Today, almost all the banks have connected with SWIFT. SWIFT means society for worldwide interbank financial telecommunications. You can get your recipient's bank's SWIFT Code on this basis, you can wire transfer money internationally.
Following are its Steps
1. Open Your Internet Banking
Just write your internet banking id and password and open your internet banking. Now, you have to choose fund transfer option. In fund transfer option, you will see fund transfer internationally. I am using my SBI online accounting for teaching to you.
2. Apply for International Wire Transfer of Money
Every bank has made the rules and regulation for transferring the money in foreign country. In India, RBI and FEMA rules will apply. So, you have to first agree all these rules for going to next process. If you are in foreign country, these rules may be different.
3. Write the Detail and Purpose of Wire Transfer Money Internationally
There are lots of detail regarding your transfer, you have to write. Purpose is also important. You can choose the purpose like study abroad, medical treatment, gifts, donations, remittance for examination fees, family maintenance or others. In these detail, you have write the bank name, total amount in foreign currency and in your currency etc.
4. Write Beneficiary Name and Beneficiary Acc. No. and SWIFT Code of recipient
Your payment will be verified by your bank. Only after this, you can write beneficiary name and beneficiary account no. If your online bank does not show, just go to your local bank with its reference no.
5. Give Process Fees
Most of bank will automatically deduct process fees. Now, you have to confirm payment and it will transfer and 2 or 3 business days, it will receive by your recipient.
Related Resource : Banking Terms
Following are its Steps
1. Open Your Internet Banking
Just write your internet banking id and password and open your internet banking. Now, you have to choose fund transfer option. In fund transfer option, you will see fund transfer internationally. I am using my SBI online accounting for teaching to you.
2. Apply for International Wire Transfer of Money
Every bank has made the rules and regulation for transferring the money in foreign country. In India, RBI and FEMA rules will apply. So, you have to first agree all these rules for going to next process. If you are in foreign country, these rules may be different.
3. Write the Detail and Purpose of Wire Transfer Money Internationally
There are lots of detail regarding your transfer, you have to write. Purpose is also important. You can choose the purpose like study abroad, medical treatment, gifts, donations, remittance for examination fees, family maintenance or others. In these detail, you have write the bank name, total amount in foreign currency and in your currency etc.
4. Write Beneficiary Name and Beneficiary Acc. No. and SWIFT Code of recipient
Your payment will be verified by your bank. Only after this, you can write beneficiary name and beneficiary account no. If your online bank does not show, just go to your local bank with its reference no.
5. Give Process Fees
Most of bank will automatically deduct process fees. Now, you have to confirm payment and it will transfer and 2 or 3 business days, it will receive by your recipient.
Related Resource : Banking Terms
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