Union Bank of India International Transfers & Exchange Rates

Union Bank of India is a publicly-traded company, with the Government of India owning 89.07 percent of the overall share capital. It is the country's first significant public sector bank to use a 100 percent core banking system. In this review, we will be assessing the validity of this bank's money transfer services compared to key competitors in the global remittance industry.

About Union Bank of India

The bank was established as a limited corporation on November 11, 1919, in Mumbai, India. It now has a network of over 9,500 domestic branches, 13,300 ATMs and employs over 7,5000 people to serve over 120 million customers. The bank has branches across the world, including major financial hubs - Hong Kong, Dubai, London (UK), and Sydney (Australia); one banking joint venture in Malaysia; three para-banking subsidiaries; and one representative office in Abu Dhabi (UAE).

From April 1, 2020, Andhra Bank and Corporation Bank were merged into Union Bank of India. The bank has won several honors and accolades for its achievements in technology, digital banking, financial inclusion, MSME growth, and human resource development.

Union Bank of India Exchange Rates and Fees

You will need to convert funds into the recipient's chosen currency whenever sending money internationally. Banks do not exchange their money using the actual mid-market rate. Instead, profit margins known as foreign exchange spread will often be applied to foreign currency transfers. The bank collects any distinction between the two rates in the authority of exchanging your money, resulting in a profit for them.

Exchange Rates

It is not clear what the Union Bank of India's exchange rate for foreign currency transfers is. Many banks charge a 4 - 6 % markup on foreign transactions, which is essentially a hidden price you must pay. In addition, 1 - 3 intermediate and receiving banks may charge their fees. We encourage our users to compare the exchange rates offered by their bank with the real mid-market rate, which can be found using trusted platforms such as Xe. You might be shocked to see how much your transfer truly costs.

Transfer Fees

Union Bank fees appear to be significantly greater than competitive money transfer providers. Fees to consider before setting up a transfer with the Union Bank of India include:

Additional Fees

As with other traditional banks, further fees may apply later down the line, and there are multiple types of bank charges to be made aware of. Read our guide about How To Avoid Bank Charges For International Transfers to learn more.

How Do Union Bank of India Transfer Fees Compare to Using a Money Transfer Provider?

Outgoing overseas transfers sent with Union Bank of India will incur fees of $20 - 45 which is a substantial added cost to consider. For this reason, the bank does not offer competitive fees, especially considering many alternative service providers offer fee-free money transfers and other low-cost services.

SWIFT Codes for Union Bank of India

Every bank and its branches globally are recognized via unique bank codes, known as the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. Here we provide a list of SWIFT codes of the few main branches of the Union Bank of India. Format of the SWIFT code - UBININBBXXX, where XXX represents the branch code.

Union Bank of India Pros and Cons

How to Send and Receive Money With the Union Bank of India?

Sending Money

• Step 1: Log into your Union Bank of India online account

• Step 2: Select “Transfers from the Menu and request an Outward Remittance

• Step 3: Add the beneficiary account details, double checking all information is correct

It is also possible to send money overseas by visiting the Union Bank’s Domestic Foreign Business Branch. At the branch, you will have to follow a set procedure defined in the application of transferring the funds from your account to the beneficiary account.

Receiving Money

Union Bank of India account holders can receive foreign currency payments but must ensure the below details are correctly provided to the sender:

• Your full name and address

• Your account number

• Your routing number

• Banking institution's name and address

• SWIFT/BIC code of the branch your account is located

What Are Customer Support Options Available?

• Union Bank of India’s toll-free customer service hotline is available 24/7: +1 (800) 22-2244.

• Customer questions can be answered in 9 different languages: Hindi, English, and seven regional languages

• Queries can be sent to Customercare@unionbankofindia.com

• Union Bank of India is headquartered in Mumbai, and customers can contact the head office directly at: Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra, India- 400 021

Summary

Union Bank of India is one of the leading public sector banks in the country. The bank is a listed entity, and the Government of India holds 83.50 percent of the bank's total share capital. It is a valid option for customers in India looking for online banking services that are trusted and secure. However, the money transfer services offered by the bank are not up to the same standards as competitors in the remittance space.

One of the reasons for this is the excessive mark-ups applied to foreign exchange rates offered by Union Bank of India. These mark-ups range from a 4 - 6% increase on the real mid-market rate. Compare this to competitors in the remittance industry, such as Wise and InstaRem, who remain steadfast in their commitment to matching the true market value for currency conversions. Read our reviews of alternative money transfer providers and use our comparison tool to weigh up all available options, to see which providers best suit your needs when transferring funds overseas.

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