How to do a wire transfer from India?

How to do a wire transfer from India?

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Learn how to send a wire transfer online or in-person

TLDR Points

  • A wire transfer is an electronic way to transfer funds from one bank account to another.
  • It can be done in 2 ways – online or by visiting a bank's branch.

Introduction

You need to send money abroad in a hurry. Perhaps to pay your child's tuition fees or support a family member living abroad. A friend suggests wire transfer. And you wonder what that is. Well, we have you covered.

A wire transfer is an electronic way of transferring money from one account to another, usually overseas. The sender and recipient's banks will either directly communicate with each other to move the money or use the SWIFT network to facilitate the transfer. SWIFT is the Society for Worldwide Interbank Financial Telecommunications. A wire transfer is a quick, safe, efficient, and convenient way to transfer money from India to a foreign country.

Different ways of doing a wire transfer

Technology has made sending money across borders easier. If you are wondering, "how do I wire money?", then the answer is that you can do it in either of 2 ways:

1. Online

A parent can easily send tuition fees to their child studying abroad through net banking or her bank's mobile app.

2. Offline

Or the parent can visit the bank's branch, fill a form, and arrange for money to be transferred their child's her bank account.

8 Quick steps on how to do a bank wire transfer

Let's understand a little more about the two ways of doing a wire transfer from India.

If you choose to do an international wire transfer online, these are the steps you need to follow:

  1. Log in to your bank's online service using your customer credentials.
  2. Select the account from which you want to send the money.
  3. Select the 'overseas fund transfer' or 'international money transfer' option.
  4. Check your transfer limit, and change it if necessary.
  5. Enter the beneficiary or recipient's information.
  6. Mention the amount you want to transfer and its currency.
  7. Pay any transaction or processing fee levied by your bank.
  8. Place the wire transfer order.

If you choose to visit your bank' branch to arrange an international wire transfer, follow these steps:

  • Call to check if your particular branch facilitates international wire transfers.
  • Ask the bank teller for the form to submit your international wire transfer order. Or, the teller will ask you to give them the details instead of asking you to fill a form.
  • Provide all the relevant beneficiary or recipient information needed. Plus, all your account information.
  • Specify the amount to be transferred along with its currency.
  • Enquire about the fees for making the wire transfer. Pay any necessary transaction or processing fee levied by your bank.
  • Cross-check and confirm all the details.
  • Submit your wire transfer order.
  • Take the receipt from the teller.

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A detailed guide on how do you do a wire transfer

Worried about sending your very first wire transfer? Or wish to be extra cautious? Don't worry. Here is a detailed guide on how to do a wire transfer online as well as offline.

Steps to make an international wire transfer online:

Login to your net banking

Head to your bank's net banking page and log in using your customer credentials such as username and password. Make sure you have signed up for net banking before you do this.

Select the account

If you have more than one account with the same bank, choose the account through which you want to transfer the funds. Next, look for the option to send money abroad. This could be under 'Wire Transfer', 'Overseas Transfer', 'International Wire Transfer', or something similar. If you can't find it, check the website's main toolbar or do a simple site search.

Check the money transfer limit

Check the upper limit of the amount you can send from that particular account. The RBI sets a limit, but some banks allow you to set a daily limit on the transfer amount. Check to see if the amount you wish to transfer falls below the limit or not. Change it accordingly; otherwise, your transfer order will get rejected.

Enter beneficiary details

Enter accurate details of the person you are sending the money. These details include their full name, address, bank account details such as account number, bank name and address, and bank's SWIFT code. The bank's details can be found on the bank statement or the bank's website.

Choose the amount and currency

Your international wire transfer page will automatically choose the currency based on the recipient's address. For example, if you put in the recipient's address as London, the page will automatically change the currency to Pound Sterling. Make sure you enter the correct amount. Always, always check the number of zeroes.

Pay the bank fees

Most banks will levy a transaction fee. However, some banks will have certain routes and currency combination which have zero fees. Either way, whatever bank fee may be valid, will be calculated based on the amount you wish to send, the route, the currency markup, and taxes. Often, the sender's bank will allow them to pay the recipient's bank's fee as well so that the recipient can receive the full credit.

Submit the wire transfer order

Once you have cross-checked the details and deemed them accurate, you can submit the order. You can check the status of the transfer from your dashboard.

The whole international wire transfer process takes only a few minutes and a few clicks to complete online.

Let's see what the wire transfer process is if you visit the bank to place the order.

Confirm process of bank wire transfer

First, confirm with your branch if they offer international wire transfer services. Also, ask them about the documents and details required to make the wire transfer happen. For example, they may need a copy of your PAN card.

Submit accurate recipient details

When you visit the bank, you will either receive a form to fill or deal with the bank employee directly to submit your international wire transfer order. Either way, ensure you write down the correct recipient details. Give your account information accurately as well.

Mention the right amount and currency

Inform the bank teller of the amount you wish to transfer and the currency in which you want to transfer.

Inquire about bank fees

You can do this before you begin the whole process of sending the wire transfer or later as well. Ask the teller what the applicable costs, such as bank fees and taxes, are.

Confirm the details and place the order

Cross-check all the details you have submitted. Once verified, place your order. At this point, the teller will tell you how many days the wire transfer will take to go through.

Collect the receipt

Take the receipt for the wire transfer.

Now that you know how to do wire transfer, we can take a brief look at other ways to send money abroad.

Conclusion

Wire transfers make sending money abroad easy and quick. Bank to bank wire transfers are one of the most secure ways of transferring money to your loved ones overseas.

Download digibank now to securely and efficiently send money to your family abroad.

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