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.
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:
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:
Yes. According to RBI, the following are some of the key limitations on making wire transfers abroad: