Kotak Mahindra Bank wire Transfer

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.

Kotak Mahindra Bank wire Transfer 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).

Wire Transfer via IDBI Bank

IDBI Bank in association with Times of Money is offering the online money transfer product that allows the customer to transfer money from US and UK to India with 1-3 days. This service is called as INDIARemit and it represents a complete online mode of transferring money where customer can send money by simply following the below mentioned steps.

(1)Customer needs to get register on INDIARemit site by submitting the personal details.

(2) Once registered, customer needs to provide his bank details

(3) Submit the details of receiver in India

This facility is available to any person that wants to make a payment in foreign currency to his friends or families in India (in Indian Rupees).

Wire Transfer via IDBI Bank At present, the customer can make a remittance in only two foreign currencies including U.S Dollars & GBP. This remittance is delivered to the beneficiary’s account. Receiver can also receive the money at his/her address in form of locally payable demand draft in Indian Rupees only. The INDIARemit is offering its services only in United States & United Kingdom.

Customer can make the Inward remittances through INDIARemit for variety of reasons like

Investments, purchase of property, family maintenance, transfers to NRE accounts and others.

INDIARemit is offering only one payment mode that includes Online ACH Transfer and Online Bank Transfer.

(1) Online ACH Transfer- It is a completely web-based procedure for sending money to India. It is practiced in the United States where the transfer of money is carried out via the Automated Clearing House and money is directly debited from the sender’s US bank account and it is credited to the receiver’s account.

(2)Online Bank Transfer: This feature comprises of online mode of transferring money from the bank account in the United Kingdom by following the Internet Banking service of the Bank.

Wire Transfer to ICICI bank in India

You can transfer the funds to any ICICI bank branch in India by using the wire transfer. In fact, using the ICICI Bank’s Wire Transfer is the easiest offline methods for sending money to your family and friends in India. Thus, it allows you to send money to any ICICI bank account in India. To do this, you need to visit your local branch and ask them to credit the beneficiary account with ICICI bank branch in your desired currency. You are required to mention the details of the ICICI Bank account held by the beneficiary.

ICICI bank in India The transmission time for funds to be deposited into the beneficiary account begins from the day you place the funds transfer request at your local bank and generally, it requires 24-48 banking hours for funds to be credited from your local branch to the ICICI bank branch. Once the ICICI bank has received the funds at his corresponding branch from the local branch, it takes 24 banking hours for the money will be transferred to your beneficiary account.

You need to contact your local bank for the applicable charges of wire transfer. Generally, the ICICI bank levies a charge of INR 25 as a nominal foreign currency conversion charge and this charge is deducted from the amount that should be paid to the beneficiary. The Foreign currency conversion charges that are applied to the FCNR deposit includes USD 1, CAD 1, AUD 1, EUR 0.5, GBP 0.5, and others. The Swift / BIC Code applicable for ICICI Bank wire transfer is ICICINBBNRI.

You should ensure that your local bank mentions the name, account number, and address of the beneficiary in the payment message that is sent to the corresponding ICICI bank branch. It is required as per the regulatory requirement. You can prevent any undue delay during the transaction processing by mentioning the required details.

Wireless Transfer to HDFC Bank in India

You can do a wireless transfer of funds from a local bank located outside India to the HDFC Bank Account of the beneficiary in India. You can ask your local bank in the foreign country to do the wireless transaction to HDFC bank branch in India and it is done through the correspondent banks of HDFC bank branches that are available around the world. This mode of transfer is also referred to as the Telegraphic / Wire Transfer. You can also open foreign currency Fixed Deposit via remittance through wire transfer.

You can get the details of Fees & Charges of wireless transfer by clicking on the link below

http://www.hdfcbank.com/personal/forex/forex_services_fees.htm

HDFC Bank in India In order to process the wireless transfer to HDFC account in India, you need to submit certain mandatory details in the remittance form such as HDFC Bank’s Nostro Account number, HDFC Bank’s SWIFT Code, Beneficiary’s account number with HDFC Bank and others. You should ensure not to mention the NRE/NRO savings account number while remitting funds for FCNR Deposit. This is to avoid the funds getting converted to Indian currency. In fact, you can mention the customer ID number for reference. The telegraphic transfer includes the transfer of the money from any part of the world to beneficiary’s HDFC Bank account. In addition to that the facilities of cheque and DD transfers are also available with HDFC bank.

If you want to transfer the money from the Middle East to India then it can be done via partner exchange houses of HDFC Bank. The time frame of transferring the money in HDFC bank account of the beneficiary in such cases is 24 hrs. You can also issue the Demand Drafts within 3 days. The services of local cheque box are offered by HDFC Bank in both US and UK.

