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

The global bank, Standard Chartered, has been operating in India for over 165 years. With a long history of helping transfer money in and out of India. Read on to learn more about what to expect when sending international transfers with Standard Chartered in India.

Sending money abroad from India with Standard Chartered

Standard Chartered Bank offers Global Wire Transfers services to facilitate outward remittances from India. Account holders can send a transfer through the bank’s online portal or by visiting the nearest branch of Standard Chartered Bank to initiate the transfer in person. The recipient’s bank account abroad can be credited within 1 or 2 working days.¹

For Saving Accounts in India, Standard Chartered charges a fee of INR 250 to transfer funds internationally.³ Additionally, you'll also need to cover the additional fees charged by the corresponding foreign banks.

Receiving money in India from abroad with Standard Chartered

Account holders of Standard Chartered Bank in India can receive International Wire Transfers through SWIFT - a network used by banks worldwide to transfer payments to each other. Standard Chartered facilitates inward remittances to India through its global network of bank branches and correspondent banks, and money is credited to the account in India within 2 working days.²

The SWIFT Code of Standard Chartered Bank in India is SCBLINBBXXX.

Currency-wise Wire Transfer Instructions to send money to your Standard Chartered bank account in India 👉

When setting up the SWIFT transfer from abroad, make sure to mention the purpose code indicating the reason for the transfer to India.

For Saving Accounts in India, Standard Chartered charges a fee of INR 250 to receive remittances from abroad.³ You'll also need to account for any charges from the sender's bank for initiating an international wire transfer to India.

Forex Rates for Standard Chartered in India

An important expense with international transfers comes hidden in the currency conversion rate used by the bank. You can see the rate at which Standard Chartered converts incoming transfers to INR from the Forex card rates published by the bank.

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

Save with International Remittance when you use Wise

Need to send money overseas? Consider Wise, which uses the mid-market exchange rate: the same as the one you see on Google.

Wise uses smart tech to make international transfers safe, secure - and cheap. With no hidden markups on the rate, Wise can help you save⁴ with a transparent low transfer fee when you send money overseas.

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:

1. Standard Chartered > India > Outward Remittance > Global Wire Transfer
2. Standard Chartered > India > Inward Remittance > International Wire Transfer
3. Standard Chartered > India > Schedule of service charges
4. Wise - India Price Comparison Research

Sources verified on 24 July 2023.
Photo by Ben White on Unsplash.