Personal Finance Money transfer

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

Aditya Shrivastava

28.07.23 (updated more than 1 year ago)

Read time 3 minutes

Union Bank of India is one of many providers offering international transfers to and from India. Read on to learn more about how you can receive and send money abroad with Union Bank.

💱 International Transfers with Union Bank of India
Sending money abroad from India Fees and charges Time taken Receiving money from abroad in India Fees and charges Time taken Wise: alternative for international remittances

Sending money from India with Union Bank

Union Bank of India offers multiple ways¹ of outward remittance (or sending money abroad) from India. The bank is a member of the SWIFT (Society for Worldwide International Fund Transfer) network, which is a global network used by providers to make cross-border payments and wire money to each other.

Outward remittances can be sent for a variety of reasons, such as:

Medical treatment.
Paying for overseas education.
Sending gift money abroad.
Supporting a child or family member abroad.
Paying for travel.

All remittances need to meet the requirements of the Reserve Bank of India's Liberalized Remittance Scheme, which limits Resident Indians from sending up to USD 250,000 outside of India within a financial year.

Union Bank of India account holders can initiate an international transfer at a bank branch by following these general steps for outward remittance from India:

Complete the outward remittance application form and the corresponding A1/A2 form (import/non-import) for remittances, as applicable.
Give complete details of the recipient’s bank account
Provide details on the amount and the currency you would like to.
Pay for the transfer from your Indian Rupee account.
The Indian Rupee funds are converted to foreign currency at Union Bank’s exchange rates.
Union Bank of India sends the amount to your beneficiary through the SWIFT network.

Union Bank of India also offers Foreign Currency Demand Drafts and Traveler's Cheques as an alternative to SWIFT transfer.

Fees and charges for outward remittances

Here’s an overview of Union Bank of India's fee structure for sending money abroad. Please note that in addition to the SWIFT charges, you’ll also need to cover any out-of-pocket expenses (OPE) incurred during the process of sending an international wire transfer.²

Type of Outward Remittance	Fee
Transfers up to INR 7.50 lakhs	INR 1250 + OPE.
Transfers more than INR 7.50 lakhs	0.10% of the transaction (minimum INR 750, and maximum INR 3,000) + INR 500 + OPE
Transfers for medical treatment or education loan.	Only SWIFT charge of INR 500 + OPE

There is one additional cost to note when looking at the cost to send money from India: the currency exchange rate. Union Bank of India sets its own forex rates, which are higher than the mid-market exchange rate you see on Google.

Time taken

The time taken for an outward remittance through Union Bank of India depends on multiple factors, such as the recipient’s bank location and the amount transferred. In general, the funds should reach the beneficiary’s account within 2 to 5 working days.

Sending money to India with Union Bank

Union Bank of India offers multiple channels to remit funds to India. NRIs living in the supported countries in the Middle East can avail of the E-Remit facility that offers secure transfers through exchange houses in the Gulf region. This remittance is available in Indian rupees directly to the beneficiary's account.

Account holders of Union Bank can receive Wire or SWIFT transfers from anywhere in the world.

Swift Codes for Union Bank of India 👉

Fees and charges for Inward Remittances

Union Bank charges a flat INR 250 fee on any incoming remittances in addition to any out-of-pocket expenses (OPE) incurred during the process of international wire transfer.

There is one additional cost to note when looking at the cost to send money to India: the currency exchange rate. Union Bank of India sets its own forex rates, which are higher than the mid-market exchange rate you see on Google.

Time taken

The time it takes for money to arrive from abroad depends on how it is sent. A SWIFT or Wire transfer can take 3 to 5 business days.

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 save 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](https://wise.com/in/terms-and-conditions) for your region and visit our [pricing page](https://wise.com/in/pricing/send-money) for the most up-to-date pricing and fee information on Wise products.

Sources used for this article:

Sources verified on 24 July 2023.
Photo by Avinash Kumar on Unsplash.

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