com/blog/gift-city-india/) surprisingly simple.
At [Belong](http://getbelong.com), we've walked dozens of NRIs through this process, and what used to take branch visits and paperwork now happens in 10 minutes on your phone.
This guide shows you exactly how to do it - with real screenshots from the IDFC First Bank app.
## **What You'll Need Before Starting**
- IDFC First Bank mobile app (latest version)
- Active savings or [NRE account](https://getbelong.com/blog/best-nre-savings-accounts/) with IDFC First Bank
- Your GIFT City bank account details (account number, SWIFT code, branch address)
- [PAN card](https://getbelong.com/blog/pan-card-for-nris/) linked to your IDFC account (mandatory for LRS transactions)
- Mobile number registered with the bank for OTP verification
**Part A: Adding Your GIFT City Account as a Payee**
Before you can transfer money, you need to register your GIFT City bank account as a beneficiary. This is a one-time setup - once done, future transfers take just 2 minutes.
### **Step 1: Open the IDFC First Bank App and Navigate to 'Pay Abroad'**
Log into your IDFC First Bank mobile app. On the home screen, look for the 'Pay' section. You'll see several options - tap on 'Pay abroad'.
This opens IDFC's international remittance feature, which works under RBI's Liberalised Remittance Scheme (LRS). You can send up to USD 250,000 per financial year through this channel.
### **Step 2: Get Started with the 'Pay Abroad' Feature**
IDFC First Bank will show you an introduction screen explaining their global payments service. Key highlights:
- Zero transaction fees from IDFC's end
- Transfer to 100+ countries
- SWIFT GPI tracking for real-time updates
Tap 'Get Started' to begin adding your GIFT City account.
_IDFC First Bank global payments intro screen._
### **Step 3: Select 'Self-Transfer' as Recipient Type**
The app asks: "Whom are you sending money to?"
For [GIFT City investments](https://getbelong.com/blog/gift-city-investments/), select 'Self-transfer' - because you're sending money to your own account at a GIFT City bank.
Other options like 'Someone else' or 'Business' are for different purposes like family maintenance or vendor payments.
_Selecting self-transfer option._
### **Step 4: Choose the Purpose of Transfer**
Select 'Transfer to my own bank account overseas (S0023)' from the options.
This purpose code (S0023) is specifically for transferring funds to your own foreign currency account. Since GIFT City operates as an International Financial Services Centre, transfers there are treated as overseas transactions under [FEMA regulations](https://getbelong.com/blog/fema-guidelines/).
​ _Selecting purpose of transfer._
### **Step 5: Declare Your Source of Income**
The app asks about your income source. Options include:
- Income from Salary/Savings
- Income from Business/Rent
- Income from Property
- Gifts/Inheritance from Friends/Relatives
Select the option that accurately describes where your funds come from. Most salaried professionals choose 'Income from Salary/Savings'.
​ _Selecting source of income & country._ ​
### **Step 6: Select India as the Destination Country**
Here's where it gets interesting. You need to select 'India' as the destination country.
"Wait, India? But I'm already in India!" - I hear this a lot.
You might be in India or overseas as NRI. The final destination is GIFT City.
GIFT City operates as a Special Economic Zone with 'deemed foreign territory' status. Transfers to [GIFT City banks](https://getbelong.com/blog/gift-city-banks/) are technically international transactions, but the beneficiary country is still India. The app's country list includes India for exactly this scenario.
Type 'India' in the search bar and select it.
_Adding payee bank details._
### **Step 7: Enter Your GIFT City Bank Account Details**
This is the critical step. You need to enter your GIFT City bank account information accurately:
- **Payee Name:** Your name exactly as it appears on your GIFT City account
- **Payee Address:** The GIFT City branch address (e.g., 'RBL Branch, Hiranandani Signature GIFT City')
- **Account Number:** Your GIFT City bank account number
- **SWIFT Code:** The bank's SWIFT/BIC code for GIFT City (e.g., RATNINB2 for RBL Bank GIFT City)
_Confirming Bank Details._
**👉 Tip: Double-check the SWIFT code! An incorrect code can delay your transfer by days. If you open your account through Belong, you can see these details on the Belong app itself.**
**​**
#### **Common GIFT City Bank SWIFT Codes**
Bank (GIFT City IBU)
SWIFT Code
RBL Bank GIFT City
RATNINB2
[ICICI Bank GIFT City](https://getbelong.com/blog/icici-bank/)
ABORINBBGIF
[Axis Bank GIFT City](https://getbelong.com/blog/axis-nri-bank-in-uae/)
ABORINBBGIF
[HDFC Bank GIFT City](https://getbelong.com/blog/hdfc-bank/)
HABORINBBGIF
* * *
### **Step 8: Review and Submit Payee Details**
The app shows a summary of all the information you've entered:
- Whom you're sending to (Self-transfer)
- Purpose (Transfer to own bank account overseas)
- Source of income
- Destination country (India)
- Complete bank details
Verify everything is correct, then tap 'Submit'.
