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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. If you are working abroad and want to send money to friends or family back home in India, a wire transfer is a safe and secure means of doing so.
An international wire transfer is fast, secure and convenient. It works both ways - you can send money overseas and receive funds in India from overseas via a wire transfer facility. A wire transfer can also be used to wire funds towards investments or a home loan by providing the required details. Banks may charge a fee for a wire transfer to India or a wire transfer overseas.
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 into the recipient’s account.
- A wire transfer involves the 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 wire transfer funds to open FCNR fixed deposits, make investments and service home loan EMIs.
How does wire transfer work?
To make a wire transfer, you should make sure that you have the correct account number, address, email ID and contact number of the recipient. You should also have the SWIFT code of the corresponding bank.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a network of banks and financial institutions worldwide that facilitates secure banking transactions such as wire transfers. The SWIFT Codes of your bank and the recipient are essential to make a wire transfer.
Learn how you can do a wire transfer to India:
- You must instruct your local bank by providing a request form for initiating an overseas wire 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 for the wire transfer.
- Mention the SWIFT codes of your local bank as well as the beneficiary bank for smooth processing of the wire transfer.
- 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 Apply
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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 send and receive information such as wire transfer instructions quickly, accurately and securely. 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, account number, currency, the 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 wire transfer.
Yes. In case you want to retain funds in foreign currency, 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:
- 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 some of the key 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 of the transaction are mandatory for any international transactions.