Can I use IMPS to transfer money to a bank account in another country?
Curious about Immediate Payment Service
No, IMPS (Immediate Payment Service) is primarily designed for instant funds transfers within India. It is a domestic payment system that enables individuals to transfer money instantly between bank accounts within the country.
If you want to transfer money to a bank account in another country, you would typically need to use international money transfer services or platforms specifically designed for crossborder transactions. These services often involve additional processes and may require you to provide specific information, such as the recipient's bank account details, SWIFT code, and other relevant information.
For international money transfers, banks and specialized financial institutions offer services such as wire transfers, online money transfer platforms, or remittance services. These services facilitate the transfer of funds between different countries, and they usually have specific procedures, fees, and exchange rate considerations.
If you need to transfer money to a bank account in another country, it is recommended to contact your bank or a reputable financial institution to inquire about their international money transfer services. They will provide you with the necessary information, requirements, and guidance on how to initiate an international transfer securely and efficiently.