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Send money to India through telegraphic fund transfers
At a Glance
An electronic funds transfer is the most convenient method of transferring funds overseas. Also referred to as telegraphic transfer or telex transfer, such transfers happen through Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging network. SWIFT transfer network is used to send information through the banking system. Information regarding transfer of funds is submitted through this network.
Features and Benefits
- International transfer through this mode offers attractive exchange rates.
- It is a trusted, reliable way of sending funds to India. The transfer happens within 1-4 working days.
- Telegraphic fund transfers are a secure way to send money.
How does it work?
- Log on to your online banking account. If you cannot do it online visit your nearest bank branch.
- Check the cost and the charges. There would be currency conversion fees and service taxes. Check the currency conversion rates.
- Fill up all the necessary information in the transfer form. This way, you give required wire transfer information to the bank.
- The money is deducted from the account of the sender (correspondent bank) and credited to the account of the beneficiary (in a bank in India).
How to ApplyCall 1860 267 1234 / 1800 209 4555 / +91 44 6685 4555
Frequently Asked Questions
- Your name, address and bank account number
- The currency of payment and payment amount
- Name of the beneficiary
- Beneficiary bank name and address with branch name
- Beneficiary’s bank account number
- The SWIFT code of beneficiary’s bank
- Details of intermediary banks, if any are involved
- Purpose of payment
The beneficiary will receive the amount within 1-4 business days.
The amount of money you can transfer to India is unlimited. However, that money needs to be earned legally and qualifies for income tax. You have to pay this tax in the country of origin. On the other hand, some countries do have a limit of how much money you can send. This is to prevent money laundering practices. For instance in United States; you can send up to USD 14,000 to a single person, a year. Anything more than that attracts gift taxes.