Wire transfer is one of the easiest offline ways for sending remittance to India
Benefits:
- Funds get transferred quickly to the beneficiary account within 24 to 48 hours.
- Wire transfer is accepted in 10 currencies in Saraswat Bank
Steps to be followed:
- Initiate a wire transfer with your local bank.
- Ensure that the following details are mentioned in the wire transfer instructions (MT103 SWIFT message format) to your local bank.
| Field Number | Field Description | Details to be entered |
|---|---|---|
| 50 F | Remitter details | Account number, name and address of remitter with local Bank |
| 54 A | Receiver's correspondent i.e. correspondent bank details of Saraswat Bank Click here | 1. Account number of Saraswat Bank with its correspondent bank. 2. SWIFT code of correspondent bank. 3. Name and address of correspondent bank. |
| 57 A | Account with institution i.e. details of beneficiary’s bank | 1. SWIFT code of Saraswat Bank (SRCBINBB_ _ _) 2. Choose SWIFT code of Forex Centre near to the Beneficiary Click here |
| 59 | Details of the Beneficiary | 1. Beneficiary’s account number with Saraswat Bank. 2. Beneficiary’s account name and address with Saraswat Bank. |
| 70 | Purpose of Remittance | State purpose of transfer. (Specify if meant for ‘FCNR New Deposit’). |
Movement of funds under inward remittance through wire transfer (SWIFT System):
