Bank of India International Money Transfer: How-to, Fees, Alternatives

Bank of India is one of the country’s oldest banks and offers international remittance services to its account holders. Learn more about different Bank of India’s international transfers services, and what to expect from the process.

Sending money abroad from India with Bank of India

Bank of India offers outward remittance services for account holders wanting to send money abroad from India. The bank uses the SWIFT network to send wire transfers globally.¹ Account holders may be able to complete international remittances from the Bank of India’s Internet Banking portal, or you can complete the procedure at your Bank of India branch.

Here’s the process to initiate the transfer:

1. Provide the details of the sender, receiver, remittance amount, currency, and purpose in Form A1 for import transfers or Form A2 for non-import ones.
2. Authorize Bank of India to debit your account with the equivalent amount of Indian currency and the charges.
3. Bank of India transfers the funds using the SWIFT network and credits the beneficiary’s account through its NOSTRO accounts.

Bank of India’s outward remittances through SWIFT generally take 2 to 5 working days, depending on the destination country and the number of intermediary banks in the transaction.

Under the Reserve Bank of India’s Liberalised Remittance Scheme, residents of India can send up to USD 250,000 (or its currency equivalent) in a financial year. The reason for the transfers must meet one of the designated purposes mentioned in Form A2 above.

Fees and charges

Here are the Bank of India’s outward remittance fees (excluding GST):⁴

In addition to the above fees, you will also need to cover any out-of-pocket expenses incurred by the bank during the international wire transfer process.

There is one additional cost to note when looking at the cost to send money from India: the currency exchange rate. Bank of India publishes its daily Forex Card Rate Card here. Note that these rates are higher than the mid-market exchange rate you see on Google.

Sending money to India with Bank of India

Bank of India offers Star Insta-Remit service to NRI’s (Non-Resident Indians) looking to transfer money to India.² Star Insta-Remit can also be a great option for NRIs looking to fund Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts in India.

Bank of India also has bank branches in the following countries to facilitate hassle-free remittances to India:³

• France
• Hong Kong
• Japan
• Kenya
• New Zealand
• Singapore
• Tanzania
• United States
• United Kingdom

The fee varies depending on the country and the currency you are sending from. For sending international wire transfers to India, Bank of India provides routing instructions for different currencies here.

The senders will need to provide the following details to send money to India:

1. Sender’s details and address.
2. Beneficiary name, address, and account number with Bank of India.
3. Bank of India branch IFSC Code.
4. Reason for transfer.
5. Mode of payment.

Bank of India will receive the foreign transfer, convert it into Indian Rupees and then transfer the proceeds to the beneficiary’s account in India. The currency is converted based on the Forex Card Rate Card published here.

These rates are higher than the mid-market exchange rates you see on Google — the one which Wise uses for currency conversion when sending money abroad.

Receiving money to your Bank of India account from abroad

For Bank of India account holders, receiving money from abroad is a straightforward process. In most cases, the funds can be deposited directly into a Bank of India account with no additional charges if the amount is directly credited to the account with the Bank of India. There’s a bank fee of INR 250 if the payment is made to an account at any other bank.⁴

Bank charges for Foreign Inward Remittance Certificate (excluding GST):

Meet Wise: a convenient alternative for international remittances

Need to send money overseas? Make international remittances easier with Wise, which uses smart tech to make international transfers safe, secure - and cheap. Wise can help you save⁵ with a transparent low transfer fee and the mid-market exchange rate, which is the same as the one you see on Google.

And if you're living abroad, check out the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.