Punjab National Bank International Transfers & Exchange Rates
Punjab National Bank, also known as PNB, is state-owned commercial entity based in New Delhi, India. In this review, we will cover the PBN exchange rate we will pay special attention to the international transfer services offered by this bank,as we compare it to its competition in the money transfer market.
About Punjab National Bank
Punjab National Bank was founded in 1895 and was the first bank to open and become purely managed by Indians. Since its founding, it has merged with nine (9) banks. Its vision is centered in providing top-notch services for Indians, which can be seen with its performance that led them to win various awards. Some of these are The Asian Banker Financial Technology Innovation Award 2021 for Best Core-banking Technology Implementation and the ET-BFSI Excellence Award 2020 in the category of Most Innovative Public Sector Bank of the year.
Punjab National Bank Exchange rates and fees
PBN Exchange rate
Punjab National Bank keeps its own exchange rate for its customers. PNB exchange rates for foreign currencies are also made public on their website. However, on their website, they only show the indicative exchange rates only, as the foreign currency exchange rates are subject to changes depending on the market conditions.
What is the current PBN exchange rate?
We will show a PBN exchange rate example below:
As of June 14, 2022, 1 GBP converts to 92.35 INR (Indian Rupee).
PBN Transfer fees
Most of the international money transfer policy of Punjab National Bank derives transfers fees based on percentage rather than flat fees. The transfer fee per transaction is 0.25% of the total amount, with a minimum of 500 INR and a maximum of 15,000 INR.
Additional costs
Apart from the PBN exchange rates and transfer fees, Punjab National Bank declares that there are additional fees on top of their transfer fees, especially for SWIFT transfers. However, they do not give an estimate or a figure for public disclosure.
How do Punjab National Bank transfer fees compare to using a money transfer provider?
Customers of Punjab National Bank may find the transfer fees of the bank to be simple, yet lacking with accessibility and predictability. This is because the bank does not offer an example of a fee breakdown or an appealing deal for international money transfers. It also does not share the extent or limits of the countries it can reach.
Wise, however, show transparent fees to their customers and cater to over a hundred countries around the world. The breakdown of fees for Wise is based on a flat rate, market rates, exchange rate, location and currency of the recipient account, and the total amount sent. Typically, the larger the amount sent, the larger the transfer fee. For example, as of September 11, 2021, a 5,000 INR amount sent to a recipient account in the United States is charged 161.33 INR for transfer fees. When increased to 50,000 INR, the transfer fee rises to 948.32 INR. Customers may prefer using Wise for smaller transactions or transactions to different countries.
If Punjab National Bank offers smaller transfer fees for higher total amount sent, customers will be better using that service than Wise because of the rise in transfer fees, as shown in the example.
Punjab National Bank Pros and Cons
Interested customers of Punjab National Bank may want to first examine different aspects of the bank. Here are some of its salient pros and cons:
Pros
Cons
Punjab National Bank Swift Codes
Opening an account
Account opening with Punjab National Bank can be done online or through a branch. Either method requires filling out the account opening forms provided by the bank. The forms to be filled out depend on the account a customer wants to open. Most of the forms are available on the Punjab National Bank website. For online account opening, the same process will be followed. The bank emphasizes that their forms must have eligible signatures in order to process their account opening. The requirements include having proof of identity and proof of residence documents.
Punjab National Bank states that they allow their customers to open new accounts from their app. They do not share exact details regarding this process.
Transferring money
Customers can choose to use Real Time Gross Settlements (RTGS), National Electronic Funds Transfer (NEFT), and Immediate Payment Service (IMPS) for money transfers. All of these can be done through online banking.
Punjab National Bank does not share how customers can remotely transfer money overseas. They only encourage their customers to approach the nearest bank for more details.
Additional Information
Punjab National Bank extends their services from personal banking products to retail, corporate, loans, and investment products. They do this with the vision to enhance the banking lifestyle in India. They even have product “schemes” for the minority and women of India to empower them through finance, and they created a “COVID-19 scheme” to aid the affected individuals and small businesses of the pandemic. They also power more than one banking app under their name to strengthen their e-services. They share most of the policies, advocacies, and products on their website that can help their customers thrive at any financial state.
Customer service details for users of Punjab National Bank
Punjab National Bank can be reached via hotline through 1800 180 2222 or 1800 103 2222. They can be reached via email through “care@pnb.co.in”. Customers can also complete complaint or feedback forms via their website to get a service request to resolve any issues faced when banking with Punjab National Bank.
Can I use Punjab National Bank for international bank transfers?
Yes. Although Punjab National Bank only encourages their customers to visit a branch to know more about sending money outside India, they offer international bank transfer options to their customers. They share the price policies they have for international money transfers on their website.
Summary
Punjab National Bank aims to provide Indians with the best banking options available for their short-term and long-term financial needs. They offer products ranging from savings and current accounts to corporate accounts and mutual funds. They show their customer care through sharing their policies and endorsing different e-services and apps. They lay out schemes for minorities, women, and the individuals and small businesses affected by the COVID-19 pandemic.Learn about other banks in India and beyond, by reading our reviews of other Banks.
