Working in Bangalore is fun. Transferring funds to Bangalore is not.
I have learnt the hard way. Go for a standard bank to bank transfer from either the UK or NZ, and it can take from 3 days - 3 weeks for the cleared funds to reach the beneficiary account in India.
To accelerate the transfer, the SWIFT payment system must be used. To support that, ask your UK or NZ bank to provide you with a MT103 transfer form at the time the transfer is made. This will enable the Indian receiving bank to track the incoming payment. Without it, 15 working days can be a very long time.
Use the SWIFT payment system and the funds should be credited to the beneficiary account in 48 hours.
1 comment:
Hi Peter
I have just signed up with XE, a site that allows online currency trading. There is an explanation here: http://www.xe.com/fx/. I haven't used it myself yet, but some friends in the UK swear by it. Not only is it easy, but they claim you can get better rates than your bank will give you. For larger amounts, you can apparently even phone them for a better quote.
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