UCO Bank is a public sector bank established in 1943. It was earlier known as the United Commercial Bank. The UCO Bank International Money Transfer can be availed by all customers of the bank. UCO bank allows customers to instantly transfer money from the bank using a mobile phone. The money will be instantly deposited in the receiver’s bank account. All transactions made through the UCO bank are safe and secure. Keep reading to know more about the UCO Bank International Money Transfer.
This Blog Includes:
- What is International Money Transfer?
- The features of the UCO Bank International Money Transfer
- Benefits of UCO Bank for International Money Transfers
- Eligibility Criteria for the UCO Bank International Money Transfer
- UCO Bank International Money Transfer Products and Services
- UCO Bank International Money Transfer: SWIFT code
- Limitations of UCO Bank International Money Transfer
- Common Challenges in International Money Transfers
- FAQs
What is International Money Transfer?
An international money transfer refers to the electronic transfer of funds internationally. The amount can be directly sent to the bank account of a business or a person abroad. An international money transfer can be done with the help of an online platform, individual agent, or bank. The person who will receive the payment is known as a beneficiary and the bank you will be sending the money to will be known as the beneficiary bank.
The features of the UCO Bank International Money Transfer
Below are the main features of the UCO Bank. It includes:
- An online transfer without adding or registering the beneficiaries
- Fund transfer between UCO accounts is possible.
- International transfers can be made 24/7 any day of the year.
- It is possible to transfer money even on holidays or on Sundays
- The transfer limit is INR lakh per day from the UCO bank account
- A total of 10 transfers can be made from the account
- Instant confirmation through SMS will be given to transfer the money
- UPI can be used to transfer money from the account to the beneficiary bank account
- Remittance can be made through the Swift network
- UCO Bank has a tie-up with the Western Union Money transfer service
Benefits of UCO Bank for International Money Transfers
Choosing UCO Bank for international money transfers offers several advantages that enhance the overall experience for customers. Here are the key benefits:
- UCO Bank provides competitive exchange rates for international money transfers, ensuring that customers receive favourable rates compared to many other banks.
- UCO Bank allows customers to make international transfers anytime, including weekends and holidays.
- You can initiate transfers directly from their mobile phones or computers without needing to visit a bank branch.
- UCO Bank enables instant fund transfers, meaning that the recipient often receives the money almost immediately after the transaction is completed.
- Unlike many banks that require prior registration of beneficiaries, UCO Bank allows customers to transfer funds without needing to add or register beneficiaries beforehand.
- All transactions conducted through UCO Bank are secure, utilizing advanced encryption and security measures to protect customer data and funds during transfers.
- UCO Bank allows a daily transfer limit of INR 1 lakh, accommodating various transaction sizes while also permitting multiple transfers throughout the day.
Eligibility Criteria for the UCO Bank International Money Transfer
The eligibility criteria for the UCO Bank International Money Transfer are as follows:
- Wifi connectivity or an internet connection through the sim card.
- The individual needs to have a savings or current account with the bank
- The mobile number needs to be registered with the bank
- Must be using the Android or iPhone
Also Read: Things to consider when transferring money abroad
UCO Bank International Money Transfer Products and Services
UCO bank offers international banking services for Indian customers, corporates, overseas corporate bodies, NRIs, foreign companies, foreign banks, and so on. These services are provided by the Authorized Forex Branches and Integrated Treasury Branches. Some of the main services provided include
- Foreign currency Loans
- NRI banking services
- Services/finance to exporters and importers
- Remittances
- Forex and Treasury Services
- Resident Foreign currency deposits
- Correspondent banking services
Also Read: Best Forex Cards for International Student
Remittances
The UCO bank through its wide range of network offers inward and outward remittance services at competitive rates. The SWIFT network is used for remittance as it adds to reliability and efficiency. All remittances are taken care of by the authorized forex branches. UCO also has partnered with the Western Union money transfer to provide the remittances.
Forex and Treasury Services
The UCO Bank International Money Transfer includes forex and treasury services. The inter-bank forex operations are handled by the integrated treasury branch in Mumbai. The UCO overseas branches take care of the forex treasury services of Singapore and the Hong Kong Centre. All important currencies are dealt with by the UCO bank. Some of the main Forex and treasury activities handled by the UCO bank include-
- Cross currency swaps
- Sale and purchase of the currency on behalf of customers
- Forward cover bookings
- Cross currency swaps and interest rate swaps
- Forward rate arrangements
- Forex services for corporates
- Forex money market operations
Also Read: Axis Bank International Transfer
NRI Banking Services
Several NRI banking services are provided by the UCO bank. It includes:
- Foreign Currency Nonresident (FCNR-B) Deposits– Customers can remit any of the 10 currencies (USD, GBP, EUR, JPY, AUD, SEK, CHF, SGD, HKD & CAD). There is no upper amount for any of the deposits. However, the minimum amount to be deposited is USD 2,000. The customers are also free from the exchange risk.
