Ethan Riley
India's second-largest state-owned bank, Bank of Baroda, offers international banking services and has a presence in over 20 countries. The bank provides a variety of ways to receive money in India and multiple ways to send money abroad, including wire transfers and remittances through their online banking platform. Bank of Baroda's international money transfer charges depend on factors such as the transfer amount, destination country, and transfer method. The bank also sets its own exchange rate, which is typically lower than the mid-market exchange rate, allowing them to profit from each transaction. Overall, Bank of Baroda facilitates international transactions with competitive rates and reasonable fees, making it a convenient option for cross-border money transfers.
| Characteristics | Values |
|---|---|
| Number of customers | 131 million |
| Number of countries served | 21 |
| Options to receive money in India | Multiple |
| Options to send money abroad | One |
| Services | Rapid Funds2India, SWIFT transfers, Baroda Flash Remit, Travel Cards |
| Transfer time | Typically under 24 hours |
| Transfer fee | 0.1% of the transfer amount, with a minimum charge of Rs 500 and a maximum of Rs 5,000 per transaction |
| Flat fee | Rs 500 for remitted amounts below Rs 25,000 and Rs 750 for amounts above Rs 25,000 |
| Exchange rate | Lower than the mid-market exchange rate |
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What You'll Learn
International money transfer fees
Bank of Baroda (BoB) offers international money transfer services. However, the fees for these transfers are considered to be relatively high. The specific fee structure depends on factors such as the transfer amount, destination country, and transfer method.
Nominal Fee:
There is a nominal fee equal to 0.1% of the transfer amount, with a minimum charge of Rs. 500 and a maximum of Rs. 5,000 per transaction.
Flat Fees:
For remitted amounts below Rs. 25,000, there is a flat fee of Rs. 500, which includes applicable Goods and Services Tax (GST). For amounts above Rs. 25,000, the flat fee increases to Rs. 750.
Exchange Rate Fees:
BoB sets its own exchange rate, which is typically lower than the mid-market exchange rate. This allows them to take a cut of every transaction for profit. This exchange rate fee is often a small percentage that can add up quickly.
SWIFT Charges:
SWIFT transfers usually take 2-3 working days and incur additional SWIFT charges.
Currency Conversion Charges:
BoB applies an undisclosed percentage on each foreign currency conversion, resulting in a loss of funds during the process.
It is important to note that these fees may vary based on specific transfer requirements and the destination country. Additionally, BoB facilitates international transfers exclusively in British pound sterling (GBP), US dollars ($), and Indian rupees (Rs), limiting currency options.
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Transfer times
Bank of Baroda offers international money transfer services for customers looking to send funds abroad. However, the transfer time can vary depending on several factors.
SWIFT transfers typically take 2-3 working days to send money internationally. However, this duration can fluctuate based on factors such as the time of transfer, the amount being sent, and the destination country. Therefore, it is essential to check the status of your money transfer on your Bank of Baroda dashboard or by contacting your local branch.
The Rapid Funds2India service by Bank of Baroda offers faster transfers, typically completed within 24 hours. This service is available for NRIs and corporations sending money to India and does not have a maximum limit on the amount that can be transferred.
Additionally, Bank of Baroda's Baroda Flash Remit service offers even quicker transfers, with transactions completed in a matter of seconds. However, this service is only available through UAE Exchange.
It is worth noting that the fees for international money transfers through Bank of Baroda can vary based on factors such as the transfer amount, destination country, and transfer method. The bank also facilitates international transfers exclusively in British pound sterling (GBP), US dollars ($), and Indian rupees (Rs).
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Exchange rates
Bank of Baroda (BoB) offers international banking services and is known as "India's international bank". The bank has a global network of branches and facilitates international transfers in British pound sterling (GBP), US dollars ($), and Indian rupees (Rs).
When it comes to exchange rates, BoB sets its own rate, which is typically lower than the mid-market rate. This allows the bank to profit from a cut of every transaction. For example, the USD/INR card rate was 84.95, and the EUR/INR card rate was 95.20, according to the Bank of Baroda Botswana website. These rates are subject to change without notice.
The bank's fees for international money transfers are generally considered reasonable and competitive within the industry. However, they can vary depending on factors such as the transfer amount, destination country, and transfer method. Typically, there is a nominal fee of 0.1% of the transfer amount, with a minimum charge of Rs 500 and a maximum of Rs 5,000 per transaction. Additionally, there are flat fees of Rs 500 for transfers below Rs 25,000 and Rs 750 for transfers above this amount.
It is worth noting that BoB's profit margins on exchange rates are often 2-4% higher than the true mid-market rate, which can make their services more expensive compared to other options.
To initiate an international transfer with BoB, you will need to provide details such as the recipient's name, address, bank account information, and the purpose of the transfer. You may also be required to submit supporting documents, such as identification proof and proof of the source of funds.
