An improved transceiver circuit particularly useful in an inductively coupled wireless communication system such as an implantable medical device system is disclosed. The improved transceiver circuit is switchable to assume a serial L-C configuration in the transmit mode and a parallel L-C configuration in the receive mode, but does not require high voltage switches. A low-drive transmitter and a high-input-impedance receiver are used, which reduces power consumption in receive mode, while still maintaining good transmitter performance.