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Send money to India through wire transfers
At a Glance
A wire transfer is an electronic mode of sending money from one account to another, in any part of the world. So, if you are working abroad and want to send money to friends or family back home, you can opt for it.
An international wire transfer is fast, secure and convenient. It works both ways - you can send and receive funds from India. You can also wire funds towards investments, your home loan by providing required details. Your bank may charge a fee to process your wire request.
Features and Benefits
- A wire transfer is the traditional, trusted way to remit funds to India. It takes one or two days for the funds to be credited in the recipient’s account.
- It is a simple process of issuing an instruction to your local bank.
- DBS Treasures allows international wire transfers in 19 foreign currencies through its network of correspondent banks across the world.
- You can transfer funds to open FCNR fixed deposits, make investments and home loans.
How does wire transfer work?
To make a transfer you should make sure you have the correct account number, address, email ID and contact number of the recipient. You should also have the SWIFT Code of the correspondent bank.
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a network of banks and financial institutions around the globe that ensures secure banking transactions such as sending and receiving funds. The SWIFT Codes of your bank as well as the recipient’s are essential to make a wire transfer.
Here's how you can wire money to India:
- You have to instruct your local bank by providing request form for initiating an overseas funds transfer.
- Fill in the details like beneficiary bank name, address and account number, IFSC Code, beneficiary email ID and contact number as well as the purpose of payment in the form.
- Mention the SWIFT codes of your local bank as well as the beneficiary bank.
- Submit the form with your local bank.
- Funds will be transferred from your account to the beneficiary’s account in one or two working days.
How to ApplyCall 1860 267 1234 / 1800 209 4555 / +91 44 6685 4555
Frequently Asked Questions
SWIFT or Society for Worldwide Interbank Financial Telecommunication is a network of financial institutions around the world. SWIFT is a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions. The SWIFT code is an 8 or 11-digit alphanumeric code for identifying banks. SWIFT messages are used to send an electronic message to the correspondent banks about a wire transfer request.
If you have the beneficiary name, beneficiary account number, currency, amount remitted, date of transaction and transaction reference number, you can write to your bank to find out the status of the wire transfer. If the funds were transferred from India, you can visit the nearest bank and check the status of the remittance.
Yes. In case you want to retain funds in foreign currenct, you must send the funds to your FCNR account. Before making the transfer, mention the term ‘FCNR’ in the SWIFT transaction message.
According to the Foreign Exchange Management Act (FEMA), you can send funds abroad for the following purposes alone:
- Personal travel to any country (except Nepal and Bhutan)
- Maintenance of close relatives living abroad
- Business travel
- Medical treatment outside India
- Gift or donation
- Any transaction in a current account
Yes. According to RBI, the following are the limitations on making wire transfers abroad:
- Foreign currency can be deposited only in a Non-Resident Rupee (NRE) account.
- You cannot use the Money Transfer Service Scheme (MTSS) to transfer funds abroad.
- Your PAN details and the purpose for the transaction are mandatory for any international transactions.