Standard Chartered International Transfer

Standard Chartered International Transfer

Standard Chartered provides banking services globally, across various continents including Asia, Africa, Middle East. In 1969, the bank came into existence due to the merger of Standard Bank and Chartered Bank, together called Standard Chartered Bank. These banks had established a vast network in the emerging markets of Asia and Africa in the 1860s. Today, the network of the bank has gone stronger and has improved since then. The bank participates in more than 59 markets across Africa, Asia and the Middle East. The bank is listed in two of the largest stock exchanges in Asia and is among the top 100 largest companies named on the London Stock Exchange. To know more about Standard Chartered International Transfer, keep reading.

About Standard Chartered International Transfer

Customers can make Standard Chartered Telegraphic Transfers in more than 200 countries. The remittance can be done on the same day to more than 30 places. Digital banking has made the process easier. Moreover, no fees are applicable for Priority Private and Priority Banking Clients.  Customers can make the telegraphic transfer in more than 24 currencies. Do note that the fastest transfer is to Australia, Euro-zone countries, Singapore, and the UK. When Standard Chartered customers invest abroad they can also gain FX privilege such as a special exchange rate based on membership.

Why use Standard Chartered?

There are several reasons you should opt for Standard Chartered Telegraphic Transfer. Some of them are listed below:

  • Faster international transfer with 0 transfer rates in 19 international markets
  • Customers can transfer funds 7 days a week, any time of the day.
  • Benefit from the bank-wide network and credit bank any bank account within 2 days
  • Make recurring international payments easily 
  • With global link easily manage accounts across the world

Transferring Money 

Standard Chartered International Transfers can be facilitated via their app. Both the customers’ local and overseas money transfers can be done via the app. The bank has different transfer fees depending on the country due to the adaptation to the domicile currency. You can also do money transfers by visiting the local branch of the bank. 

Also Read: Bank of Scotland International Money Transfer 

Standard Chartered International Transfer Fees and Exchange Rates

The following are the exchange rates and fees applied to transactions offered by 

Exchange Rate 

The bank participates in over 50 global markets across the world and thus, exchange rates differ from country to country and are subject to change depending on the market trend. 

For example, in Standard Chartered Sri Lanka, all the international transactions and exchange rates are done in Sri Lankan Rupee (LKR). Similarly, in Standard Chartered Malaysia exchange rates are done on the Malaysian Ringgit (MYR). Mostly these exchange rates are coupled with mark-ups. Mark-ups are the charges that are associated with international bank transfers and foreign currency exchange rates between banks. 

Transfer Fee

Standard Chartered calculated the transfer fee using the domicile currency used in a particular country. For example, in standard Chartered Malaysia, the customer would be required to pay from 2 MYR to 10 MYR (INR 37 – INR 185) depending on the converted currency. The fee varies depending on the country. 

*The currency exchange rates are subject to market fluctuations.

Additional Cost 

Standard Chartered has different policies for different countries with different currencies. In some countries, the transfer fee is the only fee charged by the customers. However, in other countries, customers are also asked to pay VAT to complete the transfer. In some cases, the customers of the bank are making a loss over their international money transfers because of the money transfer fee and exchange rate margin. 

How to Open a Bank Account with

Opening an account is quite an easy procedure. The following are the steps to open up a bank account:

Check Eligibility 

First of all, the customers are required to check the requirements of the country of their choice 

Gather All your Personal Details

The following are the documents required to open a Standard Chartered bank account:

  • The number assigned by Social Security Administration
  • Address
  • Year of Birth 
  • Your First Deposit 
  • Government Issued Identification

Apply Online 

The bank generally enables the customer to open an account using online forms.

Also Read: Emirate NBD International Transfer

How to Remit via SC Mobile App / Online Banking?

Below are the steps you can take to remit money via the SC Mobile app/Online banking.

  • Enter the BSB (Transit number for  Canada/ Sort Code for UK/ABA routing number for US)
  • Bank details will be automatically provided 
  • Next put the Payee account number, name, country, city, and other details
  • Enter the payee’s address and postal code and save details to remit money

Remittance Destination and Clearing Code

Here is a list of the remittance destination and the clearing codes.

Remittance destinationClearing code and its length
CanadaTransit Number (8 digits)
AustraliaBSB Code (6 digits)
UKSort code (6 digits)
USABA Routing Number (9 digits)
Other DestinationsSWIFT Code (11 digits)

Pros and Cons of Standard Chartered 

The followings are the pros and cons of the Standard Chartered Bank:

Pros

The bank has local adaptation and is present in various countries. The bank provides localized services, products and exchange rates for customers around the world. This allows the locals of the countries to feel familiar with the bank. 

The bank provides easy access for people to open Standard Chartered bank accounts using online forms provide the candidate must have all the required documents ready at that time. The online forms are available on the local websites of Standard Chartered. 

Cons 

Not all the information is available on the website of the bank. In some countries, it is required for customers to visit the branch to know more about simple things like bank transfers, opening an account, standard chartered international transfer, currency exchange and more. 

Also Read: Equity Bank International Money Transfer 

Benefits of Choosing Standard Chartered international transfer

The following are the benefits of choosing Standard Chartered international transfers:

  • It enables faster international money transfers. The transaction is done instantly or on the same day 
  • It provides easy access to customers via their online application. Customers can use their laptops, phones or tablet to get any information 
  • Customers can view the foreign exchange rates and charges before initiating the transaction
  • Customers can pay from anywhere at any time like a local 

Tips for making a remittance 

  • Choose the currency you want to send the remittance. Usually, it comes pre-set as the destination country’s currency. It can be changed by the customer if they want to.
  • Make sure that the instruction details are correct before submitting the form.
  • It is important because after the submission any amendment or cancellation will depend on the intermediary/beneficiary bank. Additional charges will also be applicable.

FAQs

What are the documents required to open an online bank account?

The following are the documents required to open a Standard Chartered bank account:
The number assigned by Social Security Administration
Address
Year of Birth 
Your First Deposit 
Government Issued Identification

Why should I choose Standard Chartered bank?

The following are the reasons to choose Standard Chartered:
The bank has local adaptation and is present in various countries. The bank provides localized services, products and exchange rates for customers around the world.
The bank provides easy access for people to open Standard Chartered bank accounts using online forms provide the candidate must have all the required documents ready at that time.

What is the transfer fee for Standard Chartered International Transfer?

Standard Chartered calculated the transfer fee using the domicile currency used in a particular country.

This was all about Standard Chartered International Transfer. If you wish to know more about international transfer and education loans, reach out to Fly Finance.

About Charvi Khaneja

Charvi Khaneja is a proficient writer with a passion for simplifying complex financial concepts and empowering individuals to make informed decisions about their money. She writes about the finace perspective with relation to study abroad.

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