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

Bank of Maharashtra is a public sector bank with branches throughout India. Read on to learn more about international remittance facilities available through the Bank of Maharashtra, and what you can expect from the process.

Sending money abroad from India with Bank of Maharashtra

Bank of Maharashtra offers outward remittances through the SWIFT network, enabling account holders to send international wire transfers from India.¹ You can set up a transfer online through the FX e-Connect platform, or visit the bank branch nearest you to set up a transfer in person.

Send money abroad online through the FX e-Connect platform

Bank of Maharashtra offers an online platform called FX e-Connect through which customers can initiate an outgoing transfer completely online. The platform supports non-import LRS (Liberalised Remittance Scheme) transactions for the purpose of gift, maintenance of close relatives, foreign travel, medical treatment, education, emigration, etc.

Here are the steps to send money abroad:²

1. Login to Bank of Maharashtra’s internet banking portal.
2. Click on the ‘Forex Service Request’ tab.
3. Click on ‘Request for Foreign Exchange Transactions’.
4. Select the checkbox and click ‘Submit’.
5. On the next page, click on ‘Create Request’.
6. Download and fill up the required forms.
7. You will need to scan the filled forms into a pdf file.
8. Now click on ‘Create Request’ under the required category.
9. Fill up the mandatory information and upload your scanned documents.
10. Click ‘Submit’ to initiate the transfer process.

Once the transfer is completed, you’ll get the ‘Advice Copy’ and ‘SWIFT MT 103 Copy’ on your email.

Send money abroad in person at the Bank of Maharashtra branch

To send the international transfer in person, account holders can visit the Bank of Maharashtra branch and complete the outward remittance form with the required details such as the beneficiary's name, account details, the payment currency, the purpose of the remittance, the amount in the provided forms:³

• Application for drawal for foreign exchange (Form A2)
• Form 15CA under IT Act for sending remittance abroad
• Request for sending funds through SWIFT

The bank may ask for additional documents for verification.

The time taken for the transfer depends on the destination, currency, and the number of intermediary banks involved in the process. Generally, the funds reach the beneficiary account within 2 to 5 working days.

Bank of Maharashtra Fees for Outward Remittances

For sending money abroad, Bank of Maharashtra charges a remittance fee of 0.10% of the transfer amount, with a minimum of INR 100 and a maximum of INR 2,000 (excluding GST).⁴

In addition, you would also need to cover the SWIFT charges from any intermediary bank, and any incoming wire transfer fee from the beneficiary bank abroad.

Another expense with international transfers comes hidden in the currency conversion rate used by the bank. To view the rate at which the bank would convert incoming transfers to INR, click on the “Forex Card Rate….” button on the Bank of Maharashtra Forex page here 👉.

Receiving money from abroad to your Bank of Maharashtra account

Bank of Maharashtra offers a straightforward inward remittance process. Customers can receive international wire transfers directly to their accounts through the SWIFT network.⁵

The SWIFT Code of Bank of Maharashtra is MAHBINBB.

For convenient facilitation of international transfers, Bank of Maharashtra maintains correspondent accounts (also known as NOSTRO accounts) with 18 banks globally. For sending wire transfers to a Bank of Maharashtra account from abroad, here are the currency-wise settlement instructions 👉.

While sending the transfers from the foreign bank, make sure to mention the purpose of the transfer along with your account details and the branch of Bank of Maharashtra where you hold the account.

Bank of Maharashtra Fees for Inward Remittances

Here is a summary of bank fees for receiving money from abroad:⁶

Be mindful that you would also need to account for any outgoing international wire transfer fees charged by the sending bank abroad.

Another expense with international transfers comes hidden in the currency conversion rate used by the bank. To view the rate at which the bank would convert incoming transfers to INR, click on the ‘Forex Card Rate…’ button on the Bank of Maharashtra Forex page here 👉.

These rates are higher than the mid-market exchange rate you see on Google.

Meet Wise: a convenient alternative for international remittances

Wise offers international transfers at the mid-market exchange rate, and can help you save⁷ with full transparency of our fees without any hidden markups. Make international remittances easier with Wise, which uses smart tech to make international transfers safe, secure - and cheap.

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.