Union Bank International Wire Transfer

Union Bank International Wire Transfer

Union Bank of India is one of the most significant banks in India to use a 100% core banking system. The Government of India owns 89.07% of the overall shares of the capital. The bank offers many services to its customers including bank international money transfers. It is a great service for many customers who wish to avail of the service. Students who are interested in studying abroad can definitely check out this service for financial assistance or other expenses. And if you wish to know more about Union Bank International Wire Transfer, continue reading this blog.

About Union Bank 

The Union Bank of India is a globally diverse bank that has branches in many financial hubs in the world including Hong Kong, Dubai, Sydney, and London, a joint venture in Malaysia, and a representative office in Abu Dhabi (UAE). The bank offers various features including Loans, Digital Banking, and Deposits. 

Also Read: Forex Market and Trading Concepts for Beginners

What is International Wire Transfer?

International wire transfers are initiated in one country and are settled in another country. A sender initiates a wire transfer to send money to the receiver in another country with an account in the same bank. SWIFT codes are used to transfer money from one branch of the bank to another. The transfer is usually processed within two business days. 

A wire transfer includes the following information:

  • The receiver’s information including name, address, contact number and other personal information 
  • Banking information of the receiver including account number, institution’s name, address, routing number or SWIFT code and branch number
  • The reason for money transfer 

Union Bank International Wire Transfer

The Union Bank of India enables the following international wire transfer:

Sending Money 

The following are the steps to send money:

  • Log into the Union Bank of India account
  • Click on the menu and select transfers and request on outward remittance
  • Add all the required information correctly and check the information twice

Receiving Money 

The following are the details to verify for receiving money:

  • Your Full name and address
  • Your account number
  • Your routing number
  • Name of the Bank and address
  • BIC/SWIFT code of the branch your account is located in

Also Read: What is a domestic wire transfer?

Union Bank Exchange Rates and Transfer Fees

When you are sending money internationally you will need to exchange the currency for the recipient’s chosen currency. However, banks do not facilitate money transfers based on market rates. Banks enable profit margins as foreign exchange for foreign currency transfers. The distinction between the two rates of the exchanging money authority results in profit for them. 

Exchange Rates

There is no specified exchange rate that Union Bank of India offers, it could be variable. Generally, banks charge 4%-6%  markup on foreign transactions. It is a hidden price that you must pay. 

Transfer Fees

The Union Bank of India offers the following transfer fees:

TypeFeesIn INR 
Monthly Maintenance Fee$4327
Excess Pre-authorized withdrawals $151,145
Transfer or checks $151,145
Statement with check copies$2163
Outgoing Wire transfer$20-$451,636
Stop Payment Fee $302,454

Additional Fees 

Usually, banks charge other additional fees for various services they offer. 

Also Read: List of Banking courses after 12th 

Benefits of Union Bank International Wire Transfer

The following are the benefits of using Union Bank International wire transfer:

  • It offers an easy service to open a Union Bank account, you fill out an online application for the same
  • The bank offers premium quality service with 100 years of experience handling financial transactions
  • The bank has global branches in many financial hubs of the world 
  • The boasts its accountability and credibility, it has won several awards and honors for its achievements in the field of digital banking, technology, MSME growth, financial inclusion and human resource development 

FAQs 

Q1. How long does it take for a wire transfer?

Ans. The transfer is usually processed within two business days. 

Q2. What are the steps for a Union Bank wire transfer?

Ans. The following are the steps to send money:
Log into the Union Bank of India account
Click on the menu and select transfers and request on outward remittance
Add all the required information correctly and check the information twice

Q3. Why should I use Union Bank International Wire transfer?

Ans. The following are the benefits of using Union Bank International wire transfer:
It offers an easy service to open a Union Bank account, you fill out an online application for the same
The bank offers premium quality service with 100 years of experience handling financial transactions
The bank has global branches in many financial hubs of the world 

This was all about Union Bank International Wire 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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