Wire transfer via HSBC Bank

The HSBC bank offers the facility of wire transfer for the NRIs residing in the USA and other countries. Those customers, who have a bank account with a US bank, can use the Wire Transfer facility for sending money to their HSBC bank Branch in India.

This process of wire transfer is extremely simple.

(1) Visit your nearest local bank branch

(2) Ask them to remit the desired amount of money into NR account with HSBC India

This facility is offered for the NRIs who are residing in various countries across the globe and uses the Wire Transfer facility for transferring money into their NR Accounts in India.

Wire transfer via HSBC Bank If the money is wired from the account with HSBC group Bank in remitting country to an NR account with HSBC India then the wire transfer facility is FREE of charge.

The applicable fees includes a flat conversion fee of Rs. 50/- plus service tax and it is debited by HSBC India for each remittance transaction that includes the foreign currency conversion. With HSBC you can wire your funds in as many as 14 currencies such as US Dollars (USD), Canadian Dollars (CAD), Australian Dollars (AUD), Danish Krone (DKK), Japanese Yen (JPY), British Pounds (GBP), Euro (EUR), South African Rand (ZAR), Saudi Riyal (SAR), Hongkong Dollars (HKD), Swiss Francs (CHF), UAE Dirhams (AED), Singapore Dollars (SGD), and Swedish Krona (SEK)

The prominent feature of Wire Transfer via HSBC includes the following.

(1) Very secure and safe wire transfer that is ideal for high value remittances

(2) Time frame for wire transfer is very fast that can credit the funds in NR account in receiving country within 2 working days.

(3)FREE wire transfers to other accounts in India via Personal Internet Banking

For further details, you can browse the following link

http://www.hsbc.co.in/1/2/personal/nri-services/usa/usa-wire-transfers

Wire Transfer through CitiBank

CitiBank is offering the services of wire transfer that allows the customer to send money from the Citibank checking account to other non-Citi accounts across the U.S. and internationally. This feature helps a lot in making the one-time transaction to your friends or relatives in your home country.

Customer should ensure that they have the recipient’s account information available with them for sending wire transfer. The wires are sent very quickly and it is generally sent on the same business day before 6:00 p.m. ET.

Wire Transfer through CitiBankThe charges of Online Wire Transfer with Citigold account for Domestic transfer is $12.50 and for International transfer is $20.00

Benefits – There are many advantages of the Citibank wire transfer over traditional options of sending money. You will like the flexibility that comes with the Wire transfers as it allows you to set up one-time or recurring wires in advance. Moreover, customer can make savings and also reuse wires so that there would not be any need to submit the information again. You can also see the past and future wires records.

If you want to transfer money online with CitiBank then you can sign up by clicking on the following link.

https://online.citibank.com/US/JSO/signon/DisplayUsernameSignon.do?cmp=signon&next_page=jfp|jJRSMENU_Transfers

Citibank allows only limited number of wire transfers for its customers from savings and money market accounts in a given statement period. The future or recurring international transfers are done only in U.S. dollars and the future or recurring International Check in any other foreign currency is not allowed.

The beneficiary bank that receives the wired funds is responsible for the receipt of funds. It informs the recipient of wire transfer about the status of the wire transfer and also the time when the funds become available. The charges for making the wire transfer are deducted from the actual amount received by the beneficiary.

Wire Transfer via IndusInd Bank

IndusInd Bank is offering the services of Wire Transfer that allows the customers to enjoy the facilities of quick and reliable transfer of funds electronically. The wire transfer is regarded as the secure and globally accepted remittance that is popular. IndusInd Bank is currently a member of a SWIFT Organization and it also enjoys the wide network of more than 250 banks that are located across the world in various countries. Thus, it helps in the transfer of funds that covers the major currencies.

Steps for making the wire transfer:

Wire Transfer via IndusInd Bank (1) Customer needs to approach his local bank branch in foreign location and request them to credit the specified amount from his account with the correspondent bank in his desired currency

(2) It is advised that the customers should mention the ‘OUR’ in the charges column in case of sending the wire transfer.

(3)The time frame for the funds to reach the account is 24-48 banking hours from the time request is placed with the sender’s bank.

(4) The payment is processed within 24 banking hours after the funds are received into the IndusInd Bank account

The local bank branch of the sender may apply the charges for the wire transfer.

The wire transfer facility of the IndusInd bank offers the attractive ‘Foreign Exchange’ rate in case of conversion of the funds. Also, there is no limit on the maximum amount that could be sent via this mode. The Foreign Currency Conversion Charge of INR 50 is applied and it is deducted from the amount to be received by the beneficiary.

As per the rules and regulations of the RBI, all incoming and outgoing Remittances compulsorily contain the account number, name and address of the remitter in the payment message It is done so as to prevent as well as detect wire transfers for funding illegal and terrorist activities.

