Kotak Mahindra Bank is offering the Wire Transfer facility that comes with a safe and reliable international wire transfer mechanism. It allows the customers to remit funds to their families back home quickly and safely. It also enables the customers to transfer money to their account.
The Remitting Procedure requires the user to provide the few mandatory details that needs to be included in the remittance message. The remittance message should have the identification for sender including his name and the Customer Relationship number (CRN), reason of the remittance and other details. The instruction for the Bank to invest the funds is also included in the message if required.
If the beneficiary account is a Current / Savings Account then one should mention the details such as Credit amount, branch and city of the beneficiary bank, account number of beneficiary with Kotak Mahindra Bank.
If the beneficiary account is a Term Deposit then one should mention the details like credit amount to NRE TD/FCNR TD, account holder’s name, Time period; branch and city of the bank.
If the reason of the remittance is for FCNR term deposit, then you should mention it clearly by including the currency in which you want FCNR to be held. Also, you should ensure that the local bank remitting the funds provides the complete details in the message.
The turn- around time for the transfer of funds into Beneficiary (Account Transfer) is 3 working days generally. The Working days includes only the business days and does not include Saturday, Sundays and Public Holidays. The time frame begins once the overseas bank initiates the remittance.
The Kotak Mahindra Bank is providing the services in various currencies including USD, EURO, JPY, GBP, AED (UAE Dirhams), CHF (Swiss Franc), CAD (Canadian Dollars) and SGD (Singapore Dollars).