_Check details and click submit._
### **Step 9: Complete OTP Verification**
For security, IDFC First Bank sends a One-Time Password (OTP) to your registered mobile number. Enter the 6-digit code to verify your identity.
The OTP expires in 5 minutes. If you don't receive it, tap 'Resend OTP on SMS'.
_Confirming with OTP._
### **Step 10: Payee Added Successfully**
Once verified, you'll see a confirmation screen: "Payee added successfully!"
The screen shows all your payee details for reference. Important note: You can add up to 2 beneficiaries every 24 hours, with a transaction limit of INR 2,50,000 on newly added beneficiaries during this cooling period.
From here, you can either:
- Tap 'Send Money' to transfer funds immediately
- Tap 'Done' and transfer later
_Confirmation showing payee added successfully._
## **Part B: Transferring Money to Your GIFT City Account**
With your payee set up, transferring funds takes just a few taps.
### **Step 11: Enter the Transfer Amount**
Go to Pay Abroad and select your GIFT City payee. The app shows a 'Fund Transfer' screen where you enter:
- **Amount in USD:** How much you want your GIFT City account to receive
- **Amount in INR:** The rupee equivalent that will be debited from your account
The app displays the live conversion rate (locked for 72 hours once you proceed). In this example, the rate is $1 = ₹90.85.
_Entering amount to be sent._
### **Step 12: Review Fees and Savings**
IDFC First Bank often runs promotions with zero transfer fees. In this example:
- Transfer amount: ₹25,000 (converting to ~$27.52)
- Total fees: ₹0 (regular fee of ₹5,000 waived)
- TCS (Tax Collected at Source): ₹45
- Grand total debited: ₹2,545
The banner shows: "You saved total ₹5,000.00" - that's real savings on transfer fees.
📌 **About TCS:** [Tax Collected at Source](https://getbelong.com/blog/tds-for-nri-section-195-rules-rates-compliance/) (TCS) is applicable on LRS remittances above ₹7 lakh per financial year (5% rate for most purposes). This TCS is refundable when you [file your income tax return](https://getbelong.com/blog/nri-tax/online-itr-filing/), so it's not an extra cost - just an advance tax collection.
_Screen showing fees._
### **Step 13: Confirm Payment Details and Complete Transfer**
The final screen shows complete payment details:
- Personal details (your name, country)
- Account details (GIFT City bank, account number, SWIFT code)
- Payment breakdown (conversion rate, fees, TCS, grand total)
- Purpose of transfer
Check the box to agree to Terms and Conditions, then tap 'Proceed' to complete the transfer.
**Expected delivery:** Funds typically reach your GIFT City account within 1-3 working days. IDFC's SWIFT GPI tracking lets you monitor the transfer status in real-time through the app.
_Final payment confirmation screen._
## **What Happens After You Transfer?**
Once your transfer is processed:
- You'll receive an email with the SWIFT confirmation
- Track the transfer status through 'Pay Abroad' → 'Transactions'
- Funds land in your GIFT City account in USD
- You can then book a [USD Fixed Deposit](https://getbelong.com/blog/gift-city-fd-vs-fcnr-vs-nro-and-nre-fds/) earning 4.5-5%+ interest, completely tax-free in India
## **Why Transfer to GIFT City? The Numbers Make Sense**
Let me share a quick comparison I often show clients:
Feature
NRE FD (Rupee)
GIFT City USD FD
Currency
INR
**USD ✓**
Interest Rate
6.5-7.5%
4.5-5.5%
TDS in India
Tax-free for NRIs
**Tax-free ✓**
Currency Risk
Exposed to INR depreciation
**Protected (USD) ✓**
Repatriation
Fully repatriable
**Fully repatriable ✓**
The real advantage? Rupee has depreciated 4-5% annually against the dollar over the past decade. With a USD FD, you earn interest AND benefit from this depreciation when you eventually convert back.
