South Indian Bank (SIB) offers seamless international money transfer services through its mobile banking app—SIB Mirror+ App—and its internet banking platform—SIBERNET. Leveraging an extensive network of SWIFT centers, correspondent banks, and exchange houses, SIB facilitates both inward and outward remittances across multiple countries.
You can make money transfers in various countries, including the USA, UK, Canada, UAE, Kuwait, and Qatar. NRIs and foreign tourists visiting India can send inward remittances in USD, AED, CAD, AUD, and other major currencies. Let’s explore more details related to South Indian Bank International Money Transfer.
Table of contents
How to Send South Indian Bank International Money Transfer?
Indian residents with an account in SIB can send money overseas for education, travel, gifting, emigration, and family maintenance. To initiate an outward transfer, follow these steps:
- Login to SIBERNET or SIB Mirror+ App using your credentials.
- Select the “Remit Money Abroad” option.
- Fill in the beneficiary details.
- Enter the amount and currency for the transfer.
- Click “Continue” to process the outward transfer.
Also Read: How to Transfer Money Internationally Between Banks
How to Receive South Indian Bank International Money Transfers?
Indian residents and foreigners in India can receive money through Correspondent Banks, SWIFT Centers, and four types of Online Money Transfer facilities. The details of all these inward remittances receiving services of SIB are mentioned below.
Indian residents and foreigners in India can receive money through Correspondent Banks, SWIFT Centers, and Online Money Transfer facilities.
Correspondent Banks
NRIs residing in the USA, UK, Germany, Japan, Canada, Switzerland, Australia, UAE, Singapore, and Saudi Arabia can send money to India through South Indian Bank’s correspondent banks. To complete the transfer, the sender must provide:
- Recipient’s SIB account details
- Name and address of the SIB branch receiving the funds
Here are some major correspondent banks for South Indian Bank:
USD (US Dollar)
- The Bank of New York Mellon, NY | SWIFT: IRVTUS3N
- Standard Chartered Bank, NY | SWIFT: SCBLUS33
- J.P. Morgan Chase Bank NA, NY | SWIFT: CHASUS33
GBP (Pound Sterling)
- Standard Chartered Bank, UK | SWIFT: SCBLGB2L
- J.P. Morgan Chase Bank NA, UK | SWIFT: CHASGB2L
EUR (Euro)
- Standard Chartered Bank (Germany) GmbH | SWIFT: SCBLDEFX
- J.P. Morgan SE, Germany | SWIFT: CHASDEFX
JPY (Japanese Yen)
- Standard Chartered Bank, Japan | SWIFT: SCBLJPJT
CAD (Canadian Dollar)
- The Bank of New York Mellon | SWIFT: IRVTUS3N
- Royal Bank of Canada (Intermediary Bank) | SWIFT: ROYCCAT2
Other Currencies
- AUD (Australian Dollar): State Bank of India, Sydney | SWIFT: SBINAU2SXXX
- AED (UAE Dirham): MashreqBank, Dubai | SWIFT: BOMLAEAD
- SGD (Singapore Dollar): DBS Bank Ltd, Singapore | SWIFT: DBSSSGSG
- SAR (Saudi Riyal): Al Rajhi Bank, Riyadh | SWIFT: RJHISARI
SWIFT Centers
SIB uses the IP-enabled SWIFT network to receive inward remittances from multiple countries. The SWIFT code for SIB is SOININ55. Residents of supported countries can send money to different SIB branches connected to the SWIFT network.
Online Money Transfer Options
SIB offers four primary online international money transfer services:
SIB Flash
- Instant inward transfers from UAE.
- Available via UAE Exchange, Al Fardan Exchange, Al Ansari Exchange, and Al Ahalia Exchange.
- Funds credited within 60 seconds, with instant SMS confirmation.
SIB Express
- Instant remittance credited via electronic transmission.
- Available in UAE, Oman, Bahrain, Kuwait, Qatar, Canada, USA, Singapore, Seychelles, Australia, Jordan, and UK.
- Requires 16-digit account number of the beneficiary.
TT Remittance (Telegraphic Transfer)
- Express Remittance: Funds credited to the beneficiary within 24 hours.