Indian Overseas Bank Wire Transfer

Indian Overseas Bank offers variety of ways for remitting money to India and the most popular way is the wire transfer that uses the SWIFT services. Apart from it the other options of remitting money includes the Electronic Fund Transfers, web based remittances and Drafts and Personal cheques.

SWIFT is considered to be an easy and quickest way for transferring money to India from foreign locations. It is a form of direct bank-to-bank transaction. The remitter is required to approach his banker and makes a request for the remitting money in his home country. While submitting the request for the remittance, the customer needs to provide the complete details about the remitting and receiving bank accounts to the remitting bank.

On receiving the complete instructions, the local remitting bank sends the payment instruction to IOB for making the payments to the beneficiary. This instruction is processed and funds are transferred to the intended recipient.

The following details are required to be furnished while making request to the remitting bank.

Indian Overseas Bank Wire Transfer(1) Beneficiary name and account number

(2) Beneficiary Bank and branch name in India where the recipient has an account

(3) SWIFT code of the bank is also required

(4) Name of the sender and reason for making remittance should also be mentioned.

Customer needs to request the remitting bank for sending the SWIFT message at the correct SWIFT code.

Customers can request for the remittance of funds to their home countries in various currencies that are available including US Dollar, Gulf, Australian Dollar, Canadian Dollar, New Zealand Dollar, Singapore Dollar, Hong Kong Dollar, Danish Kroner, Norwegean Kroner, Great Britain Pound,

Swedish Kroner, Swiss Franc, Euro and Japanese Yen

For further details including the Swift Codes for the various Banks, you may browse the below mentioned link.

http://www.iob.in/Remittance.aspx

Wire Transfer to State Bank of India

If you are residing in the United States and need to wire Transfer the money to SBI and its Associate Banks in India, then you can apply for a wire transfer to your local branch. You need to request your bank for routing the wire transfer through State Bank of India, New York branch. You are required to submit the details like Beneficiary Name, Address, Account No, Beneficiary Branch, Branch Code, Branch Address, City, and Swift Code. The

 

The Transmission Time begins onwards from day of receipt of funds by SBI, New York. There are more than 450 branches of SBI that possess the SWIFT facility and the beneficiary will receive funds on the next banking day in India. You may click on the following link to view the list of SWIFT-facility branches of SBI in India.

http://www.statebank.com/pdf/SWIFT.pdf

State Bank of IndiaIf your beneficiary branch does not have the SWIFT facility then it will receive funds through a nearby SWIFT-facility branch.

The process of Conversion to Indian rupees is basically done by the Indian SWIFT-facility branch that receives the SWIFT message. The exchange rate between dollar and Indian Rupees cannot be known in advance because of difference in time zones. You can track the progress of your remittance online, by getting yourself enrolled at the internet banking service of the SBI branch where you have account in India. In case you want to make inquiries about the wire transfers you can approach your bank. It is recommended that you can wait for normal transmission time period to be over before making inquiries about transmission.

The SWIFT CODE of SBI, New York Branch is SBINUS33 and ABA ROUTING NUMBER is 0260-0914-0

You can get the charges attached with the wire transfer by clicking on the link below

http://www.statebank.com/fee-structure.htm

Wire transfer to Citibank in India

If you want to wire transfer the funds from foreign locations to the beneficiary’s Citibank account in India then you can do so by doing the telegraphic Transfers. You need to mention the below mentioned details in your remittance form for effecting the wire transfer.

– Currency in which you want to remit

– Amount to be remitted

– Beneficiary Name – It is the name of the Citibank NRI Account Holder that would receive the funds in India

– Remitting bank – This bank branch sends the message of funds transfer from the foreign location to the beneficiary bank in India

– Beneficiary Account Number – It is the Citibank NRI Account No where the funds are credited Beneficiary Bank Details – It is the Citibank branch that does the conversion of currency as per the exchanged rates. You are also required to mention the SWIFT CODE of Citibank branch in India.

Citibank in India This SWIFT code of the Citibank branch in India depends on the currency and it is CITIINBX for the New Zealand Dollar, Swiss Franc, Swedish Kroner and Hong Kong Dollar currencies. The beneficiary bank swift code is CITIINBXGCN for the USD, Pound Sterling, Euro, Canadian Dollar, Singapore Dollar Australian Dollar, Japanese Yen, and Arab Emirates Dhiram (AED)

You need to mention the additional information and instructions that are meant for Citibank NRI such as RCA to be credited, deposit period to be booked and others. Customers should also mention the attention NRI for capturing any additional information they want to submit.

You can check the below mentioned Customer Check List for transfer of funds from the External Bank to Citibank NRI Business

Beneficiary Account Number and Name

Swift Code of Beneficiary Bank in India – CITIINBXGCN or CITIINBX as per the currency Phrase

Mention “Attention NRI” for capturing additional information