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Indian Bank International Transfers

Headquartered in Chennai, the Indian Bank is a financial institution owned by the Ministry of Finance of the Government of India. This makes it a public sector bank (PSB) like more than 50% of all other Indian banks. This review explores the similarities and differences between Indian Bank’s international money transfer services, compared to competitors in the remittance industry.

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About Indian Bank

Indian Bank was incorporated in 1907 as part of a vision to bring innovative financial services to India, as a way to remedy one of the worst financial crises to ever hit the city of Chennai.

In 2019, the Indian Finance Minister announced a merger between Indian Bank and Allahabad Bank, a bank with 155 years of experience. In April 2020, Indian Bank took control of Allahabad and became the seventh largest PSB in the country. 

The bank has received many coveted industry awards and as it stands, the bank now serves more than 100 million customers across India, Singapore and Colombo, Sri Lanka

Can I use Indian Bank for international bank transfers?

Yes Indian Bank supports international bank transfers, with funds sent via the SWIFT network. 

Other ways to send money with Indian Bank

Aside from sending money by visiting an Indian Bank branch, two online money transfer services are also available to Indian Bank customers.

One is through IndOASIS, the official mobile app of the bank, which allows customers to send domestic wire transfers to contacts based in India. 

The other method is through the “Net Banking”, the online platform hosted by Indian Bank; this method exclusively handles domestic transfers too. To send money this way, customers will need to log into their online account using their personal credentials and user ID. 

Indian Bank exchange rates and fees

It is important to review Indian Bank’s exchange rates to know how it compares with other banks and money transfer operators. Comparing rates and fees can help you determine the best money transfer option to fit your needs.

Exchange rates

The exchange rates displayed on the Indian Bank website are for reference purposes only, which is a confusing approach to forex trading. Customers will have to go to a branch to discover the true, live foreign exchange rate offered by the bank for their currency pairing. 
It is not clear what the rate of exchange is for foreign currency transfers and the Indian Bank website is somewhat outdated and hard to navigate, making it difficult for users to feel confident about sending money online.

Transfer fees

The following fixed fees apply to overseas transfers with the Indian Bank: 

  • Transfers less than 50,000 INR (662.84 USD) = 500 INR (6.62 USD) fee 
  • Transfers exceeding 50,000 INR (662.84 USD) = 1,000 INR (13.25 USD) 

Additional costs

International SWIFT transfers arranged through Indian Bank will incur an additional flat fee of 500 INR (6.62 USD). 

How do Indian Bank transfer fees compare to using a money transfer provider?

While the fees charged for Indian Bank international transfers are not incredibly expensive, they will accumulate for customers making multiple overseas payments. However, a fixed fee structure is easier to work around, as percentage amounts will scale up as the transfer amount increases. 

This being said, alternative money transfer providers such as TorFX and Xe offer easier, more convenient transfer options, including fee structures that cater to the unique needs of your global transaction.

Indian Bank SWIFT Codes

Indian Bank’s SWIFT Code differs per branch. The format for its code is “IDIBINBBXXX,” the last three letters being replaced by the code associated with a specific branch. You can learn more about Swift Co

des in our guide here, and try out our Swift Code Calculator here.

Indian Bank pros and cons

Users interested in Indian Bank services may wish to weigh up the following pros and cons before committing to an international transfer.

Widely available in India: The bank has more than 3,000 locations across India, as well as offices in Singapore and Colombo, making it easily accessible to citizens of these countries
Fixed fees: Customers are made aware of the fixed fee structure ahead of time, making it easier to account for applicable costs when transferring specific amounts overseas
Account opening: Only Indian citizens and Indian taxpayers can open an account online; Non Resident Indians (NRIs) and visitors cannot open an account with Indian Bank
Limited transfer options: It is only possible to send bank-to-bank transfers via the SWIFT network with this provider. Alternative money transfer companies offer versatile payment and pay-out methods, ensuring total convenience for both sender and receiver
Lack of exchange rate info: Indian Bank’s opaque approach to providing foreign exchange rate information ahead of arranging a money transfer will be a cause for concern for many customers

Answers to key questions about Indian Bank

This section will answer commonly asked questions about Indian Bank, focusing on account opening, mobile banking, transfer limits and speeds. 

