The Ministry of Finance of the Government of India owns the Indian Bank, a financial organization with its main office in Chennai. Due to this, it is a public sector bank (PSB), making it similar to more than half of all other Indian banks. In comparison to rivals in the remittance sector, this analysis examines the similarities and contrasts between the international money transfer services offered by Indian Bank.
| Bank Name | Indian Bank |
| Headquarters | Chennai |
| Founded On | 15 August 1907 |
| Numbers of Employees | Around 40,000 |
About Indian Bank
In order to address one of the biggest financial crises to ever affect Chennai, Indian Bank was founded in 1907 with the goal of bringing revolutionary financial services to India. The merger of the 155-year-old Allahabad Bank and the Indian Bank was announced by the finance minister of India in 2019. Indian Bank assumed control of Allahabad Bank in April 2020, rising to become the seventh-largest PSB in the nation.
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Benefits Indian Bank International Money Transfer
There are lots of benefits of Indian bank International Money Transfer few of them are listed below,
- Indian Bank International money transfer services are typically safe and secure, ensuring that your money reaches the recipient safely and on time. You can also track your transfer through online banking or by contacting your bank.
- Indian Banks International money transfer often offer competitive exchange rates, which can help you save money compared to other money transfer options.
- Indian banks offer a variety of international money transfer options, including wire transfers, online transfers, and remittance services. This allows you to choose the transfer method that best suits your needs.
- While fees may vary depending on the transfer method and bank, Indian banks often offer lower fees than other money transfer services.
- Many Indian banks have a wide network of branches and ATMs, making it easy for you to send money internationally from almost anywhere in the country.
- Indian banks typically support a wide range of currencies, allowing you to send money to recipients in different countries without having to worry about currency conversion.
Indian Bank Exchange Rate
Reviewing the exchange rates of Indian banks’ International money transfers can help you understand how they stack up against those of other banks and money transfer companies. You may choose the best money transfer solution for your needs by comparing rates and fees. This complicated method of forex trading states that the exchange rates shown on the Indian Bank website are simply for reference. Customers must visit a branch to learn the actual, live foreign exchange rate that the bank is offering for their currency combination. Users may not feel comfortable sending money online because the exchange rate for transfers in other currencies is unclear and the Indian Bank website is antiquated and challenging to use.
Transfer Fees
The following fixed fees apply to Indian Bank International Money Transfer
- Transfers less than 50,000 INR (662.84 USD) = 500 INR (6.62 USD) fee
- Transfers exceeding 50,000 INR (662.84 USD) = 1,000 INR (13.25 USD)
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Additional Costs
International SWIFT transfers arranged through Indian Bank will incur an additional flat fee of 500 INR (6.62 USD).
Way to Send money by Indian Bank
Apart from visiting bank branches, there are two other methods of sending money internationally first is from INDOSIS the bank application, and the second one is to allow customers to send a domestic wire transfer to a contact based in India.
Indian Bank Pros and Cons
Here are the pros and cons of Indian Bank International Money Transfer are following
| Pros | Cons |
| Widely available in India | Account opening |
| Fixed fees | Limited transfer options |
| Economies of Large Scale | Risk of Public Debt |
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FAQs
Ans: The best way to send money internationally depends on several factors, including the transfer amount, the currency exchange rate, transfer fees, and the speed of the transfer. Comparing different transfer options and providers can help you find the best option for your specific needs.
Ans: The time it takes to transfer money internationally can vary depending on the transfer method and provider. Wire transfers can take a few days, while online transfer services may offer same-day or next-day transfers.
Ans: To send money internationally, you will typically need the recipient’s bank account information, including the account number, routing number, and any necessary international bank codes. You may also need to provide your own bank account information and personal identification information.
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