Most international students require money transfers. But with so many choices, it might take a lot of work to choose. With operations in Asia, Africa, and the Middle East, Standard Chartered Bank takes great pride in offering banking services that are available worldwide. In order to better comprehend the bank’s international services, we shall go deeper into the specifics of Standard Chartered’s international transfers. We will also discuss Standard Chartered exchange rates, money transfer costs, and whether the bank permits sending and receiving payments in foreign currencies.
Must Read: Tips To Save Money On Foreign Exchange While Studying Abroad
About Standard Chartered
In 1969, Standard Bank and Chartered Bank merged to form Standard Chartered Bank. In the previous century, in the 1860s, the two banks had already developed their extensive networks in developing markets throughout Asia and Africa. As a result of their history and greater ties, they are able to compete in over 59 markets, most of which are in Asia, Africa, and the Middle East. The Standard Chartered Bank is among the top 100 largest firms listed on the London Stock Exchange and is listed on two of Asia’s main stock markets.
| Founded In | 1969, London, United Kingdom |
| Founders | Royal Charter, Chartered Bank of India, Australia and China, Standard Bank |
| CEO | Simon Cooper (2018–), Bill Winters (10 Jun 2015–) |
| Headquarters | London, England, UK |
| Owner | Temasek Holdings |
| Services | Credit cards Consumer banking Corporate banking Investment banking Mortgage loans Private banking Wealth management |
Relevant Read: List Of International Money Transfer Companies
Standard Chartered Exchange Rates and Fees
We will discuss the Standard Chartered exchange rates and the fees this bank levies in the section that follows. Also, bear in mind that you should check the board rates shown at the branches to get the most up-to-date information on Standard Chartered exchange rates and costs.
SCB Exchange Rates
Since Standard Chartered Bank engages in more than 50 global marketplaces, they use various exchange rates based on the country’s domestic currency. This contrasts with several banks with a global presence that maintains a centralised exchange rate for the majority of their branches regardless of location.
To demonstrate the discrepancy, all exchange rates at Standard Chartered Sri Lanka are calculated in LKR (Sri Lankan Rupee). Converting 1 USD to LKR yields 210 LKR.
All exchange rates at Standard Chartered Malaysia are calculated in MYR (Malaysian Ringgit). The MYR equivalent of 1 USD is 4.0561.
Please refer to the exchange rates board demonstrated at the branches by Standard Chartered. Branches may offer a variety of foreign currency types and face values. To get the exchange rates for the nation and the currency you want to send or receive money from, get in touch with Standard Chartered Bank.
These currency Standard Chartered rates frequently include markups. Charges for international bank transfers and currency exchanges between banks are known as mark-ups.
SCB International Transfer Charges
Standard Chartered calculates transfer fees using the local currency that is utilised as the domicile currency. Customers at Standard Chartered Malaysia, for instance, can pay between 2 MYR and 10 MYR (without VAT), depending on the exchange rate. Standard Chartered Uganda may charge a transfer fee of between 20,000 and 50,000 UGX (Ugandan Shillings).
Added Charges
Due to different currencies, Standard Chartered has varied policies for various nations. In some nations, clients are solely subject to transfer fees. Others need customers to pay VAT in order to finish their purchase. Due to transaction exchange rate margin and money transfer costs, Standard Chartered customers may experience a loss on their overseas money transactions.
Also Read: Best International Money Transfer Apps in 2023
How to Do the Transfer Fees at Standard Chartered Compare to Using a Money Transfer Service?
The varying branches of Standard Chartered Bank may have varying transfer fees and various exchange rates for the foreign currencies they offer. Considering the local fees the local Standard Chartered gives when comparing it to a money transfer. Some clients might like a money transfer service that offers convenient online transfers with clear fees. One money transfer service that displays the breakdown of fees and serves more than a hundred different nations is called Wise.
The location and currency of the destination account, a flat fee, market rates, and the total fees sent are taken into account when determining Wise’s transfer fees. The transfer cost increases with the amount sent overall. Customers would save more in transfer fees with larger money sent if a local Standard Chartered bank offered a fixed transfer fee rate. Due to their involvement in more than 50 marketplaces, Standard Chartered banks may offer a greater interest rate than Wise because they operate in a variety of markets as well.
Relevant Read: Same Currency International Transfer
Account Opening Process for SCB International Transfer
Online forms are used often by local Standard Chartered banks to open new accounts. Customers must first confirm that they meet the requirements for the nation of their choice before completing the online form. An account with Standard Chartered can be opened once all the necessary paperwork and conditions are satisfied.
Transfer of Funds
Through its app, Standard Chartered offers local and international money transactions to its customers. Due to currency adaption, Standard Chartered Bank charges different transfer costs for each nation. Visits to nearby branches are another option for money transfers.
Additional Details
With its unique promotions on elite debit cards & credit cards, Standard Chartered expands its offerings beyond everyday banking requirements. Despite the fact that some cards are only offered in certain nations, this is a reoccurring theme everywhere. Additionally, they provide loans, investments, insurance, and various finances based on the requirements of their clients.
Sustainability is one of the benefits of banking with Standard Chartered, it is not practised in all nations. The long-term stability of developing nations has begun to be supported by sustainable banking. By funding industries that can contribute to the transition to a sustainable future, Standard Chartered is able to address the issue of climate change with the aid of its individual and company clients, as well as local communities.
Also Read: Which International Bank Account Student Should Consider in 2023?
Why use SCB International Transfer?
The roots of Standard Chartered Bank’s participation in emerging markets and local presence are still growing. They demonstrate their expertise and distinctiveness as a part of regional stock exchanges by participating in more than 50 marketplaces.
They can launch sustainability initiatives in nearby communities because of their presence in numerous nations. Their local and international presence enables them to remain diversified yet committed to their objective of supporting a sustainable future in various nations.
However, utilising a bank is not the greatest choice in contrast to online money transfer providers in terms of exchange rates and international money transfer fees if you want to send money abroad and the recipient will get the money in a foreign currency.
Relevant Read: How Does International Money Transfer Work: A Comprehensive Guide
FAQs
Ans. SCB International Transfer takes around 1-2 working days to take place.
Ans. Make SCB International Transfer and other bank accounts whenever you choose, including 24 hours a day, 7 days a week with Standard Chartered Bank.
Ans. According to RBI and FEMA laws, a business can only move a maximum of $25,000 USD internationally in a fiscal year without obtaining prior RBI approval.
Hope this blog gave you all the necessary information regarding SCB International Transfer. For more information on international money transfers, student bank accounts and more, reach out to Fly Finance.
