Can I transfer money to an account in a different country using IMPS?
Curious about Immediate Payment Service
No, you cannot directly transfer money to an account in a different country using IMPS (Immediate Payment Service). IMPS is a domestic fund transfer service within India and is designed for transferring funds between Indian bank accounts.
To transfer money to an account in a different country, you would typically need to use an international remittance service or a specialized service such as SWIFT (Society for Worldwide Interbank Financial Telecommunication) or a thirdparty money transfer provider.
For international money transfers, you would need to provide the recipient's bank account details, including their international bank account number (IBAN) or account number, the bank's SWIFT code or BIC (Bank Identifier Code), and other necessary details. The transfer process and fees will vary depending on the service or provider you choose.
It's important to check with your bank or a trusted financial institution for the available options and procedures for transferring money internationally. They will be able to guide you on the specific requirements and services available for international fund transfers from India to the desired country.