Forex refers to the foreign exchange market. It enables individuals and businesses to conduct regular activities like exchanging currency and transferring money internationally. Union Bank of India (UBI) offers a range of forex services, which are reliable and safe. From foreign currency accounts and remittance services to currency futures trading, you get complete solutions. Let’s explore the major features, benefits, and charges of Union Bank of India Forex services.
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Union Bank of India Forex Services
Union Bank of India is one of the popular public sector banks in India. Aspiring students who apply for Union Bank of India education loans to study abroad can avail affordable forex services from banks related to foreign currency exchange and international money transfers.
The bank also provides opportunities for trading currency in futures, allowing customers to hedge against currency fluctuations and manage forex effectively. The NRE and FCNR account for Non-Resident Indians (NRIs) let them maximise their returns with the bank’s competitive interest rates on these accounts. Check out all the Union Bank of India Forex services below.
International Money Transfers
Union Bank facilitates personal and business remittances, allowing customers to send money abroad easily. This is one of the popular Forex services availed due to its fastest and fastest mode of transmission via SWIFT.
- NRIs can easily remit funds to any part of India quickly and conveniently.
- Indians can remit funds abroad for sponsoring higher education for their children, medical purposes, business travels, etc.
- The bank offers competitive exchange rates and low remittance fees.
- Union Bank’s e-remit Forex service enables speedy remittances online, especially for donations to Tirupati Temple and Siddhivinayak Temple.
For seamless remittances abroad, you can check out Fly Finance Forex services with low fees, real-time tracking, and no hidden charges. Simply enter the country, amount, and recipient’s details, and you are done in three simple steps.
Foreign Currency Accounts
Union Bank of India offers specialised foreign currency accounts for Non-Resident Indians and individuals who need to manage foreign currency holdings. The popular accounts offered are the FCNR accounts (Foreign Currency Non-Resident Accounts), NRE Savings Accounts, and RFC accounts (Resident Foreign Currency) Accounts.
By using this Union Bank of Forex service, customers can protect themselves against exchange rate fluctuations. These accounts enable seamless international transactions and funds transfers.
| UBI Foreign Currency Accounts | Details |
| Foreign Currency Non-Resident Accounts | -NRIs can hold foreign currencies without converting them to INR. -Available in multiple currencies like USD, GBP, CAD, AUD, and EUR. -Competitive exchange rates offered. -Flexible deposit period ranges from 1 to 5 years. |
| NRE Savings Accounts | -Open to NRIs and PIOs (Persons of Indian Origin). -Currency is maintained in INR, but funds can be remitted from abroad in any currency. -No TDS is deducted on interest earned. -Joint accounts can be opened with residents or other NRIs. |
| Resident Foreign Currency Accounts | -For NRIs returning permanently after a minimum stay abroad. -Allows the account holder to maintain foreign currency deposits and withdraw funds in INR. -Funds can be freely remitted abroad without RBI approval. |
Also Read: Check out the best bank account for students who plan to study abroad. Explore their benefits and charges for easy money management.
NOSTRO Accounts
Another Forex service offered by Union Bank of India is the NOSTRO accounts in most permitted and global currencies. Businesses can easily instruct foreign banks abroad to remit funds to India.
- Citi Bank, JP Morgan, Barclays, HSBC, Standard Chartered Bank, Emirates NBD, and Bank of Montreal are some of the popular foreign banks with which Union Bank of India maintains NOSTRO accounts.
- By using Union Bank NOSTRO accounts, you can avoid losses that could occur if exchange rates change suddenly.
- They make it easier to send and receive payments across borders.
Also Read: Know all about NOSTRO and VOSTRO accounts here. Check out the importance and benefits that can be availed from these banks for students and businesses.
Currency Futures Trading
Union Bank of India forex trading or currency futures trading is another popular service offered by the bank. The UBI Currency Futures are exchange-traded contracts that allow you to buy or sell a specific amount of currency at a predetermined price on a future date. These are done using Standardised Contracts and Forward Rate Agreements (FRAs).
