Unveiling IMPS for Foreign Currency Outward Remittance: Unlocking Simplicity and Convenience!

No, IMPS (Immediate Payment Service) is a domestic money transfer service available in India. It does not support foreign currency outward remittance.

A more detailed response to your inquiry

No, IMPS (Immediate Payment Service) does not support foreign currency outward remittance. IMPS is a real-time interbank electronic funds transfer system in India that enables users to instantly transfer funds within the country. It operates in Indian Rupees (INR) and is limited to domestic transactions.

One of the prominent features of IMPS is its accessibility and convenience for transferring money within India. However, due to its domestic nature, it does not facilitate foreign currency remittance. To transfer money outside of India or in a foreign currency, individuals have to rely on other modes of money transfer specifically designated for international transactions.

In the words of Warren Buffett, “Risk comes from not knowing what you’re doing.” It is essential to be aware of the limitations of different money transfer services to make informed decisions while managing finances.

Interesting Facts:

  1. IMPS was launched by the National Payments Corporation of India (NPCI) in 2010.
  2. IMPS allows users to transfer funds 24×7, including weekends and bank holidays.
  3. It is available through various channels such as mobile, internet banking, ATMs, and bank branches.
  4. IMPS transactions require the sender and receiver to have active mobile numbers and linked bank accounts.
  5. In addition to transferring funds, IMPS enables users to make mobile payments, pay bills, and even donate to charitable organizations.
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While IMPS provides fast and convenient domestic money transfer services within India, it does not extend to foreign currency remittance. For overseas transactions, individuals need to explore alternative methods such as wire transfers, online money transfer platforms, or international payment gateways.

Some more answers to your question

Now a customer’s living abroad can transfer fund with IMPS, with similar features to that of domestic fund transfer using IMPS, i.e. on holidays, instantly.

IMPS Inward and Outward transactions are available 24X7. There are no holiday restrictions on IMPS inward and outward transactions. IMPS Outward transactions are allowed to transfer collective of Rs. 5,00,000 to IMPS beneficiaries.

Response video to “Can we do foreign currency outward remittance using IMPS?”

The video provides a detailed guide on how to send money abroad from India using the Fed e remit service offered by Federal Bank. Viewers are instructed to create an account, add international beneficiaries, and complete the transfer process by entering the necessary verification details. The video aims to demonstrate the simplicity and convenience of using the Fed e remit service for sending money internationally.

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