When sending money to or within India, you may have come across the term NEFT. In this article, we will explain what NEFT is, when it’s used, what the alternatives are, and more.

Sending Money to India with Rutland FX

With Rutland FX, you can convert various currencies into Indian Rupees (INR) here’s what you need to know:

Supported Currencies

Rutland FX allows you to convert the following currencies into INR:

• USD (United States Dollar)
• GBP (British Pound Sterling)
• EUR (Euro)
• AUD (Australian Dollar)
• CAD (Canadian Dollar)

Payment Rails

The payment route used depends on the amount being transferred:

• For amounts under INR 500,000: IMPS (Immediate Payment Service) is used, ensuring instant transfers available 24×7.
• For amounts above INR 500,000: NEFT is utilised, which operates only during business hours in India.

Weekend Conversions

Rutland FX supports weekend trading for this currency pair, allowing you to book conversions over the weekend. However, it is important to note that payments may not arrive as quickly as those sent during the week due to banking hours.

Transaction Limits

There is a maximum transaction size of INR 1,500,000 per beneficiary per day and the same limit per invoice per day. This ensures secure and manageable transfer volumes.

Same-Day Transfers

Rutland FX offers same-day transfers as long as the trade is settled by the 15:30 cut-off time.

Conversion of INR Back to GBP

INR can be converted back into GBP only in exceptional situations, such as if a payment fails due to incorrect bank details. This service is not commonly offered and is subject to specific conditions.

Holding INR in Your Multi-Currency Wallet

You cannot hold INR in your multi-currency wallet with Rutland FX. All trades booked into INR must have an outbound payment associated with them.

Payment Traces or Recalls

Rutland FX does not support traces or recalls via NEFT or IMPS network. Therefore, it is important to double-check the bank details before initiating a transfer to avoid any issues.

Still not sure?

If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.

If you’re planning to send money to India, one essential piece of information you will need is the IFSC code. This code is required to route funds to the correct bank in India. In this article, we will explain everything you need to know about the IFSC code, including what it is, where to find it, and where to enter the IFSC code.

IFSC stands for Indian Financial System Code. It’s an 11-character alphanumeric code essential for making both international and domestic payments to India. The IFSC uniquely identifies each bank branch participating in online financial transactions, facilitating electronic fund transfers and ensuring the accurate routing of transactions.

The IFSC code is used in processing payments through India’s IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer) payment rails. These systems allow for efficient and secure transfer of funds within India. IMPS provides real-time instant interbank funds transfer, while NEFT processes transactions in hourly batches, both relying on the accurate routing provided by the IFSC code.

Where Do I Find the IFSC Code?

The IFSC code is typically found alongside the bank account number on a cheque or bank statement. Here are the common places where you can locate the IFSC code:

1. Cheques: On the cheque leaf, the IFSC code is usually printed near the bank account number.
2. Bank Statements: The IFSC code is often mentioned at the top of your bank statement along with other account details.
3. Online Banking: You can find the IFSC code in your bank’s online banking portal or mobile app under the account information section.
4. Bank’s Website: Most banks list the IFSC codes for all their branches on their official website.
5. Invoices: If you are paying for a service or goods, the IFSC code should be on the invoice along with the rest of the bank information.

Where Do I Enter the IFSC Code?

When making a payment to a bank account in India, you will enter the IFSC code on your bank’s or payment provider’s platform. This typically happens when you input the beneficiary’s details, such as their account number and name. Look for a specific field labeled “IFSC code” alongside other fields for beneficiary information. When making a payment to a bank account in India using Rutland FX, you will enter the IFSC code below the account number on the “Create a Beneficiary” page.

Still not sure?

If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.