How to transfer USD from IDFC Bank to Vested Brokerage account

by Vested Team
March 27, 2024
3 min read
How to transfer USD from IDFC Bank to Vested Brokerage account

Are you an Indian investor looking to invest in US stocks? Diversifying your portfolio by investing in US stocks is a great choice to beat Indian rupee inflation. It’s also much easier than you think. 

In this blog, we’ll break down the simple steps to transfer USD from your IDFC Bank account to your Vested Brokerage account. Let’s dive in!

How to transfer USD from IDFC Bank to Vested Brokerage account

Step 1: Log in to the IDFC Net Banking portal

 

Figure 1

Step 2: Select “Pay Abroad”.

Figure 2

Step 3: Check the account from which you want to transfer funds and click on “New payment”

Figure 3

Step 4: Enter the amount you want to transfer and click on “Proceed”

 

Figure 4

Step 5: Choose “Entity” and select Receiving Country as “USA” 

Figure 5

Step 6: Add receiver details (refer to the Figure 6

SWIFT Code: CHASUS33XXX
Account Number: Please do not share this number with others. This account number is unique to you.

To get the account number:  

  • Log into your Vested Brokerage account (via the app or the web application. 
  • Then go to the “Transfer” tab > “Add funds” > “Indian Banks” > View “General bank instructions” > see “Account number”
Purpose of Sending: Portfolio investment in equity
Beneficiary Type:  Entity
Entity Name: DriveWealth LLC
Address: Use 15 Exchange Place, 10th Floor, Jersey City, NJ

Figure 6

Figure 7

Step 7: Chose “Purpose of Transfer” as “Portfolio investment in equity” 

Figure 8

Step 8: Select appropriate option in “Source of Funds”

Figure 9

Step 9: Enter your DriveWealth account number and hit “Save & Proceed”

Note: You can also find it under your Vested’s profile section as Drivewealth ID

Figure 10

Step 10: Review the transfer details and check the “I/We hereby confirm” box

Figure 11

Step 11: Accept the terms and conditions of IDFC bank

Figure 12

Step 12: To complete your transaction, enter the OTP which is sent to your registered mobile number and click on “verify”

Figure 13

What happens after you initiate USD transfer to your Vested Brokerage with IDFC bank?

Once you submit the transaction, IDFC bank will review it. Once approved, your funds will be transferred via international SWIFT. It may take 2-3 business days before the funds are reflected in your Vested Brokerage account. Once the funds are available, you can start investing in US stocks, ETFs, and other securities through the Vested platform.

Conclusion

Investing in the US stock market through Vested is one of the easiest ways to diversify your portfolio. The process of transferring funds from IDFC Bank to your Vested Brokerage account is simple and straightforward. By following the above steps, you can transfer funds to your Vested Brokerage account and start investing in US stocks. And finally, always remember to review the investment risks before making any investment decisions.

Frequently Asked Questions (FAQs)

1.What is the minimum amount I can transfer to my Vested Brokerage account from IDFC Bank?

The minimum amount for transferring funds from IDFC Bank to your Vested Brokerage account is 1000 INR. This is a requirement from IDFC Bank.

2.Can I transfer funds to a Vested Brokerage account using any other bank than IDFC Bank?

Yes, you can transfer funds to your Vested Brokerage account from any bank that allows international transfers. You can transfer using other banks such as SBI, Axis Bank, HDFC Bank and Kotak Bank. The process and fees may vary depending on the different banks and the transfer modes. 

To download USD transfer instructions for banks other than IDFC Bank:

  • Log in to your Vested Brokerage account, and select the following: Transfer > Add funds > Indian Banks > Select Bank > Download Instructions. You can also watch this video where we break down the process for you.

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