Personal Finance Money transfer

Punjab & Sind Bank International Money Transfer: How-to, Fees, Alternatives

Aditya Shrivastava

07.08.23 (updated more than 1 year ago)

Read time 2 minutes

Punjab & Sind Bank is a nationalized bank under the Government of India, with branches throughout India. Learn more about Punjab & Sind Bank’s overseas transfers and what to expect from the process.

📝 International Transfers with Punjab & Sind Bank
Sending money from India Fees and charges Time taken for the transfer Receiving money in India from abroad Fees and charges Time taken for the transfer Save when you send money abroad with Wise

Sending money from India with Punjab & Sind Bank

Punjab & Sind Bank 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. The procedure to remit money abroad is as follows:

Request a remittance application from Punjab & Sind Bank branch.
Provide the details of the sender, receiver, remittance amount, currency, and purpose in A2 Cum LRS Declaration Form.
Authorize Punjab & Sind Bank to debit your account with the equivalent amount of Indian currency and the charges.
Punjab & Sind Bank transfers the funds using the SWIFT network and credits the beneficiary’s account through its NOSTRO accounts.

The bank can also provide foreign demand drafts and traveler’s cheques.

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 purpose of the transfers must meet one of the following:

Travel abroad for business, a conference, or leisure.
Gifts or donations.
Expenses for going abroad for work.
Emigration.
To support family or close relatives.
Medical expenses abroad.
Education overseas.

Fees and charges

Here are the Punjab & Sind Bank's outward remittance fees (excluding GST):²

Transfer amount	Fee
Upto INR 20 lakhs	INR 1,000
From INR 20 lakhs to INR 1 crore	INR 1,500
From INR 1 crore INR to INR10 crores	INR 5,500

The fees above include the SWIFT charge of INR 500.

There is one additional cost to note when looking at the cost to send money from India: the currency exchange rate. Punjab & Sind Bank publishes its Forex Daily Rate Card here.⁴

Note that these rates are higher than the mid-market exchange rate you see on Google.

Time taken

Punjab & Sind Bank’s outward remittances are settled within 2 to 5 working days, depending on the currency, country, and the number of intermediary banks in the transfer process.

Receiving money in India from abroad with Punjab & Sind Bank

Punjab & Sind Bank allow account holders to receive inward remittances directly into their bank accounts in India. To send money to a Punjab & Sind bank account, the sender can send an international wire transfer with the currency-wise instructions available here.¹

Swift Branches of Punjab & Sind Bank 👉

Fees and charges

The fee structure for inward remittances at Punjab & Sind Bank depends on the mode of transfer.³ Another cost to be mindful of with international transfers is the outgoing international wire transfer fee charged by the sender’s bank abroad.

Received transfers from abroad are converted to INR based on the bank’s Forex rates.⁴ 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.

Time taken

Punjab & Sind Bank inward remittances are credited to the beneficiary’s account within 2 to 3 days after receiving the funds in its NOSTRO account.

Save when you send money abroad with Wise

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.

Sources used for this article:

Sources verified on 26 July 2023.
Photo by Fernando @cferdophotography on Unsplash.

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