An international money transfer is a way of sending money electronically to an individual that is located in another country. It is one of the easiest ways to send money overseas and the transaction usually gets completed in 3 to 4 days. Many banks provide this service to their customers one of which is Yes Bank. Yes Bank allows its customers to both send and receive money internationally, which provides them convenience and flexibility that too within a short amount of time.
Want to know more about Yes Bank international money transfer? Then keep on reading further to learn important information related to it.
What is International Wire Transfer?
International wire transfer is a way of sending money overseas electronically without any involvement of physical cash and that too within 3-4 days making it quite convenient. Wire transfer requires details related to the sender and receiver which entails the beneficiary’s name, address, contact number, banking information (SWIFT code, bank and branch name, account no.), etc.
Details Required for Yes Bank International Money Transfer
It is crucial to have all the necessary details required for international money transfer handy in order to ensure a smooth transfer. Following are the details required for Yes Bank international money transfer that you should collect beforehand:
Remitter is the person who is initiating the money transfer, in simple terms “the sender”. Following are the remitter details required for international money transfer:
- Name of the remitter
- Local bank Name of the remitter
- Remitter’s local bank account number
Correspondent Bank Details
Correspondent banks are third-party financial institutions that enable international money transfers between domestic and international banks. Following are the details required of the correspondent bank in order to enable Yes Bank international money transfer:
- Name of the bank
- ABA Number / IBAN (if necessary)
- Account Number
A beneficiary is an individual who is going to receive money from the remitter in the currency of the country they are staying in. Following are the details required of the beneficiary:
- Bank name and branch
- SWIFT / BIC code (Yes bank’s SWIFT code – YESBINBB)
- Beneficiary name ( Beneficiary account name with Yes Bank)
- Beneficiary account number (15-digit account number of the beneficiary with the Yes bank)
- Purpose (the purpose of sending money to the beneficiary)
Also Read: IndusInd Bank International Money Transfer
Select the Charges Option – OUR, BENE or SHA
To initiate a Yes Bank international money transfer the remitter needs to choose the charges option from the following options available:
- OUR – In this option the beneficiary will receive the total amount remitted and the charges will be borne by the remitter.
- BENE – In this case, the charges related to the foreign bank will be paid by the beneficiary. The charges are deducted from the amount that they will receive from the remitter.
- SHA – In this option transfer charges related to the foreign bank are paid equally by both the remitter and the beneficiary. (For instance, if the transfer charges are $50 then the half amount i.e. $25 will be paid by the remitter and the rest of $25 will be paid by the beneficiary).
Also Read: Indian Bank International Money Transfer
On all international transactions Yes Bank has a Preferential currency markup of 1.75%.
Yes Bank is an Indian bank that offers both domestic and international banking services to its customers and partners with other banks in order to fulfil their business needs in India.
As of 31st March 2023, SBI holds 26.14%, LIC holds 4.34%, Axis Bank and ICICI Bank hold 1.57% and 2.61% stake respectively, in Yes Bank.
This is everything you need to know about Yes Bank international money transfer! Worried about the financial hurdles you are facing for your study abroad dreams? Let Fly Finance help you and make your dreams come true!