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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
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Step 2: Select “Pay Abroad”.
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Step 3: Check the account from which you want to transfer funds and click on “New payment”
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Step 4: Enter the amount you want to transfer and click on “Proceed”
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Step 5: Choose “Entity” and select Receiving Country as “USA”
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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:
|
| Purpose of Sending: | Portfolio investment in equity |
| Beneficiary Type: | Entity |
| Entity Name: | DriveWealth LLC |
| Address: | 15 Exchange Place, 10th Floor, Jersey City, NJ |
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Step 7: Chose “Purpose of Transfer” as “Portfolio investment in equity”
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Step 8: Select appropriate option in “Source of Funds”
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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
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Step 10: Review the transfer details and check the “I/We hereby confirm” box
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Step 11: Accept the terms and conditions of IDFC bank
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Step 12: To complete your transaction, enter the OTP which is sent to your registered mobile number and click on “verify”
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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.