- Union Bank allows trading in 4 currency pairs – USD/ INR, EUR/ INR, GBP/ INR, and JPY/ INR.
- The standard contract sizes for different currencies are USD 1,000, EUR 1,000, GBP 1,000, and JPY 100,000.
- The trading for currency futures is typically available from 9 AM to 5 PM, allowing for flexibility in managing trades.
- The maximum maturity of the contract is 12 months.
Forex Cards
Unfortunately, Union Bank of India doesn’t offer a Forex card as of now. Instead, it offers Rupay Select and VISA Signature debit and credit cards. You can enjoy complimentary access to domestic and international airport lounges a certain number of times per year.
- Debit Cards are issued free of cost with no annual maintenance charges.
- Joining fees and first-year annual maintenance charges are waived for Rupay Select Credit cards.
- You can easily make foreign transactions using the Union Bank of India cards. However, please be aware of Dynamic Currency Conversion (DCC) charges.
Also Read: Many banks offer the cheapest forex cards for seamless foreign transactions abroad and luxury benefits. Explore some of the best Forex cards with international lounge access.
Union Bank of India Forex Rates
Union Bank of India forex services are offered at competitive forex rates for foreign transactions and currency exchange or trading. Their buying and selling rates fluctuate based on market conditions. The latest rates are updated regularly on their official website. The Union Bank of India Forex rates for the common forex services are listed below-
UBI Remittances Charges
Union Bank of India’s international money transfer charges vary based on the type and purpose of remittance. The SWIFT charges are INR 500, including any follow-up messages.
| International Money Transfer | Purpose | Charges |
| Outward Remittance Charges | For Medical Treatment and Education Loan | Free + SWIFT + OPE (out-of-pocket expenses) |
| For Other Purposes | INR 750 to INR 5,000 + SWIFT + OPE | |
| Inward Remittance Charges | For Personal Remittance | INR 250 (flat) |
| For Trade | -INR 500 for amount up to USD 10,000 -INR 1,500 for more than USD 10,000 |
Also Read: Know all about the best places, including banks, Forex dealers, and RBI-licensed money dealers for the cheapest currency exchange without paying huge Forex fees.
Currency Futures Trading Charges
Union Bank of India Forex rates on Currency Futures Trading are as follows-
| UBI Currency Futures | Charges |
| For booking sale and purchase contracts | INR 500 per contract |
| For early delivery/ cancellation/ re-booking | INR 500 per contract + Swap cost + Cancellation Cost |
Return of Funds from NOSTRO Charges
The Union Bank of India charges USD 50 or the equivalent of other currencies when the debit is made from the FX funds in the NOSTRO account.
This was all about the Union Bank of India’s best forex services for students and businessmen. The bank provides a robust platform for managing foreign currency transactions effectively with its online management system. This enables you to manage UBI forex services through online banking and mobile apps, enabling easy access to balances, transaction history, and fund transfers.
To know about education loans, the best bank accounts for students, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs on UBI Forex Services and Rates
Union Bank of India offers a wide range of Forex services. These include remittances, foreign currency accounts, NOSTRO accounts, and currency futures trading.
Yes. You can make international transfers and remit funds in many global currencies. These services can be availed at low fees with complete transparency.
Union Bank of India charges for international money transfers vary based on the purpose:
-For medical treatment and education loans- Free + SWIFT + OPE
-For other purposes- INR 750 to INR 5,000 + SWIFT + OPE
-Inward remittance charges are INR 250 for personal remittances and INR 500 for trade up to USD 10,000, increasing to INR 1,500 for amounts over USD 10,000.
Yes, Union Bank of India has foreign branches located in several countries, including Dubai, Australia, London, and Malaysia.
Unfortunately, Union Bank of India doesn’t offer a Forex card as of now. Instead, it offers Rupay Select and VISA Signature debit and credit cards.
