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.
(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.