PNB International Money Transfer

Punjab National Bank (PNB) Foreign Outward Remittance of PNB International Money Transfer can be carried out through the net banking feature of this nationalised bank of India. This facility of PNB is subject to the terms and conditions and guidelines of the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI); Foreign Exchange Management Act (FEMA), 1999; and the Income Tax Act (IT Act) of 1961. This facility is only available to Indian residents having a PNB account and is registered on the Net Banking portal of this financial institution. 

Eligibility

To send money internationally via the Net Banking portal of the Punjab National Bank, an individual must meet the following eligibility requirements:

• They/he/she must be an Indian Resident who is a Retail Internet Banking customer with a single or joint PNB account.
• The single or joint account must be at least 1 year old.
• The account holder must ensure that the KYC should be completed. They/he/she must link their/his/her Mobile Number, Email ID, and PAN card to Core Banking Solution (CBS).
• The sender and receiver must be an adult. 

How to Make International Money Transfer with PNB Net Banking?

Senders are advised to follow these steps to avail of the PNB International Money Transfer facility:

• Log in to your Net Banking account using your credentials.
• Select the “Transactions” option.
• Go to the “Transfer to Other Bank Accounts” tab and click the “LRS Submission” button. 
• Select your Bank Account Number.
• Agree to the Terms and conditions
• Fill out the necessary fields.
• Click on the “Submit” option
• After submission, a Reference Number will appear.
• After the Bank Account number is selected, a Reference Number will be generated.

Also Read: CitiBank International Wire Transfer

Accepted Currencies

Senders using the PNB International Money Transfer facility can send money in any of the following 12 currencies:

• United States Dollar (USD)
• New Zealand Dollar (NZD)
• Euro (EUR)
• British Pound Sterling (GBP)
• Hong Kong Dollar (HKD)
• Canadian Dollar (CAD)
• Australian Dollar (AUD)
• Japanese Yen (JPY)
• Singapore Dollar (SGD)
• Swiss Franc (CHF)
• Emirati Dirham (AED)
• Swedish Krona (SEK)

Also Read: SBI International Money Transfer

Transaction Limit

Punjab National Bank has put the below-mentioned caps on international money transfers via its Net Banking portal:

• A PNB account holder can send up to USD 10000 in a single transaction.
• In a financial year, an account holder can transfer USD 100000 internationally.
• In each financial year, the aforementioned caps apply within the RBI’s LRS limit of USD 250000. 

Time Limit

All compliant outward remittances received till 4:00 pm (Indian Standard Time) on any business day are processed on the same date. Funds received after 4:00 pm will be taken up for the next business day. This facility is unavailable on Saturdays, Sundays, and intervening holidays. 

Also Read: Western Union International Money Transfer

Transaction Fees

Exchange rates and PNB commissions are levied on the amount being transferred internationally. All the bank charges adhere to the international money transfer laws and guidelines of the Government of India.  

Exchange Rates

The exchange rates for PNB International Money Transfer are subject to fluctuations in currency rates. Customers/senders can check out the exchange rates on the Net Banking portals of PNB.  

Bank Charges

Punjab National Bank levies the following charges on overseas money transfers:

Amount	Charges
Up to INR 20,000	INR 500 + SWIFT Charges (= INR 500+GST)
Above INR 20,000	INR 1,000 + SWIFT Charges (= INR 500+GST)

FAQs

Learn about different ways of international money transfer on Fly Finance and Leverage Edu.