Can I open an Indian Bank account in any country?

Yes, but only if you are a citizen and taxpayer with a residential address in India: these criteria are highlighted in the online account opening guidelines. If you meet these requirements it is possible to open an account online from any country.

Does Indian Bank have an app?

Yes, IndOASIS is the official app of Indian Bank, and customers can sign up using their mobile number. The app can be downloaded from the Google Play Store and App Store, where it has been rated 4.4 out of 5, and 3.3 out of 5, respectively. 

Here are some of its features:

  • Transfer money: The IndOASIS app makes it possible for customers to send money across India in real-time; benefits include sending money to different banks within India, paying bills and access to an M-passbook within the app, which enables customers to review details of their transaction history 
  • Multilingual services: The app supports 13 languages, including English and Hindi, and various regional languages 

Are there transfer limits?

Yes, the following transfer limits apply: 

  • Customers can transfer up to 50,000 INR (662.84 USD) with Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT) 
  • Customers can transfer up to 200,000 INR (2,651.04 USD) with Real-time Gross Settlement (RTGS)
  • There are no transfer limits for Core Banking Solutions (CBS) customers

How long do transfers take with Indian Bank?

International bank transfers will take 1 – 3 days to arrive: much faster methods are available with money transfer providers; see here for more details.

Can I use an Indian Bank debit card when traveling abroad? 

Yes, Indian Bank debit cards are powered by either MasterCard or Rupay, which can transact in millions of stores worldwide.

How to send and receive money with Indian Bank

This section is a guide to sending and receiving money with Indian Bank. Customers can use this information to initiate their transfers with the bank.

Sending money

Sending money with the Indian Bank is usually done through three channels: (1) an Indian Bank branch, (2) the IndOASIS app, and (3) Internet banking. 

There are three local money transfer options with the Indian Bank. Local transfers can be done with IMPS, NEFT, and RTGS. Money sent through these options can arrive within the day or the next day after a successful transaction. The IMPS and NEFT impose a 50,000 INR transfer limit, while the RTGS only requires a minimum of 200,000 INR per transaction without a transfer limit.

SWIFT transfers are usually used to send funds from India to any place abroad. The charges are 500 INR to 1,000 INR transfer fee with a 500 INR SWIFT fee. The Indian Bank’s website does not disclose the estimated arrival time of funds sent with SWIFT.

Receiving money

Receiving money with the Indian Bank involves similar channels used in sending money. Customers can use the bank’s IndOASIS app and Internet banking to view the money they receive from local or international transfers. 

Most of the local transfers made to an Indian Bank account through the options provided above (i.e., through IMPS, NEFT, and RTGS) should be reflected in real-time or within minutes after a successful transaction. 

SWIFT transfers may take a longer processing time due to the involvement of other international banks in a transaction. While a longer processing time is expected, the bank does not disclose an estimated duration before an amount is reflected.

Additional information

The Indian Bank offers Doorstep Banking to customers who are either older than 70 years old or have a disability.

This service can be used to pick up and deliver cash for the said customers. This option allows local money transfers for them. Other banking services, such as demand drafts and delivery of passbooks, are also made available to them. 

What customer support options are available?

There are various ways to reach the Indian Bank.

  • First, customers can contact 180042500000 for general customer complaints, and this number is a national toll-free number. 
  • Secondly, customers can also file their complaints on the CGRS portal, the Indian Bank’s Centralized Grievance Redressal System. Requests done through this option may take 1 to 5 days to process and may take a total of 21 days to resolve. 
  • Finally, customers can chat with Adya, Indian Bank’s virtual assistant, through the website or in-app, available 24/7.


The international transfer services offered by Indian Bank are in line with the typical solutions provided by banking institutions. While it is still possible to send money abroad with the bank, there is a distinct lack of clarity in regards to the exchange rate value of their foreign currency transfers, limited network coverage and accessibility, and substantial fees. 

By comparison, money transfer companies like TorFX and Xe support over 100+ countries around the world, with a wide array of available currencies and flexible payment methods. We recommend our users find out more about the alternative options available, before using their bank to transfer money abroad. Our comparison engine has been designed to help weigh up all available options, check it out today. 

April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.