|NRI can remit money in any freely convertible Foreign Currencies for the credit of self or any beneficiary's account with any branch of Corporation Bank through SWIFT messaging system. For effecting a successful transfer through SWIFT, NRI may approach his/her banker and instruct them to transfer funds to the beneficiary's account through SWIFT by providing necessary details. We have given below the details and the steps to be followed by NRI while effecting the remittance via any one of the following two channels.|
|Tie up arrangement with Western Union Financial Services: Corporation Bank is in the process of finalizing a tie-up arrangement with Western Union Financial Service for money transfer. The funds remitted through Western Union would reach the destination in India instantaneously. Corporation Bank is the Payout Agents for Global Money Transfer products such as Speed Cash (Express Money), Instant Cash and MoneyGram mode through our branch network.|
|Tips to NRIs :|
|I. While transferring money via MT 103 (SWIFT message type) NRI must give full and complete details of the beneficiary's account number, Name and address in Field No. 59 (Beneficiary Customer Name & Address) for hassle free transfer of money e.g. : |
If NRI wishes to transfer money to SB account no. 01234 of JyotiNayar maintained at Bangalore-Yelhanka branch, Field 59 of MT 103 should give details as “SB01001234, JyotiNayar, Yelahanka, Bangalore Branch” alongwith mailing address of beneficiary.
|II. Remitter should give clear instructions to the remitting Bank regarding the remittance charges.Otherwise the correspondent bank shall deduct their charges from the amount payable to the beneficiary. In field 72 of the MT103, the remitting bank shall give the code NRI or FCNR so that our Correspondent bank will identify the code for waiver of the charges for NRI accounts only. However if a third bank is involved in the remittance, the charges of this third bank will not be under our control.|
|Channel No. 1|
|Transfer of money in foreign currency through Corporation Bank.|
|The remitter requests his Bank to transfer money to Corporation Bank in foreign currency through any of the foreign bank listed below (appropriate to the currency of transfer) with whom Corporation Bank maintains account. On receipt of foreign currency in India, Corporation Bank converts the same in Indian Rupees for credit to beneficiary's account.|
|Channel No. 2|
|Transfer of money in foreign currency through any other Bank in India|
|The remitter requests his Bank to transfer money via SWIFT by giving account details of the beneficiary in field no. 59 of MT 103. The remitting Bank remits foreign currency to any Bank in India, which converts the same in Indian Rupees for credit to beneficiary's account with Corporation Bank. In such case NRI should take care to mention the beneficiary's account number in the following format: Sb01001234 & IFSC of Corporation Bank.|
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