What is Wire Transfer and How to Use It for Transferring Money to India?

Posted by Samantha Kennedy on January 10th, 2022

Thanks to modern technologies, sending money to India is now easier, faster, and cheaper. One of the most common ways to send money overseas to India is through wire transfer. Leading banks across the world offer wire transfer facility in all the popular currencies to ensure that you can use the service from all the different parts of the world.

If you are new to wire transfers, then understanding what it is and how it works is essential. Here are a few important things you should know-

What is Wire Transfer?

Wire transfer is an electronic mode for sending money between bank accounts across the world. The Society of Worldwide Interbank Financial Telecommunication (SWIFT) is a worldwide network of banks and other financial institutions that facilitates banking transactions like wire transfers.

Whether you are in the USA, Canada, Singapore, UAE, UK, or Malaysia, you can use the wire transfer facility to send money to an Indian bank account securely.

How to Send Money to India with Wire Transfer?

Here’s a basic overview of how you can use wire transfer for sending money to India-

• Contact your local bank and request a wire transfer form to initiate the transfer
• The form will require you to enter details such as bank name, IFSC code, account number, contact number, and email ID of your beneficiary.
• It is mandatory to also mention the \'Purpose of Transfer\' on the form.
• You\'ll also have to provide the SWIFT code of your local bank and recipient\'s bank on the form.
• Cross-check all the details on the form before submitting it to your bank.
• If everything is in order, then the transfer amount will be withdrawn from your local bank account and deposited into the Indian account of your recipient within 1-2 working days.

Is There a Transfer Fee Involved in Wire Transfers?

Yes, your local bank will charge a wire transfer fee for processing the transaction. The fee can vary between banks, and you can get in touch with your bank to know more about it. But it is generally very reasonable.

In most cases, banks in India do not charge a fee for wire transfer deposits. So, your recipient will mostly not be required to pay any fees for receiving the transfer. But it’d be wise to get the same verified by your recipient.

Can Wire Transfer Be Used for Sending Money to Your NRI Bank Accounts in India?

Yes, you can use the wire transfer facility for sending money to your Indian bank accounts, like NRE, NRO, FCNR, and RFC accounts.

But ensure that you confirm the ‘SWIFT Transaction Message’ you should enter in the wire transfer form with your Indian bank for smooth and timely processing.

Using Wire Transfer to Send Money to India

Wire transfer is one of the most convenient and secure ways to transfer money to India. Almost all the foreign banks across the world offer wire transfer facility in all the popular currencies. More importantly, initiating a wire transfer request is straightforward and quick.

Go through the wire transfer guidelines of your local bank and recipient’s bank before confirming a transfer to avoid any discrepancies.