For a resident individual in India, the usual route is to ask an authorised Indian bank to remit funds under the Liberalised Remittance Scheme (LRS) to an eligible foreign-currency account held with an IFSC Banking Unit in GIFT City. The bank converts INR to USD as part of the remittance. First confirm that your intended investment is an eligible purpose, then get a written, all-in quote and verify the receiving account’s instructions and terms.
How the INR-to-USD transfer works
You do not need a separate cash-conversion step. You request a foreign-currency remittance from your Indian bank, provide the beneficiary and remittance-purpose details, and the bank executes the transfer and conversion. ICICI Bank describes online banking, app, branch and SWIFT options for its resident-Indian GIFT City transfers; other banks may use different channels and requirements. ICICI Bank’s transfer instructions
GIFT City accounts and services operate under product-specific rules. Bank of Baroda’s IFSC FAQ says transactions undertaken by IFSC units should be in foreign currency other than INR. That does not mean every GIFT City investment or account can be funded for every purpose under LRS. Check the proposed investment and the receiving account with both the recipient and your authorised dealer bank before sending.
Check LRS eligibility and your available limit
The banks reviewed describe an LRS ceiling of USD 250,000 per financial year for a resident individual, subject to permissible purposes and the applicable rules. ICICI states the limit per PAN on its GIFT City transfer page; RBL and Bank of Baroda also describe the USD 250,000 annual ceiling. These are bank-published summaries, not a substitute for checking the current RBI directions or your own remaining capacity. ICICI Bank, RBL Bank, Bank of Baroda
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Tell the bank that the beneficiary is an IFSC account in GIFT City and explain the exact financial service or investment you plan to fund. Ask it to confirm the purpose classification, whether the remittance is currently permitted, any declarations or supporting documents required, and your available LRS capacity. The RBI materials surfaced in the reviewed results describe IFSC remittances for permitted LRS purposes, but the live pages were not accessible here; consult the current RBI instrument and your authorised dealer before acting. RBI Master Directions – LRS, RBI notification on remittances to IFSCs under LRS
Steps to convert and send the funds
- Ask your sending bank to confirm eligibility. Give it the receiving institution and account details, the intended investment or service, and the amount. Confirm the LRS purpose classification, your available annual capacity, and the bank’s current form and documentation requirements.
- Verify the receiving account. Confirm the account holder name, account number, receiving bank details, currency, accepted remittance currencies and any special instructions from the investment provider. Make sure the funds are sent to the account the provider specifies.
- Request an all-in quote for your intended transfer. Ask for the INR debit, executable INR/USD rate, any exchange-rate markup, sending fee, expected USD credited, and any correspondent or intermediary deductions. Ask who pays those deductions and how applicable taxes will be handled. The reviewed sources do not establish a live rate, fee schedule or tax outcome, so these must be confirmed for your bank, route, amount and transfer date.
- Submit the bank’s current instructions and declarations. ICICI’s example asks for beneficiary name, account number, address, remittance purpose and source of funds; it also describes authentication and multiple transfer channels. Requirements vary by bank and customer, so use the forms and instructions provided for your own transfer. ICICI Bank’s resident-Indian wire-transfer instructions
- Track the remittance and confirm the credit. Keep the transfer advice and other remittance records. Check with the receiving institution that the expected currency and amount arrived, then follow its process for applying the funds to your intended investment.
Compare the actual cost, not just the quoted exchange rate
The useful comparison is the amount that reaches the receiving account for the same INR amount and transfer date. A headline rate alone may omit the bank’s markup or transfer charges, and intermediary banks may deduct fees. Request written quotes on a like-for-like basis and compare:
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- INR debited and USD expected to arrive
- Executable exchange rate and any markup
- Sending, receiving and intermediary-bank charges
- Who bears intermediary charges and whether the expected credit can be guaranteed
- Accepted currencies, transfer channel, cut-off time and expected processing time
- Required LRS purpose declarations and documentation
- Receiving-account eligibility, fees and rules for funds not immediately invested
ICICI’s instructions mention the charge code “OUR” for certain transfer methods, intended to avoid charges being deducted from the amount sent. Availability and the effect depend on the route and bank; ask your bank what the option means for your transaction and whether it can ensure the full expected amount is credited. ICICI Bank transfer instructions
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Check what happens to uninvested money
Idle-funds rules are specific to the account and product, not universal GIFT City requirements. ICICI and RBL each describe a 180-day repatriation condition for unspent or unutilised funds for their specified resident-Indian products. Before transferring, ask the provider how its rule applies to your account, what qualifies as unutilised funds, and how repatriation is arranged. ICICI Bank, RBL Bank
RBL lists USD, GBP, EUR, JPY, AED and AUD as currencies available for its resident-Indian foreign-currency account under LRS; that is a provider-specific offering, not a list of currencies accepted by every IFSC account. Its page also says fixed deposits are not allowed under the named savings account. Confirm the account’s current features and restrictions directly with the provider. RBL Bank account information
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