News

IDFC FIRST Bank introduces real-time tracking for international money transfers.

Banking & Finance | Dated: 15 Nov 2024

Mumbai (Maharashtra) based IDFC First Bank Limited (Infrastructure Development Finance Company) in collaboration with La Hulpe (Belgium) based Society for Worldwide Interbank Financial Telecommunication (SWIFT), has launched a new feature that enables customers to track the status of their international money transfers in real-time.

🎯 Key Highlights:

- With this service, IDFC First Bank becomes the first Indian lender to offer live tracking for cross-border transactions. It is available on both the bank's mobile application (app) and internet banking platforms.
- It will provide updates on whether the funds are in transit or credited to the recipient's bank. It also alerts customers to issues like incorrect recipient details, helping them resolve problems quickly.

💡 Other Important Facts:

(i) To meet customers' growing expectations for transparency, IDFC First Bank's SWIFT Global Payments Innovation (CPI) integration allows users to monitor the status of their international transfers in real time.
(ii) The bank offers this real-time tracking service for free under its "Pay Abroad" feature, with no extra processing fees.
(iii) IDFC First Bank enables remittances up to USD 250,000/year under RBI's LRS for purposes like supporting relatives, gifting, education, medical needs, and investing abroad, reflecting its commitment to customer satisfaction.

📚 Test Your Knowledge:

Which bank has launched real-time tracking for international money transfers?

Correct Answer: IDFC FIRST Bank

🚀 Quick Recap:

About IDFC First Bank Limited

MD & CEO : V. Vaidyanathan
Headquarter : Mumbai