Bank of Baroda International Transfers & Exchange Rates
The Bank of Baroda is proud of its Indian heritage and remains grounded in it. The forward-thinking institution strives to remain prepared for new business paradigms in a globalized world. This review explores the money transfer services customers of Bank of Baroda can benefit from, comparing them to leading providers in the remittance industry.
About Bank of Baroda
The Bank of Baroda is an Indian state-owned international banking and financial services company based in Vadodara (formerly Baroda), Gujarat, in Western India. Founded in 1908 in Baroda, the bank now has over 8,200 branches and 10,000 ATMs across the country, with corporate offices located in Mumbai.
Known as “India’s International Bank” the company offers a full range of personal and business financial services, covering everything from bank accounts and loans, to insurance and investment, to online services like WhatsApp Banking. Bank of Baroda’s personal banking services cater to multiple demographics and are divided into the following categories: General, Millennials, NRI (Non Resident Indian), Professionals, Radiance, Women, Defence and Senior Citizens.
Can I Use Bank of Baroda for International Bank Transfers?
Yes. Customers can send money via SWIFT transfer by completing the bank’s Outward Remittance Application form. You will need to provide the following information for this form:
PAN (Permanent Account Number)
Beneficiary details including correspondent SWIFT/IBAN, depending on the country the customers are sending it to
Resident Indians will be subject to the Liberalised Remittance Scheme (LRS) and transfers will be limited to 250,000 USD.
Other Ways to Send Money With Bank of Baroda
Customers who wish to use the Bank of Baroda's Immediate Payment Service (IMPS) can make a fund transfer to the recipient by directly crediting their bank account via online or mobile banking.
Funds transferred this way will be moved instantly and in real-time, making IMPS the ideal choice for any emergency or time sensitive payments.
A confirmation message is sent once an IMPS transfer is complete as well as a notification that the funds have been credited to the recipient's bank.
Bank of Baroda Exchange Rates and Fees
This section provides information on the foreign exchange rate used by Bank of Baroda, as well as any transfer fees and additional costs. Customers should use this information to compare the bank’s rates and fees with specialist money transfer providers.
Exchange Rates
Bank of Baroda only supports international transfers made using Pound Sterling (GBP), US Dollars (USD) or Indian Rupees (INR). In addition to the limited currencies available, the bank applies profit margins ranging between 2 - 4% higher than the true mid-market rate. Alternative forex rates are used for the bank’s prepaid travel cards for business customers: see more here.
The bank updates their website with live exchange rates, but recommends customers contact their local Bank of Baroda branch for exact quotes as the rates displayed are subject to change depending on market conditions.
Transfer Fees
Customers of Bank of Baroda will be charged a small fee of 0.1% of the transfer amount, with a minimum of 500 INR (6.66 USD) and a maximum of 5,000 INR (66.65 USD) per transaction.
Additional Costs
Bank of Baroda charges customers 8 - 15 USD to receive an inward Telegraphic Transfer (TT) - also known as a wire transfer - depending where the money is coming from.
A further charge of 25 USD per transfer is levied for money received from Australia and New Zealand.
How Do Bank of Baroda Transfer Fees Compare to Using a Money Transfer Provider?
Compared to simple online options provided by money transfer providers like TorFX and Wise, sending money overseas with Bank of Baroda is relatively convoluted.
Customers must first complete the Outward Remittance Application form, before paying a fee of at least 500 INR, as well as potential SWIFT charges. Then, depending on your requirements, you may also need to visit the bank to submit this request. Furthermore, the bank withholds an unknown percentage of every foreign currency converted, meaning you lose money in the process.
Alternative providers, like the aforementioned TorFX and Wise, provide flexible transfer options and support multiple payment methods. In addition to this, these specialist companies go above and beyond to match the real market value of your currency pairing as closely as possible.
Bank of Baroda SWIFT Codes
The Bank of Baroda has SWIFT codes available for international transfers. Its code format is "BARBINBBXXX," with the last three digits corresponding to each branch’s code. The following table lists the bank’s SWIFT codes.
Bank of Baroda Pros and Cons
Here we list the leading benefits and drawbacks of using Bank of Baroda to send money overseas.
Pros
Cons
How to Send and Receive Money With Bank of Baroda?
Choosing whether you want to use a bank to make an international transfer can be a difficult decision, so to simplify things we have put together a step-by-step guide for how to send and receive money with Bank of Baroda.
Sending Money
The following options are available to Bank of Baroda customers:
Demand draft, mail transfer, or cable transfer from any of the bank’s foreign branches. These are drawable at any Indian branch in rupees or other currency.
SWIFT transfers for international remittances. The bank’s website provides a link to details required in transfer instructions; a table listing BOB’s correspondent banks’ details, with SWIFT codes for various currencies; and another table showing the A/C numbers to use when remitting funds for opening FCNR deposits in USD, GBP, and EUR.
Rapid Funds2India, available to NRI, PIO, and corporate entities. The website has a link to a list of UK branches where this option is available, and a menu of applicable charges in the UK.
Rapid Funds2India is a particularly attractive option for those who want to be able to send money instantly (within 24 hours) to a beneficiary’s account. Remittance is free if both remitter and beneficiary have a BOB account, but having such an account is not required.
This service sets no limits on transfer amounts to a Bank of Baroda branch and branches of other banks if done through NEFT. Transfers made through RTGS have a minimum limit of 2,00,000 INR and no maximum.
Receiving Money
If you are the beneficiary of a SWIFT transfer, be sure to provide the sender with the following information:
your 14-digit BOB A/c number
your account name and address
the Bank of Baroda branch where you have an account
As for the Rapid Funds2India option, the amount sent will reflect in your account within 24 hours.
Additional Information
No other information is available on the Bank of Baroda’s international transfer services.
What customer support options are available?
You can talk to a customer care executive of the Bank of Baroda through its Contact Center:
Personal Banking (24X7) Toll-Free Numbers: 1800 258 44 55 or 1800 102 44 55
Missed call services: Balance Inquiry - 8468001111 or Mini Statement - 8468001122
For PMJDY and other FI schemes (06:00am to 10:00pm): 1800 102 77 88
Summary
Bank of Baroda, India's second-largest state-owned bank, has 131 million customers in 21 countries. When it comes to foreign transfers, the bank has several options but lacks a distinct transparency that other competitors in the money transfer market offer.
For example, with companies like Wise, customers are informed of the exchange rate and transfer fees ahead of time, before payment is made. With banks like this one, it is not clear how much money will arrive with the recipient after various charges are deducted from the original transfer value. For this reason, we implore our readers to check out our reviews of alternative companies such as Wise, TorFX and WorldRemit; leaders in the global remittance space.