👉 **Pro Tip:** Use Belong's [Rupee vs Dollar Tracker](https://getbelong.com/tools/rupee-vs-dollar-tracker/) to see historical currency trends and make informed decisions about timing your transfers.
## **Ready to Start Your GIFT City Investment Journey?**
Transferring money to GIFT City doesn't have to be complicated. With IDFC First Bank's Pay Abroad feature, you can move funds in under 10 minutes - no branch visits, no paperwork, no hassle.
Here's my suggestion: start with a small amount to test the process. Once you're comfortable, you can scale up. That's exactly what I did when I made my first GIFT City investment, and I've never looked back.
**Need help opening a GIFT City account?**
Download the [Belong app](http://getbelong.com) to get started with our partner banks. We handle the KYC, paperwork, and setup - you just provide the documents. Plus, use our free [NRI FD comparison tool](https://getbelong.com/tools/nri-fd-rates/) to find the best rates across [NRE, NRO, FCNR, and GIFT City deposits](https://getbelong.com/blog/gift-city-fd-vs-fcnr-vs-nro-and-nre-fds/).
_Disclaimer: Screenshots provided are for reference sake. Actual bank/mobile interface might be different. Please use the graphics as directions._
## **Sources**
1. [IDFC First Bank - Outward Remittance for NRIs](https://www.idfcfirst.bank.in/nri-banking/remittance/transfers-out-of-india)
2. [IDFC First Bank - Pay Abroad Feature](https://www.idfcfirstbank.com/personal-banking/forex/outward-remittance)
3. [RBI - Liberalised Remittance Scheme Guidelines](https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=9899)
4. [IFSCA - GIFT City Banking Regulations](https://ifsca.gov.in/)
**Related Articles:**
- [GIFT City Fixed Deposits for NRIs](https://getbelong.com/blog/nri-fixed-deposits-in-gift-city/)
- [GIFT City vs NRE/NRO/FCNR: Which FD is Right for You?](https://getbelong.com/blog/gift-city-fd-vs-fcnr-vs-nro-and-nre-fds/)
- [Best NRI Fixed Deposit Rates](https://getbelong.com/blog/best-nri-fixed-deposit-rates/)
- [GIFT City Tax Benefits for NRIs](https://getbelong.com/blog/gift-city-tax-benefits/)
- [How to Invest in India from UAE](https://getbelong.com/blog/invest-india-uae/)
- [Indian Banks in the UAE](https://getbelong.com/blog/indian-banks-in-the-uae/)
- [Repatriable vs Non-Repatriable NRI FDs](https://getbelong.com/blog/repatriable-vs-non-repatriable-nri-fds/)
## FAQs
Q: Can I transfer from my NRE account to GIFT City through IDFC First Bank?
A: Yes. NRIs can transfer from both NRE and regular savings accounts. For NRE account transfers, no additional documents are required. The 'Pay Abroad' feature works seamlessly for both account types.
Q: What are the transfer limits?
A: ​Under RBI's Liberalised Remittance Scheme (LRS), resident Indians can transfer up to USD 250,000 per financial year. For newly added beneficiaries, there's a 24-hour cooling period with a limit of ₹2,50,000. After that, regular limits apply.​
Q: How long does the transfer take?
A: ​Typically 1-3 working days. Requests submitted before 3 PM IST on working days are processed the same day. IDFC's SWIFT GPI tracking lets you monitor exactly where your money is.​
Q: Are there any hidden charges?
A: ​IDFC First Bank charges zero processing fees for Pay Abroad transactions. However, correspondent banks involved in the SWIFT transfer may levy charges (usually $15-25). TCS is applicable on remittances above ₹7 lakh per year, but it's refundable when you file ITR.​
Q: I don't have an IDFC First Bank account. Can I still transfer to GIFT City?
A: ​Yes! Most major banks offer similar international remittance features. Check our guides for SBI, HDFC, ICICI, and Axis Bank transfers to GIFT City. Or you can open an IDFC First Bank account online - they have a fully digital account opening process.​
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