Bank of Baroda is one of the leading banks in India, offering a range of banking and financial services for both individuals and businesses. For customers looking to send money overseas, the Bank of Baroda offers international money transfer services that enable customers to send money abroad conveniently and securely. You can send wire transfers and remittances through their online banking platform. Transfers are subject to 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.
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Bank of Baroda International Transfer
Bank of Baroda offers international money transfer services that 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.
The bank collaborates with global money transfer networks, allowing customers to benefit from competitive exchange rates and lower transaction fees. This makes it easier for individuals to send funds internationally. To initiate an international transfer, customers typically need to provide identification, the recipient’s details, and the purpose of the remittance.
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.
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.
Bank of Baroda International Transfer Fees
One of the major reasons for the popularity of Bank of Baroda International transfer is its comparatively lower transfer fees.
Bank of Baroda is one of the largest banks in India, with over 5,500 branches and 8,400 ATMs. The bank offers a variety of services, including Bank of Baroda international money transfers. The banking industry is becoming increasingly competitive, and banks are continually looking for new ways to add value for their customers and remain profitable. One of the latest initiatives being offered by the Bank of Baroda is the introduction of a small fee for international money transfers.
For customers of Bank of Baroda, this means that they will be charged a small fee of 0.1% of the transfer amount, with a minimum of 500 INR (6.66 USD) and a maximum of 5,000 INR (66.65 USD) per transaction. This fee is significantly lower than what other banks charge for international money transfers, making it an attractive option for customers looking to send money abroad quickly and affordably.
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In addition to the low fee, the Bank of Baroda also offers a range of other benefits that make international money transfers easier and more convenient. Customers can make transfers in a range of currencies, including Indian Rupees, US Dollars, British Pounds, Euros, and more. The bank also offers a range of payment options, such as bank transfers, debit cards, credit cards, and more.
Overall, Bank of Baroda’s new international money transfer fee is a great option for customers looking to send money abroad quickly and affordably. The low fee, combined with the range of payment options and currencies available, makes it an attractive option for customers looking to make international money transfers.
How to Do Bank of Baroda International Transfer?
Choosing a bank for international money transfers can be a complicated process and all you are required to do is to check all the features offered by a particular bank, safety, and much more.
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Sending Money
With the Bank of Baroda, online banking services, you can securely transfer money from your Bank of Baroda account to another person’s account within the same bank or a different bank. All you need to do is log in to your account and enter the details of the person you want to send money to and the amount you want to transfer. Your money will be transferred instantly and you will receive a confirmation within minutes.
Receiving Money
Another way to send money through the Bank of Baroda is through their mobile banking services. With their mobile banking services, you can transfer money to another person’s bank account using your mobile phone. You just have to enter the details of the recipient, the amount you want to transfer and the bank account and your money will be transferred instantly.
Apart from these two options, the Bank of Baroda also offers international money transfer services. You can transfer money to anyone in the world in a safe and secure manner. All you have to do is provide the recipient’s details and the amount you want to transfer. Your money will be transferred within minutes.
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.
