Bank of Baroda international money transfer services are quick are efficient. It is one of the leading banks in India, offering a range of remittance services at competitive rates to help customers make cross-border transactions securely. Nominal charges, quick transfer time, and multiple transfer methods make it an ideal choice when looking for the cheapest way to send money internationally.
You can send wire transfers and remittances through their online banking platform. However, the transfers must be made within the limits based on the purpose of the transaction, such as education, travel, or family support. Let’s explore all the details about Bank of Baroda international transfer services-
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About Bank of Baroda
Bank of Baroda is one of India’s leading banks, with a presence in over 20 countries. Founded in 1908, it is the second-largest public sector bank in India and provides a range of banking services to its customers. From its inception, the Bank of Baroda has grown to become one of the most trusted banking brands in India.
At Bank of Baroda, customers can avail of a range of services, such as savings accounts, current accounts, fixed deposits, loans, mutual funds, credit cards, debit cards, and insurance. The bank also offers a host of digital banking solutions, such as mobile banking, internet banking, and UPI payments.
Further, it is well-known for its commitment to customer service and its ability to offer innovative solutions to its customers. It has a large network of branches and ATMs across India, making it convenient for customers to access banking services. The bank also has a customer service helpline, which is available 24/7.
Must Read: Bank of Baroda Education Loan
Bank of Baroda International Transfer
Bank of Baroda international money transfer services enable customers to send money abroad conveniently and securely. You get various options for international transfers, including wire transfers and remittances through their online banking platform.
You can easily send money to multiple countries using these services, including GBP, USD, CAD, EUR, JPY, CHF AED, etc. You can benefit from competitive exchange rates and lower transaction fees. This makes it easier for individuals to send funds internationally.
Compliance with the Foreign Exchange Management Act (FEMA) regulations is essential. As per the Liberalised Remittance Scheme (LRS), the permissible limit is USD 250,000. The actual limits are subject to limits based on the purpose of the transaction, such as education, travel, or family support.
The table below highlights the transfer charges, timeframes, and methods for international money transfers through the Bank of Baroda:
| Feature | Details |
|---|---|
| Transfer Charges | Various methods are available including wire transfers, demand drafts, and telegraphic transfers. The specific method may vary based on location and destination country regulations. |
| Transfer Time | International transfers generally take between 2 to 7 business days to reflect in the beneficiary’s account, depending on the destination country and intermediary banks involved. |
| Transfer Methods | Various methods available including wire transfers, demand drafts, and telegraphic transfers. The specific method may vary based on location and destination country regulations. |
Benefits for International Students
Students can use international transfer services to pay tuition fees or living expenses directly to educational institutions or landlords in their host country.
Bank of Baroda’s online banking platform allows international students to transfer funds easily from their accounts without needing to visit a branch. This convenience is particularly beneficial for students managing finances from abroad.
Details Needed for Bank of Baroda International Money Transfers
To initiate an international transfer, customers typically need to provide identification, the recipient’s details, and the purpose of the remittance. Below is a table outlining the necessary SWIFT fields and the details to be furnished:
| SWIFT Field | SWIFT Field Particulars | Details to be Furnished |
|---|---|---|
| 56 | Intermediary Institution | Credit to Bank of Baroda A/c ___________ Swift Code ___________ (Select A/c No. and Swift code of our correspondent depending upon the currency you want to remit.) |
| 57 | Account with Institution | Swift code of AD branch ___________ (can be availed from our branch where you are maintaining the account) |
| 59 | Beneficiary Customer A/c | Beneficiary (14 digit A/c No., Name & Address) A/c with Bank of Baroda, ——————–Branch |
| 70 | Remittance Information | Purpose of remittance |
| 72 | Sender to Receiver Information | Any additional information relevant to the sender or transaction |
Bank of Baroda International Transfer Fees
One of the major reasons for the popularity of the Bank of Baroda (BoB) for international transfers is its comparatively lower transfer fees. For customers of Bank of Baroda, the international transfer fee structure is as follows:
- Nominal Fee: A charge of 0.1% of the transfer amount.
- Minimum Charge: INR 500 (approximately USD 6.66) for transactions below INR 25,000.
- Maximum Charge: INR 5,000 (approximately USD 66.65 per transaction.
- Flat Fees: For amounts below INR 25,000, there is a flat fee of INR 500. For amounts above INR 25,000, the fee increases to INR 750.
This fee structure is significantly lower than many other banks’ charges for international money transfers, making Bank of Baroda an attractive option for customers looking to send money abroad quickly and affordably.
Must Read: Canara Bank International Transfer
How to Make Bank of Baroda International Money Transfer?
Making an international money transfer through the Bank of Baroda is a straightforward process that can be completed either online or in person. Here’s a step-by-step guide to help you initiate your transfer securely and efficiently:
- Visit the Branch or Online Portal:
- You can initiate the transfer by visiting a Bank of Baroda branch or logging into your online banking account if you have access.
- Provide Required Documents:
- Gather and submit valid identification (such as a passport or Aadhaar card), the beneficiary’s bank account details (including the SWIFT/BIC code), and the purpose of the remittance.
- Fill Out the A2 Form:
- Complete the outward remittance form (A2 form) with all necessary information regarding the transfer, including the amount and currency.
- Pay Applicable Charges:
- The applicable fees for the transfer will be deducted from your Bank of Baroda account upon processing. The fee structure typically includes a charge of 0.1% of the transfer amount, with minimum and maximum limits.
- Confirmation and Tracking:
- After submitting your request, you will receive confirmation of your transaction. You can track the status of your transfer through Bank of Baroda’s online portal or by contacting customer service.
- Receiving Money:
- If you are receiving money, you can also use Bank of Baroda’s mobile banking services to facilitate transfers directly to your account.
Conclusion
Overall, the Bank of Baroda is one of the best banks when it comes to sending money. Whether you are sending money to someone in India or abroad, you can be sure that your funds will be transferred securely and quickly. So, if you are looking for a reliable way to send money, the Bank of Baroda is a perfect choice.
Must Read: Union Bank International Wire Transfer
To learn more about education loans, the best bank accounts for students, forex, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
FAQs
The Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara, Gujarat, India. It is one of the largest banks in India offering a wide range of banking products and services to its customers.
Yes, the Bank of Baroda allows international transactions for its customers, enabling them to send and receive money across borders. This service is compliant with the regulations set by the Reserve Bank of India.
The fee for international money transfers at Bank of Baroda varies based on the destination and amount being transferred. A nominal fee is charged at 0.1% of the transfer amount, with a minimum charge of Rs 500 and a maximum of Rs 5,000 per transaction.
You can transfer money through the Bank of Baroda using their online banking platform, NEFT or RTGS, or through their mobile banking facility.
You can transfer money internationally with the Bank of Baroda by using a wire transfer, online transfer, or remittance service. You will need to provide the recipient’s bank details including the bank’s SWIFT code and the account number. You may also need to provide your own bank details, depending on the method of transfer.
Bank of Baroda does not use IBANs for its accounts; instead, it uses SWIFT codes for international transfers. You can obtain the necessary SWIFT code from the bank’s website or by contacting customer service.
Bank of Baroda supports transfers in multiple currencies, including US dollars (USD), British pounds (GBP), and euros (EUR), among others.
Yes, under the Liberalised Remittance Scheme (LRS), individuals can remit up to USD 250,000 per financial year for various purposes like education, travel, and family support.
You will need to provide valid identification, such as a passport or Aadhaar card, along with the necessary beneficiary details.
Yes, you can track your transfer status through Bank of Baroda’s online banking platform or by contacting customer service for updates on your transaction.
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