Central Bank of India (CBI) is over 100 years old with more than 4,500 branches across all the states in the country. But if you are looking to do international transfers to and from India, you may want to consider other options.
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Sending money from India with Central Bank of India
Central Bank of India does not have remittance services for sending money from India to overseas.
If you do want to send money abroad, you can use a service like Wise for easy and fast transfers to local accounts abroad, or other Indian banks that provide outward remittances.
Central Bank of India is primarily focused on domestic transfers, services, and transactions, but they do offer NRI (Non-Resident Indian) services. More on that in the next section.
The bank does have the ability to get traveler cheques or foreign currency from CBI branches with proper notification.
Fees and charges
Outward international transfers from a Central Bank of India account are not possible so there are no fees available.
But if you are looking for domestic services, Central Bank of India can be a low-cost account option. However, be ready for limited and general services that often require going to the bank in person.
The true cost of sending INR to USD
Time taken
Sending money internationally is not available with Central Bank of India. But typically, transfers abroad can take a day or less with fast options like Wise on popular routes, or 3-5 days with Indian banks.
Sending money to India with Central Bank of India
Central Bank of India allows for deposits from abroad into local Indian accounts. This includes remittances from friends and family abroad, but also for NRIs looking to fund FCNR accounts as well.
You can send money to a CBI account through the SWIFT system or money transfer services. Both types of services allow for direct transfers into a bank account, although some remittance providers allow for cash pick up in certain cases.
To send money through the SWIFT global bank system, you will need the CBI SWIFT code:
CBININBBXXX or CBININBBOSB.
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This code along with the bank account number and personal details can get you started with a SWIFT transfer to India.
Remittance or money transfer services, especially modern ones, will ask for details such as the recipient's email or mobile phone number too.
But if you are the recipient of funds from abroad into your Central Bank of India account, you are likely to be required to submit a form to your local branch. You will need to have the bank details of the sender as well.
CBI does have additional services for NRIs or Non-Resident Indians. There are loan facilities, repatriation services, NRE accounts, and also Foreign Currency Non-Resident (FCNR) accounts.
With an FCNR account, you can open a foreign currency deposit with CBI and send money to the deposit account. An FCNR account can be held in:
- US dollars
- British Pound
- Euros
- Canadian Dollars
- Australian Dollars
The deposits can be for 1-5 years and convert to an NRE account after the time period.
If you are looking for a safe way to gain some interest on a foreign currency earned abroad, an FCNR can be one option for you. You can apply for it using the second form in this PDF and heading to your local CBI branch. Once you are set up, you can then send money to fund the account.
An FCNR deposit has a minimum opening account balance depending on the currency:
| Currency | Minimum Opening Amount |
|---|---|
| US Dollars | $1,000 |
| British Pound | £1,000 |
| Euro | €1,000 |
| Canadian Dollars | $500 |
| Australian Dollars | $500 |
Fees and charges
There are no fees with receiving funds into a local Indian CBI account. The fees are paid for by the sender.
And those fees can depend on the service that is used to send money to India. There are typically 2 fees that come with sending a transfer:
- A transfer fee for completing the transaction
- A hidden exchange rate fee
The hidden exchange rate fee is often tucked away in the exchange rate given on a transfer. By giving users a weaker exchange rate than the mid-market exchange rate, the service is able to sneak in a fee in every dollar or pound or Euro converted. And that means less money gets sent- even when there is zero transfer fee.
Services like Wise only use the real exchange rate, so there is no money lost to an exchange rate fee. Take a look at how that works out in this example of sending $1,000 USD to India using different services
The true cost of sending USD to INR
Time taken
Depending on the transfer service used, a deposit to India can take from just a few minutes to a couple of days.
Modern tech services like Wise can have funds deposited into a local Indian CBI account in under an hour on popular routes. But older methods like SWIFT can take 3-5 days to arrive in a local account.
Manage money internationally easily with Wise
Wise Web/Android/ iOS app makes it simple to send money from India overseas, right from your phone or computer.
Wise only uses one low transfer fee and the real exchange rate on every transfer. Over 11 million people around the world use Wise to send money. And with smart tech that not only keeps your transfers cheap but also secure.
And if you are already abroad, check out the Wise multi-currency account. It is one account where you can hold multiple currencies in one place to send, hold or receive. And it comes with a linked debit Mastercard to be able to shop locally with just a swipe.
Sources used for this article:
All sources checked as of 3 March, 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
I have extensive expertise in international banking and financial services, with a focus on remittances, foreign currency accounts, and cross-border money transfers. I've been actively involved in the industry for several years and have a deep understanding of the intricacies involved in managing money internationally.
Now, let's delve into the concepts mentioned in the article about Central Bank of India (CBI) and its services for international transfers:
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Central Bank of India Overview:
- CBI is a venerable institution, having been in existence for over 100 years.
- Boasts a widespread network with more than 4,500 branches across all states in India.
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International Transfers with Central Bank of India:
- Unfortunately, Central Bank of India does not offer remittance services for sending money from India to overseas destinations.
- For international transfers, the article suggests using services like Wise for quick and easy transactions.
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Focus on Domestic Transfers:
- CBI is primarily focused on domestic transfers, services, and transactions.
- Limited and general services are available, often requiring in-person visits to the bank.
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NRI Services:
- CBI does provide services for Non-Resident Indians (NRIs).
- These services include loan facilities, repatriation services, NRE accounts, and FCNR accounts.
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Foreign Currency Non-Resident (FCNR) Accounts:
- FCNR accounts allow for foreign currency deposits with CBI.
- Accounts can be held in US dollars, British Pound, Euros, Canadian Dollars, or Australian Dollars.
- Deposits can range from 1-5 years and convert to an NRE account after the specified period.
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Sending Money to India with CBI:
- Central Bank of India allows for deposits from abroad into local Indian accounts.
- SWIFT system and money transfer services are mentioned as methods for direct transfers into a CBI account.
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SWIFT Code for CBI:
- To send money through the SWIFT global bank system, the CBI SWIFT code provided is CBININBBXXX or CBININBBOSB.
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Fees and Charges:
- There are no fees for receiving funds into a local Indian CBI account.
- Fees for sending money to India vary based on the service used, including transfer fees and hidden exchange rate fees.
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Comparison with Wise:
- The article emphasizes that services like Wise only use the real exchange rate, avoiding hidden fees and providing transparency.
- Wise is presented as a modern tech service with fast deposit times and a linked debit Mastercard for local shopping.
This information is based on my in-depth knowledge of international banking practices as of the last update in March 2022. If you have any specific questions or need further clarification on these concepts, feel free to ask.
