Standard Chartered International Transfers & Exchange Rates
Standard Chartered bank is proud to provide banking services that reach across multiple continents, working across Asia, Africa and the Middle East. We will be delving deeper into the finer details of Standard Chartered international transfers, in a bid to gain a better understanding of the banks global services. Additionally, we will cover Standard Chartered exchange rates and money transfer fees and if the bank allows to send and receive money using foreign currencies.
About Standard Chartered
Standard Chartered bank was the merger of Standard Bank and Chartered Bank in 1969. The two banks already established their vast networks in emerging markets across Asia and Africa in the century before, in the 1860s. Today, with stronger connections and history, they continue to improve and participate in over 59 markets mostly found in Africa, Asia, and the Middle East. Standard Chartered bank is listed on two of Asia’s largest stock exchanges, and is among the top 100 largest companies listed on the London Stock Exchange.
Standard Chartered Exchange Rates and Fees
In this section below, we will cover the Standard Chartered exchange rates and the fees charged by this bank. Also, keep in mind that, to know the exact Standard Chartered exchange rates and fees you should check the board rates shown at the branches.
Standard Chartered Exchange Rates
Since Standard Chartered bank participates in over 50 markets in the world, they use different exchange rates depending on the domicile currency of the country. This is unlike different banks that have an international reach that keep a centralized exchange rate for most of their branches regardless of location.
To show the contrast, in Standard Chartered Sri Lanka, all of the exchange rates are done in LKR (Sri Lankan Rupee). A 1 USD conversion gives 210 LKR. In Standard Chartered Malaysia, all of the exchange rates are done in MYR (Malaysian Ringgit). A 1 USD conversion gives 4.0561 MYR. Please refer to the Standard Chartered exchange rates board shown at the branches. The types and face values of foreign currencies provided by branches might vary. Contact Standard Chartered bank to find out the exchange rates based on the country and the currency you would like to send or receive money.
In most cases, these exchange Standard Chartered rates are coupled with mark-ups. Mark-ups are charges that are associated with international bank transfers and foreign currency exchanges between banks.
Standard Chartered Transfer Fees
Transfer fees with Standard Chartered are also calculated using the domicile currency used in a country. For example, in Standard Chartered Malaysia, customers may pay from 2 MYR to 10 MYR (excluding VAT), depending on the converted currency. In Standard Chartered Uganda, a 20,000 UGX (Ugandan Shilling) to 50,000 UGX transfer fee might be incurred.
Additional Costs
Standard Chartered uses different policies for different countries because of different currencies. In some countries, the transfer fees are the only charge asked of customers. In others, customers are asked to pay for a VAT to complete their transaction. In some cases, Standard Chartered customers are making a loss on their international money transfers due to transaction exchange rate margin and money transfer fees.
How Do Standard Chartered Transfer Fees Compare to Using a Money Transfer Provider?
Standard Chartered bank offers different transfer fees in different locations and also, the values of foreign currencies provided by branches might vary. Comparing it with a money transfer should consider the local fees the local Standard Chartered offers. Some customers might prefer a money transfer that can do online transfers with transparent fees for convenience. Wise is one of the money transfer providers that show the breakdown of fees as well as cater to over a hundred countries around the world.
Wise calculates their transfer fees based on a flat fee, market rates, location and currency of the recipient account, and the total fees transferred. The larger the total amount sent, the larger the transfer fee. If a local Standard Chartered bank offers a fixed transfer fee rate, customers would save more in transfer fees with larger money transferred. Standard Chartered banks also participate in various markets, so they might have a higher interest rate than Wise because of their experience of participation in over 50 markets.
Standard Chartered Pros and Cons
Interested customers who want to establish banking experience with Standard Chartered may want to know the salient pros and cons of the bank. Here are some of those pointers:
Pros
Cons
Standard Chartered Bank Swift Codes
Opening an Account
Most local Standard Chartered banks use online forms for account openings. Customers must first check the requirements applied to the country of their choice to determine if they finish the online form. Once all of the documents and requirements are met, an account can be opened with Standard Chartered.
Transferring Money
Standard Chartered allows customers local and overseas money transfers through their app. The Standard Chartered bank has different transfer fees per country due to the adaptation to the domicile currency. Money transfers can also be done with a visit to a local branch.
Additional Information
Standard Chartered extends their services from day-to-day banking needs with their exclusive promos on premium debit cards and credit cards. This is a recurring theme across different countries despite having some cards only available in some countries. Also, they offer insurances, investments, different funds, and loans depending on the needs of their customers.
Although not seen in all of the countries, Standard Chartered promotes sustainability as another aspect of banking with them. Sustainable banking started bearing the future of the emerging markets. This project of Standard Chartered allows them, along with their personal and business customers, and local communities, to solve the problem of climate change by financing sectors that can help move toward a sustainable future.
Customer Service Details for Users of Standard Chartered
The global head office of Standard Chartered can be reached through +44 (0)20 7885 8888. For local customer service hotlines and other means, it is best to check the local Standard Chartered website to see local hotlines. Other countries also have a chat or call function in their SC Mobile app which allows customers to be connected with a live agent for addressing their inquiries.
Can I Use Standard Chartered for International Bank Transfers?
Yes. Standard Chartered have services for international money transfers, which can be available via their app or a local branch. The processing time for this option can range from real-time to 3 days or longer, depending on the method of transfer and country of sender. Additionally, you should check the Standard Chartered exchange rates and international money transfer fees when sending or receiving money in a foreign currency.
Summary
Standard Chartered bank continues to grow its roots of participating in emerging markets and establishing local presence. As part of more than 50 markets, they show their experience and uniqueness as part of local stock exchanges. Their presence in various countries allow them to start sustainability projects in local communities. Both their local and global presence allows them to stay diverse yet focused in their goal of funding a sustainable future in different countries.
However, if you would like to send money abroad and the recipient will receive the money in a foreign currency, using a bank is not the best option in comparison with online money transfer companies in terms of exchange rates and international money transfer fees.
