Need to wire money to India? Thinking about a wire to send the money to India? Before you walk into your financial institution to do it, make sure you check out the wire transfer fees. It may come as a shock as to how much the charges will be and depending on the amount, it might be better to have a look at the alternatives to forward the money another way.
What can make it even more costly is in addition to your financial institution charging a fee for sending the funds to a place in India, the recipient getting the funds will possibly also be charged a fee from their bank. One way to reduce the likelihood of this charge is to send the international wire transfer in their local currency.
To initiate a wire transfer to India, you will possibly need a SWIFT code. These are unique codes for each bank and based on things such as the country and individual bank.
SWIFT Country Code
Central Bank Name
Reserve Bank of India