Bank of India Guide to International Money Transfers www.deekpay.com

Bank of India is one of the oldest public sector banks in India in terms ofIndiaThere are branches all over the country. Bank of India offers international money transfer services which are available to account holders. The content of this article focuses on how to send money to an Indian bank account and how to send money from overseas.

Sending money abroad from India using Indian banks

Indian banks are mainly engaged in domestic banking in India, but they also offer outward remittance services if required by the customer.

Indian residents who have an account with an Indian bank can complete outward remittances to send money out of India. Indian banks use global SWIFT network that allows banks to send money from one bank account to another around the world.

In order to send remittances, it is necessary to have an Indian bank account and it is advisable to visit the nearest branch in person to complete the remittance. It is also a good idea to carry with you your identity card, account details and information about where you want to send the money. This includes the name, address, bank name and account number of the recipient and my relationship with the recipient.

Indian banks will use their own exchange rate to convert Indian rupees into the foreign currency the user wants to transfer. This rate may have a mark-up or be higher than the Google rate, which means the bank will charge it as a fee. Depending on the amount of money the user sends, there will also be service charges and SWIFT fees:

Outward Amount Fixed Fee SWIFT Charge Up to INR 50,000 INR 550 INR 550 INR Over INR 50,000 INR 1,050 INR 550 INR

Thus, the total cost to the user for sending a remittance may be INR 1,100 or INR 1,600. The fixed fees and SWIFT charges make Indian banks a better choice if the user wants to send money outside India.

Reserve Bank of India (RBI) does not allow residents of India to remit abroad more than US$2,50,000 in equivalent currency in a year.

Non-residents of India

Bank of India offers existing Non-Resident Indian (NRI) account holders a variety of ways to send money abroad.

Both the Non-Resident Ordinary Account (NRO) and the Non-Resident External Account (NRE) allow remittances to be sent abroad after any required taxes have been paid. This can be used to repatriate any funds, including NRI deposits.

NRI individuals can send money through the following channels:

Online: Money can be sent abroad online from one's NRI account using Bank of India's Internet Banking.

Branches: It is also possible to visit an Indian bank branch to send money abroad. For this purpose, it is usually necessary to fill up a remittance form with the following details:

Name and address of the beneficiary. Beneficiary's bank account number and SWIFT code. Amount to be remitted. Purpose of the remittance.

Mobile App: Money can also be sent from one's NRI account using Bank of India's mobile app (for Android or iOS) IndOASIS.

Remittances to India from abroad through Indian banks

Users can send money directly to an Indian bank account in India, be it their own NRI account or that of a friend or family member.

The following is a list of products that have been sent from abroad toRemittances from IndiaSome of the ways:

Wire transfer: This is a bank-to-bank transfer that may be more expensive than other methods as it may be subject to bank fees and is based on an exchange rate set by the bank.SWIFT transfers can take up to 5 business days to arrive. Online money transfer services: Online money transfer services can make it easy and fast to transfer money from abroad to India. Providers usually charge a transfer fee and may set their own exchange rates, although many use the same rate as on Google. Some services will deposit funds within minutes. In-person money transfer services: Use an international money transfer shop that allows you to make transfers in person. These shops are not as convenient as online transfer providers, and users may need to shop around to find the best deal.

When sending money to India, make sure that the bank details for the transfer are correct and check the next section for fees charged by Indian banks for receiving funds from abroad.

Remittance of funds from abroad to an Indian bank account

Sending money abroad to an Indian bank account in India is very simple. As long as the correct bank details are provided to the sender, including the individual's Indian bank IFSC code and branch details, the funds will be sent directly to the individual's account. The user does not need to take any action to receive the funds and will be notified of the deposit if the user has set up an SMS update to be sent from the account.

However, one thing to keep in mind is that there are charges for sending money from abroad. Sending money from abroad to India is also known as inward remittance and Indian banks charge fees for remittances above a certain amount. Here is a breakdown of the charges:

Receiving amount costs less than US $3,000 0 more than US $3,000 550 INR

If the amount transferred is not in US dollars, the bank will charge a fee based on the equivalent currency.

NRIs are exempted from this charge when they send money to their own NRI accounts in Indian banks.

If the user expects to transfer larger amounts and more frequently, consider choosing a bank that does not charge account collection fees.

Atpay - we are a professional provider of payment solutions and have been deeply involved for many years inIndia PaymentsWe have successfully provided payment functions for countless customers at home and abroad. We are fully confident in payment integration and high-risk payment processing, and welcome inquiries and exchanges.