- Resident Foreign Currency (RFC) Deposits– Indians returning to India after staying abroad for at least a year can make use of this scheme. It allows the customers to retain their savings in an RFC account in foreign currency, get the earnings out of dividend/sale proceeds of assets left abroad including pension, and get the FCNR (B)/NRE Deposits credited to this account. The minimum amount of transaction is USD 1,000.
- Rupee deposits– It is divided into Non-Resident external (NRE) Deposits and Non-Resident Ordinary (NRO) Deposits. The open Savings Bank, Current, Recurring and Fixed Deposit accounts can be opened under both deposits.
- Remittance to India- The remittance to India can be made in 3 days. For the overseas branches, customers can visit the branches in Singapore and Hong Kong for assistance. Another way is using drafts or cheques. However, the payout will be made in Indian currency for not more than US$ 2500 per transaction.
- NRI loans- The NRI loans can be granted against FCNR(B) deposits to NRI deposit holders in foreign currency in India.
Services/finance to exporters
The UCO bank offers gold cards for exporters. Thus, simplifying the access to export on better terms. For example, the rate of interest. The UCO Bank International Money Transfer services/finance to exporters are as follows:
- Rupee Export Credit (pre-shipment and post-shipment)– The rupee export credit is provided to Indian exporters with the help of rupee-denominated loans and foreign currency loans. Credit facilities are granted to exporters who meet the credit exposure norms of the UCO bank. The export credit is provided for a period of 180 days. It can be calculated from the date of the 1st disbursement.
- Pre-shipment Credit in Foreign Currency (PCFC)– The UCO bank provides PCFC in foreign currency to exporters. It has been made to assist the exporter to fund their procurement, processing, and packing requirements. These credits are provided at competitive international interest rates. Thus, covering the cost of both the export and its content. It is available for a period of 180 days from the date of 1st disbursement.
UCO Bank International Money Transfer: SWIFT code
The SWIFT code or the SWIFT number is a standard code for Business Identifier Codes (BIC). A swift code is used by the bank to identify itself internationally. The UCO Bank SWIFT code is UCBAINBB330.
UCBA is the bank code, IN is the country code, BB is the location code, and 330 is the Branch code.
Limitations of UCO Bank International Money Transfer
Below are the main limitations of the UCO Bank International Money Transfer
- The mobile number needs to be registered with the bank
- The customer needs to have a mobile phone with an internet connection
- Customers can only transfer INR 1 lakh per day.
- The transfer limit is 10 times per day
Common Challenges in International Money Transfers
While UCO Bank offers a robust international money transfer service, customers may encounter several challenges during the process. Understanding these challenges can help users navigate potential issues effectively. Here are some common challenges associated with international money transfers through UCO Bank:
- Delays can occur due to various factors, including technical glitches, banking holidays, or issues with the recipient’s bank.
- International money transfers often come with various fees, including transaction fees and currency conversion charges. While UCO Bank strives to offer competitive rates, customers should be aware of the potential costs associated with each transfer.
- International transfers are subject to strict regulatory compliance requirements, including anti-money laundering (AML) and know-your-customer (KYC) regulations.
- UCO Bank imposes a daily transfer limit of INR 1 lakh per day for international money transfers, which may not meet the needs of all customers. For individuals or businesses requiring larger transfers, this limitation can be a significant hurdle.
This was all about UCO Bank international money transfers. The UCO bank offers fast and reliable international money transfers. It offers several international services such as foreign currency loans, NRI banking services, remittances, forex and treasury services, among others. Customers can also do online transfers without registering the beneficiaries.
To learn more about education loans, the best bank accounts for students, 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.
FAQs
The UCO bank through worldwide correspondents, overseas branches, and Indian branches, provides inward and outward foreign remittance facilities at competitive rates.
Yes. UCO Bank is an international bank. It has two overseas branches and one representative office.
The SWIFT transfer is a prominent messaging system used to transfer money internationally. It is also known as international money transfer.
Customers must have either a savings or current account with UCO Bank to initiate international money transfers.
Yes, UCO Bank allows international money transfers 24/7, including weekends and holidays, providing flexibility for customers.
Customers can transfer a maximum of INR 1 lakh per day through UCO Bank’s international money transfer service.
Customers can make up to 10 international transfers in a single day using UCO Bank’s services.
No, UCO Bank allows customers to transfer funds internationally without the need to register beneficiaries beforehand.
The SWIFT code for UCO Bank is UCBAINBBXXX, which is used for international transactions to identify the bank.
UCO Bank utilizes advanced encryption and security measures to protect customer data and ensure secure international money transfers.
