South Indian Bank International Money Transfer

south indian bank international money transfer

South Indian Bank (SIB) allows inward and outward remittances facilities with its mobile banking app- SIB Mirror+App and its internet banking platform- SIBERNET. To facilitate South Indian Bank international money transfer, this international bank has created a profound network of SWIFT centers, correspondent banks, and exchange houses. This service of sending money internationally is available in India, USA, UK, Canada, UK, USA, UAE, Kuwait, Qatar, etc. Non-Resident Indians (NRIs) and acquaintances of foreign tourists visiting India can send inward remittances in USD, AED, CAD, AUD, and other major currencies. Let’s learn in detail about South Indian Bank International Money Transfer through this article. 

How to Send South Indian Bank International Money Transfer?

Indians with an account in SIB can send money overseas for education, travel, gifting, emigration, and family maintenance through SIB Mirror+App and SIBERNET. To make an outward South Indian Bank international money transfer, a (Non-Residential External) NRE and Resident Bank Account customer need to follow the below guideline:

  • Login to SIBERNET or SIB Mirror+App using your credentials
  • Select the “Remit Money Abroad” option
  • Fill out the details of the beneficiary
  • Enter the amount to be transferred and the currency in which the recipient will receive the transferred amount.
  • Click on “Continue” to process the outward transfer.

Also Read: Canara Bank International Transfer

How to Receive South Indian Bank International Money Transfer?

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.

Correspondent Banks

NRIs residing in the USA, UK, Germany, Japan, Canada, Switzerland, Australia, UAE, Singapore, and Saudi Arabia can send money to India through the correspondent banks of the South Indian Bank. The sender making a South Indian Bank international money transfer to a beneficiary in India must provide the SIB account details of the recipient, name, and address of the SIB branch to which the transfer will be made. 

Also Read: How to Transfer Money Internationally Between Banks

SWIFT Centres

South Indian Bank uses the latest version of Internet Protocol (IP)-enabled Society for Worldwide Interbank Financial Telecom (SWIFT) network to receive inward remittances from NRIs based out of the USA, UAE, UK, Australia, Japan, Switzerland, Canada, Saudi Arabia, Singapore, and Germany. The SWIFT code for SIB is SOININ55. Residents of the aforementioned countries can send money to different SIB branches connected to the SWIFT network. 

Online Money Transfer

NRIs can send money to India through the online money transfer feature of the South Indian Bank. There are four online funds transfer options:

SIB Flash

This facility is designed to make instant inward transfers from UAE. Customers of UAE Exchange, AL Fardan Exchange, AL Ansari Exchange, and AL Ahalia Exchange can transfer funds to SIB account holders in India within seconds. Both the sender and receiver will be informed about the credit within 60 seconds. This web-based remittance system transfers money via the South Indian Payment Hub. 

Also Read: Equity Bank International Money Transfer

SIB Express

Under this online South Indian Bank international money transfer option, remittance from foreign nations is credited to the SIB account of the beneficiary within seconds via electronic transmission. This electronic form of transfer automatically credits the transferred amount to the SIB account of the beneficiary instantly. The remitter is required to give the 16-digit account number of the recipient. 

This international money transfer option is available to people residing in 

  • The UAE,
  • Oman
  • Kingdom of Bahrain
  • Kuwait
  • Qatar
  • Canada
  • The USA
  • Singapore
  • Seychelles
  • Australia
  • Jordan
  • The UK 

TT Remittance

SIB also accepts online inward remittances through the Telegraphic Transfer (TT) facility of this financial institution. The bank has opted for two types of TT facilities, details of which are tabulated below:

Cash On-LineExpress Remittance
Remittance payments are permitted through cash; Maximum Inward Remittance Limit is INR 50,000The remitted amount is credited to the beneficiary’s account within 24 hours of processing the payment. 

MTSS 

The Money Transfer Service Scheme (MTSS) South Indian Bank international money transfer operates under the guidelines and supervision of the Reserve Bank of India (RBI). This web-based overseas funds transaction service facilitates instant cash transfer to recipients in India under the below-mentioned top international money transfer companies:

  • Xpress Money
  • Ria Money Transfer
  • Western Union Money Transfer

Details of this web-based overseas transfer are mentioned below:

Particulars Details
Eligible types of remittancesRemittances for Personal Expenses and Foreign Tourists
Maximum Inward Remittance CapUSD 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 PaymentINR
Frequency LimitOnly 30 transactions per recipient per calendar year

Also Read: Discover Bank International Wire Transfer: Fees, Rates, Transfer Time

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)

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 TypesResident CustomersNRIs
Per Day LimitUSD 10,000USD 25,000
Financial Year LimitUSD 25,000USD 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. 

FAQs

Q1. Is South Indian Bank international?

Ans. Yes. South Indian Bank allows inward remittances in India from abroad. This international bank uses an exhaustive network of correspondent banks and money transfer companies.

Q2. Which currencies are accepted for South Indian Bank international remittances?

Ans. This bank allows inward remittances in USD, CAD, AUD, CHF, AED, JPY, EUR, SGD, GBP, and SAR.

Q3. How can I send money internationally with South Indian Bank?

Ans. You can use the SIB Mirror+App to send and receive remittances. 

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. 

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