Bank of Baroda International Transfer: Your full guide

Aman Saxena

India’s second-largest state-owned bank, Bank of Baroda serves 131 million customers in 21 countries.¹ And when it comes to international transfers, Bank of Baroda offers a variety of ways to receive in India, but with only one option to send funds abroad. Let’s take a look at how Bank of Baroda operates their international transfers, and what that might mean for charges and fees.

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Remit to India with BOB Rapid Funds2India

Rapid Funds2India is a BOB service available to NRIs and corporations that are sending money to India. You don’t need to hold a BOB account to use the service, but you have to contact a branch in a qualifying country.

The benefits of Rapid Funds2India is that transfers are done through NEFT or RTGS so they can be completed quickly, typically under 24 hours. There is no maximum limit for how much you can send, although RTGS transfers have a minimum of ₹2,00,000 INR.

BOB account holders can send a transfer for free, but there may be a charge for those with other bank accounts. You can expect to pay an exchange rate fee, which is when a bank adds an additional fee to the exchange rate. That way they are able to take a cut of the converted amount. And while this can seem small, it adds up quickly.

The qualifying countries with bank branches for Rapid Funds2India include:

  • U.K.
  • U.A.E.
  • Oman.
  • Mauritius.
  • U.S.A.
  • Uganda.
  • Ghana.

See the full list on the Bank of Baroda website.

Receive international funds with BoB

You can receive money from abroad into your Bank of Baroda account, especially if you are an NRI, a Non-Resident Indian. Here is how:

There are several different ways that Bank of Baroda says you can receive funds in your Indian account from abroad. But not all of them are the same. You can use:

  • Third-party money transfer providers like Western Union, Moneygram, and Xpress Money
  • Cash or Travellers Cheques but they do have a cap of around $5,000 USD and $10,000 USD respectively.
  • Remittances on collection basis, such as demand drafts or international money orders
  • Exchange House Arrangements, specifically with Lulu Exchange, UAE Exchange, and Al Ansari Exchange.
  • Baroda Flash Remit which is only available through UAE Exchange
  • SWIFT transfers from correspondent banks
  • Rapid Funds2India from Bank of Baroda branches around the world.

All of these options will allow you for credits and deposits into a local Bank of Baroda account.²

Charges and fees to receive money with BoB

One perk of being a recipient of a transfer from abroad is the fact that you will likely not be paying any fees for receiving the funds. The only instance where you would have to pay a fee is if you want the amount received in a foreign currency through a demand draft in India. The charge would be 0.1% min. of the amount at a minimum of Rs. 500.00 and max Rs. of 5000.00.³

How much time does it take to receive money with BoB?

Each of the 7 different ways to receive funds is going to have their own time frame. This can range from a matter of seconds with Flash Remit, to days with SWIFT transfers. The time is also going to be dependent on where the money is coming from, how much it is, and the mode of payment.

Want a clear and easy way to send money in India? Try Wise. Wise is completely online and will tell you all the information you need to know right up front- From the clear exchange rate you will get, to the single fee and the delivery time. And the money will go directly into the receiver's local Indian bank account. It is that simple, fast, and cheap.

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Send money abroad with BoB

Now how about sending money with Bank of Baroda? Let’s take a look and how you can send money to friends, family, or colleagues abroad.

You can send money using a SWIFT transfer and the full completion of the outward remittance form called the A2. To fill out the A2, you are going to need a number of items including:

  • Your PAN Number
  • A clearly identified reason for the remittance per the Purpose Codes given in Appendix II of the form
  • Your beneficiary’s details and correspondent SWIFT/IBAN/Sort or Transit Code bank details depending on which country you are sending it to. Including the bank’s full address

If you are a Resident Indian, then your transfer abroad will fall under the Liberalised Remittance Scheme (LRS) and will have to meet the cap of transferring below $250,000 USD abroad. If you are an NRI with an NRE or NRO account you will have to abide by the no limit and $1 million dollar limit respectively.⁴

Charges and fees for sending money with BoB

There are 2 different main charges when sending money abroad with Bank of Baroda. The first being a SWIFT fee of Rs. 500, but in addition, there are the following charges⁵:

Sending up to Rs. 25,000Sending above Rs. 25,000
Sending an outward remittance in a foreign currency under LRSRs. 500.00Rs. 750
Remittance from an NRO accountRs. 500.00Rs. 750
Outward remittance in foreign currency from an NRE accountRs. 500.00Rs. 750

If you want a foreign currency demand draft, it will be Rs. 500 per draft.

The second fee will be in the exchange rate that Bank of Baroda offers. Bank of Baroda sets its own exchange rate which is lower than the mid-market exchange rate. The mid-market exchange rate is the rate that the banks use amongst themselves and does not have a markup. When Bank of Baroda sets their exchange rate lower than the mid-market exchange rate, they are able to take a cut of every transaction for profit.

How much time it takes to send money with BoB?

Typically SWIFT transfers can take 2-3 working days to send abroad. But this may vary depending on the time it is sent, the amount being sent, and where the destination for the funds is.

Check the status of money transfer

You can check the status of a money transfer on your Bank of Baroda dashboard or by reaching out to your local branch to get an update.

The true cost of international transfers with Bank of Baroda

Bank of Baroda is one of a few great state-owned bank options within India, but when it comes to international transfers it can be a bit cumbersome. The first is that the process to send money abroad, whether it is for a family member studying abroad or as a gift, is not easily done online and the fees can be confusing- if not expensive.

You will first have to complete the lengthy A2 form and there is an Rs. 500 SWIFT fee plus the outward remittance fee with every transfer. This may require you to go down to a physical branch to complete.

You will also have to pay the weaker exchange rate that Bank of Baroda offers. They take a cut of every foreign currency that is exchanged, and in that process, you lose money.

The true cost of a Bank of Baroda transfer can end up being a mystery. Without clearly marked fees and exchange rates, it can seem better to go with other providers that will tell you upfront exactly how much your transaction will be, and how long it will take.

And other providers, like Wise, will let you do the transfer from the comfort of your own home. Just clear, upfront and transparent information for you to make the best decision.

Meet Wise: a fast and transparent alternative

Wise is used by millions of customers around the world. With the fair mid-market exchange rate on every transfer, and one clear upfront fee, you can save money sending money abroad with Wise.

So no confusing lines, paper forms, or exchange rates here. You can access it all from the comfort of your computer or mobile phone.

Send money to India with Wise 👉

Sources used for this article:
  1. Bank of Baroda
  2. Receiving money into Bank of Baroda
  3. Charges and fees to receive money into Bank of Baroda
  4. Outward Remittance form
  5. Charges & fees to send money

All sources checked as of 15 May, 2020

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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