Bank wire transfer: It is a method of electronic fund transfer from person to another person. A bank wire transfer can be made one bank account to another bank account.The bank wire transfer first widely used and launched by the Western Union in 1872.Wire transfer is an easiest offline mode of sending money to your friends across the country. Customers get various benefits that are quick amount transfer, super convenient off-line mode and Multiple currencies.
Bank Wire Transfer SWIFT
SWIFT stands for Society for worldwide Interbank Financial Telecommunication. The SWIFT international payment network it largest financial messaging system in the world.SWIFT Code, it is an Internationally recognised Identification code for all bank around the world. SWIFT Code mostly used for International wire transfer.And the SWIFT code compressed as 8 or 11 digit alphanumeric code.SWIFT and BIC(Bank Identifier code) are basically same.
Example: Swift Code AAAAUS3M596
- First 4-digits Bank Code(Letters only)
- Next 2-digits ISO-3166-1 alpha-2 country code
- Next 2-characters Location code
- Last 2-didigts branch code
Charges of Bank wire Transfer SWIFT
Customers of various banks if they use Wire transfer method to send the high amount of money to another place.The following charges apply for wire transfer charges.
The sender is charged a fee: $20 to $40 for the wire transfer. The recipient may also be charged a fee.
- Outbound domestic wire transfer: $30
- Outbound international wire sent in foreign currency: $35
- Outbound international wire sent in U.S. dollars: $45
Time is taken for Bank wire transfer:
If SWIFT is supposed to manage international payments within 1-2 days.All in all your money usually would be available on Day 3.
National Electronic Funds Transfer (NEFT)
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can transfer funds from any bank branch to any individual having an account with any other bank branch in the country.
NEFT Transaction Charges
- Amounts up to Rs 10,000: NEFT charges Rs 2.50 + Service Tax
- Amounts above Rs 10,000 and up to Rs 1 lakh: NEFT charges Rs 5 + Service Tax
- Amounts above Rs 1 lakh and up to Rs 2 lakh: NEFT charges Rs 15 + Service Tax
- Amounts above Rs 2 lakh and up to Rs 5 lakh: NEFT charges Rs 25 + Service Tax
- Amounts above Rs 5 lakh and up to Rs 10 lakh: NEFT charges Rs 25 + Service Tax
Real-time gross settlement (RTGS)
RTGS and NEFT (national electronic funds transfer) are electronic payment systems. That is allow individuals to transfer funds between banks. Both these systems are maintained by the Reserve Bank of India. It is applicable only for money transfer within the country.
RTGS charges for wire transfer
- Amounts up to Rs 10,000: RTGS charges Not Applicable
- Amounts above Rs 10,000 and up to Rs 1 lakh: RTGS charges Not Applicable
- Amounts above Rs 1 lakh and up to Rs 2 lakh: RTGS charges Not Applicable
- Amounts above Rs 2 lakh and up to Rs 5 lakh: RTGS charges Rs 25 + Service Tax
- Amounts above Rs 5 lakh and up to Rs 10 lakh: RTGS charges Rs 50 + Service Tax
Immediate Payment Service (IMPS)
IMPS stands for Immediate Payment Service (IMPS). It is an instant interbank electronic fund transfer service through mobile phones. It is also through other actions such as ATM, Internet Banking.Mobile Money Identifier (MMID) is a 7 digit code. It is issued by a participating bank on their Mobile Banking registered customers. Every account will have a unique MMID.This is also act as IMPS service.
- Amounts up to Rs 10,000: IMPS charges Rs 5 + Service Tax
- Amounts above Rs 10,000 and up to Rs 1 lakh: IMPScharges Rs 5 + Service Tax
- Amounts above Rs 1 lakh and up to Rs 2 lakh: IMPS charges Rs 15 + Service Tax
- Amounts above Rs 2 lakh and up to Rs 5 lakh: IMPS charges Not Applicable
- Amounts above Rs 5 lakh and up to Rs 10 lakh: IMPS charges Not Applicable
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