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International banking services
India's second-largest state-owned bank, Bank of Baroda, offers a variety of international banking services to its 131 million customers across 21 countries. The bank is well-equipped to handle the business of correspondent banking and provides several options for sending and receiving money internationally.
Sending Money Abroad
Bank of Baroda offers a single method for sending funds abroad, which is through a SWIFT transfer. To initiate a SWIFT transfer, you must complete the outward remittance form A2, providing details such as the recipient's name, address, bank account information, and the purpose of the transfer. Additionally, you may need to submit supporting documents, such as identification proof and proof of the source of funds. There is a nominal fee of 0.1% of the transfer amount, with a minimum charge of Rs. 500 and a maximum of Rs. 5,000 per transaction. For amounts below Rs. 25,000, a flat fee of Rs. 500 is charged, while amounts above Rs. 25,000 incur a flat fee of Rs. 750. These fees are subject to variation based on the specific transfer requirements and the destination country. It's important to note that Bank of Baroda facilitates international transfers only in British pounds sterling (GBP), US dollars ($), and Indian rupees (Rs).
Receiving Money from Abroad
Bank of Baroda offers multiple options for receiving funds in an Indian account from overseas. These options include:
- Third-party money transfer providers: Western Union, Moneygram, and Xpress Money.
- Cash or traveller's cheques: with caps of $5,000 USD and $10,000 USD, respectively.
- Remittances on a collection basis: such as demand drafts or international money orders.
- Exchange House Arrangements: specifically with Lulu Exchange, UAE Exchange, and Al Ansari Exchange.
- Baroda Flash Remit: available through UAE Exchange.
- Rapid Funds2India: This service is available to NRIs and corporations sending money to India, and transfers can be completed quickly, typically within 24 hours.
International Travel Card
Bank of Baroda offers the Baroda TravelEasy Multi-Currency Forex Card, a prepaid international currency card that ensures a safe, secure, and convenient way to carry money during international travel. This card can be used to withdraw cash from ATMs worldwide and make purchases at over 25 million merchant outlets displaying the VISA sign. It is available at 220+ authorized foreign exchange branches in India. Additionally, Bank of Baroda provides various types of personal banking cards, including credit, debit, prepaid, business, and travel cards.
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International travel cards
Bank of Baroda offers a wide range of personal banking cards, including Credit, Debit, Prepaid, Business, and Travel Cards. The Baroda TravelEasy Multi-Currency Forex Card is a prepaid international currency card designed to enhance your international travel experience. This card is available at 220+ authorised foreign exchange branches in India and can be purchased by both account holders and non-account holders.
The Baroda TravelEasy Multi-Currency Forex Card offers a safe, secure, and convenient way to access your funds while abroad. The card can be used to withdraw cash from ATMs and make purchases at any of the 25 million merchants' outlets worldwide that display the VISA sign. This card ensures that you can focus on enjoying your trip without wasting time dealing with money changers or encashing traveller's cheques.
To enable international transactions on your Bank of Baroda Debit Card, you must first use your card for a transaction on a BOB ATM or generate a Green PIN through BOB ATM/Baroda M-Connect Plus (Mobile Banking)/Baroda Connect (Internet Banking)/IVR. After completing this initial step, you can then use your card for online international transactions.
It is important to note that Bank of Baroda's international money transfer services may come with associated fees and charges. The specific fee structure may vary depending on factors such as the transfer amount, destination country, and method of transfer. Generally, you can expect to incur a nominal fee equal to 0.1% of the transfer amount, with a minimum charge of Rs 500 and a maximum of Rs 5,000 per transaction. Additionally, there are flat fees associated with different remittance thresholds. These fees may vary based on specific transfer requirements and the destination country.
When considering Bank of Baroda's international travel cards, it is essential to review the fees, interest rates, foreign transaction fees, and other charges associated with the card. By carefully evaluating these factors, you can make an informed decision about which card best suits your travel needs.
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Frequently asked questions
Yes, Bank of Baroda offers international banking services and supports international transactions.
You can send money internationally using a SWIFT transfer and by filling out the outward remittance form A2. You will need to provide the recipient's name, address, bank account details, and the purpose of the transfer. You may also need to provide supporting documents, such as identification proof and proof of the source of funds.
The fees for international money transfers with Bank of Baroda include a nominal fee of 0.1% of the transfer amount, with a minimum charge of Rs 500 and a maximum of Rs 5,000 per transaction. There are also flat fees of Rs 500 for transfers below Rs 25,000 and Rs 750 for transfers above Rs 25,000. These fees may vary depending on the specific transfer requirements and destination country.
SWIFT transfers with Bank of Baroda typically take 2-3 working days to send abroad. However, the time may vary depending on the amount being sent, the destination, and the time the transfer is sent.
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