Indian Overseas Bank (IOB) (India) Wire Transfer

Wire transfer is the fastest mode of receiving money in your Indian Overseas Bank (IOB) (India) account from abroad. You can receive money into your Indian Overseas Bank account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.

International Wire Transfer to Indian Overseas Bank

International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in India) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.

Incoming International Wire Transfer Instructions

To receive international wire transfer in your Indian Overseas Bank account, please provide the following wire instructions to the sending financial institution:

Bank Name:Indian Overseas Bank (India)
SWIFT BIC Code for Indian Overseas Bank:For Indian Overseas Bank, this code is IOBAINBB
The Correspondent Bank Accounts for Remittance:Indian Overseas Bank’s Nostro Account Numbers
Bank Branch Address:Your bank branch name and address
Beneficiary Account Number:Your complete Indian Overseas Bank account number
(including leading zeros, if any)
Beneficiary Name:The full name of your account as it appears on your statement
Beneficiary Address:Your complete address

Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees.

Outgoing International Wire Transfer Instructions

To send international wire transfer from your Indian Overseas Bank account, You need to know the following information about the person or company receiving the money:

1. The recipient’s account name and address.
2. The recipient’s IBAN or account number.
3. The name and address of recipient’s bank – including the BIC (Business Identifier Code) / SWIFT code / clearing code.

Incoming Wire Transfer Fees for Indian Overseas Bank (India)

International Incoming Wire Transfer Fees for Indian Overseas Bank is as follows:

Payment typeCost
Remittance InwardNo Charge

Outgoing Wire Transfer Fees for Indian Overseas Bank (India)

International Outgoing Wire Transfer Fees for Indian Overseas Bank is as follows:

Remittance Outward (RTGS)
AmountCharges as per Time of Settlement at RBI
9.00 to 12.00 hrs12.00 to 15.30 hrsAfter 15.30 hrs
Rs.2 lacs to 5 lacsRs. 25Rs. 26Rs. 30
Above Rs. 5 LacsRs. 50Rs. 51Rs. 55
Remittance Outward (NEFT)
Up to Rs. 10,000Rs. 2.50
Above Rs. 10,000 to up to Rs. 1 LacRs. 5
Above Rs. 1 Lac to Rs. 2 lacRs. 15
Above Rs.2 lacsRs. 25

Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.

Outgoing Wire Transfer Cutoff Time for Indian Overseas Bank (India)

1. The Cut-off Times for Indian Overseas Bank differs. Please visit your nearest branch for cut-off time.

2. Any requests received after cutoff time will normally be processed the next working day.

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