- Cash On-Line: Remittances up to INR 50,000 permitted in cash.
| Cash On-Line | Express Remittance |
| Remittance payments are permitted through cash; Maximum Inward Remittance Limit is INR 50,000 | The remitted amount is credited to the beneficiary’s account within 24 hours of processing the payment. |
MTSS (Money Transfer Service Scheme)
Payments above INR 50,000 are made via cheque, demand draft, or direct credit to an account.
- Operates under RBI guidelines.
- Facilitates instant cash transfers via Xpress Money, Ria Money Transfer, and Western Union.
- Maximum inward remittance: USD 2500.
- Frequency limit: 30 transactions per recipient per year.
Details of this web-based overseas transfer are mentioned below:
| Particulars | Details |
| Eligible types of remittances | Remittances for Personal Expenses and Foreign Tourists |
| Maximum Inward Remittance Cap | USD 2500 |
| Payment Option (To Beneficiaries) | Cash for an amount up to INR 50,000; Demand Draft/Cheque/ Purchase Order, etc for amounts above INR 50,000 |
| Currency of Payment | INR |
| Frequency Limit | Only 30 transactions per recipient per calendar year |
Also Read: Equity Bank International Money Transfer
Acceptable Currencies
The money transfer can be made in the following currencies:
- United States Dollar (USD)
- Saudi Riyal (SAR)
- British Pound Sterling (GBP)
- Japanese Yen (JPY)
- Euro (EUR)
- Australian Dollar (AUD)
- Swiss Franc (CHF)
- Canadian Dollar (CAD)
- Singapore Dollar (SGD)
- United Arab Emirates Dirham (AED)
Also Read: Discover Bank International Wire Transfer: Fees, Rates, Transfer Time
Transaction Limit
Resident customers and NRIs can transfer money at any time of the day with the Mirror+ App of SBI. Given below are the transaction limits for both types of customers:
| Customer Types | Resident Customers | NRIs |
| Per Day Limit | USD 10,000 | USD 25,000 |
| Financial Year Limit | USD 25,000 | USD 1,00,000 |
Processing Time
A South Indian Bank international money transfer processes the remittances within 60 seconds, owing to the presence of a strong network of exchange houses, correspondent banks, and international funds transfer companies of this financial institution.
South Indian Bank International Money Transfer via SWIFT
SIB was the first bank in India to implement an IP-based SWIFT network. The SWIFT code is SOININ55. The following major branches are connected to SWIFT:
- Ernakulam Overseas – SOININ55311
- IBD Kochi – SOININ55XXX
- Ahmedabad – SOININ55179
- Chennai GT – SOININ55CGT
- Mumbai Fort – SOININ55263
- New Delhi CP – SOININ55153
- Bangalore City – SOININ55008
- Corporate Hyderabad – SOININ55722
(For a full list of branches, refer to the bank’s official website.)
To sum up, South Indian Bank’s international money transfer services provide a secure, quick, and convenient way to send and receive funds worldwide. With its SIB Mirror+ App, SIBERNET, and extensive network of correspondent banks and SWIFT centers, SIB ensures seamless financial transactions for NRIs and resident customers.
Whether you are a student, business professional, or traveler, SIB’s robust remittance options make cross-border transfers hassle-free.
FAQs
You can send money abroad using SIB Mirror+ App or SIBERNET by selecting the “Remit Money Abroad” option and entering beneficiary details.
SIB supports major currencies like USD, AED, CAD, AUD, GBP, EUR, JPY, CHF, SAR, and SGD.
The SWIFT code for SIB is SOININ55.
Transfers are processed within 60 seconds for SIB Flash, while other methods may take up to 24 hours.
Resident customers can transfer up to USD 10,000 per day, while NRIs can transfer up to USD 25,000 per day.
You can receive money via Correspondent Banks, SWIFT Centers, SIB Flash, SIB Express, TT Remittance, and MTSS services.
NRIs from the USA, UK, Germany, Japan, Canada, UAE, Saudi Arabia, Australia, and Singapore can send money to SIB accounts.
Yes, under MTSS, cash payments up to INR 50,000 are allowed, while larger amounts are credited to bank accounts.
The limit is USD 2,500 per transaction, with a cap of 30 transactions per recipient per year.
No additional charges apply for SIB Flash; only standard exchange house fees apply.
Learn about different international money transfer facilities with Fly Finance and Leverage Edu. To avail of our forex services, do contact us at 1800 572 126.
To learn more about bank accounts for students, the best education loans, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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