SECURE . CONVENIENT .. FAST ... & ECONOMICAL .
Remittance services for NRIs based in Gulf & Middle East
Corp Speed Cash/ Instant Cash :
This facility is provided to NRIs based in Gulf & Middle East to remit funds to beneficiaries in India up to Rs. 50,000/-. Beneficiary need not maintain an account with Corporation Bank. Payment will be made to the beneficiary in CASH.
To avail the service all you need to do is
- Walk-in to any Exchange House outlets listed below* and deposit local currency equivalent of Indian Rupees to be transferred to the beneficiary in India along with details of beneficiary
- Exchange House on accepting the deposit, issues a Personal Identification Number(PIN) to the NRI.
- Convey the PIN and other details of remittance to the beneficiary over phone or otherwise.
- Beneficiary in India, approaches his nearest branch of Corporation Bank and provides the PIN and other details of remittance
- On confirming the PIN, other details and identity of the beneficiary, Corporation Bank effects payment in CASH to the beneficiary.
* Speed Cash : Wall Street Exchange, UAE
* Instant Cash : UAE Exchange Centre, Abu Dbahi
Corp Speed Remittance :
This facility is provided to NRIs based in Gulf & Middle East to remit funds to beneficiaries in India. Amount remitted by NRIs abroad will be paid in any of the following mode as per remitters choice:
- Direct credit to the beneficiary’s account with any branch of Corporation Bank
- If beneficiary doesn’t have an account with Corporation Bank, a Demand Draft/Pay Order for the remittance amount will be delivered at the beneficiary’s address by courier/post.
To avail the Direct Credit facility all you need to do is
- Walk-in to the Exchange House outlets and deposit local currency equivalent of Indian Rupees to be transferred to beneficiary in India along with the following details:
o Beneficiary’s Name
o Beneficiary’s Account Number
o Corporation Bank Branch Name and Branch Code where the beneficiary’s account is maintained
- Exchange House transfers the amount to Corporation Bank along with account details of the beneficiary and the Bank credits the amount to the beneficiary’s account with the Corporation Bank Branch.
To avail Demand Drafts / Pay Order facility all you need to do is
- Walk-in to the Exchange House outlets and deposit local currency equivalent of Indian Rupees to be transferred to the beneficiary in India along with the Name & Address of the beneficiary
- Corporation Bank will deliver Demand Drafts / Pay Orders at the beneficiary’s address.
Speed Remittance facility is presently available at all the outlets of :
- UAE Exchange Centre, Abu Dhabi
- UAE Exchange Centre, Safat, Kuwait
- Oman International Exchange, Muscat
- Bahrain Exchange Centre, Kuwait
- Wall Street Exchange, UAE
- Redha Al Ansari Exchange EST., Dubai
Rupee Drafts :
This facility is provided to NRIs based in Gulf & Middle East to remit funds to beneficiaries in India by purchasing Rupee Demand Drafts from Exchange House outlets, payable at select Corporation Bank Branches in India and send it to the Beneficiary. The beneficiary can present the Demand Draft in local clearing or otherwise and get the funds credited to his/her account.
Rupee Draft facility is presently available at all the outlets of
- Purushottam Kanji Exchange Co., Muscat
- Dubai Exchange Centre, Dubai
Remittance services across the globe :
Apart from the products available to specific geographical area, Corporation Bank also provides universal products, which can be availed by you irrespective of your country of stay. Few of them are:
Demand Drafts / Personal Cheques in Foreign Currency :
You can send DDs/ Personal Cheques denominated in Foreign Currency. Corporation Bank shall collect the same and credit to the beneficiary’s account with the Bank.
TT/Wire Transfer (SWIFT) :
NRI can remit money in any freely convertible Foreign Currencies for the credit of self or any beneficiary’s account with any branch of Corporation Bank through SWIFT messaging system. For effecting a successful transfer through SWIFT, NRI may approach his/her banker and instruct them to transfer funds to the beneficiary’s account through SWIFT by providing necessary details. We have given below the details and the steps to be followed by NRI while effecting the remittance via any one of the following two channels.
|Channel No. 1||Channel No. 2|
|Transfer of money in foreign currency through Corporation Bank||Transfer of money in foreign currency through any other Bank in India|
|The remitter requests his Bank to transfer money to Corporation Bank in foreign currency through any of the foreign bank listed below (appropriate to the currency of transfer) with whom Corporation Bank maintains account. On receipt of foreign currency in India, Corporation Bank converts the same in Indian Rupees for credit to beneficiary’s account||The remitter requests his Bank to transfer money via SWIFT by giving account details of the beneficiary in field no. 59 of MT 103. The remitting Bank remits foreign currency to any Bank in India, which converts the same in Indian Rupees for credit to beneficiary’s account with Corporation Bank. In such case NRI should take care to mention the beneficiary’s account number in any of the following format. e.g. SB/01/01234 OR SB-01-01234 OR SB 01 01234 OR SB0101234.|
Tips to NRIs :
i) While transferring money via MT 103 (SWIFT message type) NRI must give full and complete details of the beneficiary’s account number, Name and address in Field No. 59 (Beneficiary Customer – Name & Address) for hassle free transfer of money e.g. :
If NRI wishes to transfer money to SB account no. 01234 of Jyoti Nayar maintained at Bangalore-Yelhanka branch, Field 59 of MT 103 should give details as “ SB/01/01234, Jyoti Nayar, Yelahanka, Bangalore Branch” alongwith mailing address of beneficiary.
ii) Remitter should give clear instructions to the remitting Bank regarding the remittance charges. Otherwise the correspondent bank shall deduct their charges from the amount payable to the beneficiary.
|CURRENCY||Nostro Bank||Swift Code||Account number|
|USD||JP MORGAN CHASE BANK N.A.N.Y.||CHAS US3||0011400603|
|ABN AMRO BANK NV||ABNA US33||574070918241|
|THE BANK OF NEW YORK, N.Y.||IRVT US3N||8900385987|
|HSBC USA||MRMD US33||000032905|
|BANK OF AMERICA,N.Y.||BOFA US3N||655 07 91950|
|CITI BANK NA, N.Y.||CITI US33||36006674|
|GBP||STANDARD CHARTERED BANK PLC London||SCBL GB2L||00 01 7081766 01|
|HSBC BANK PLC London||MIDL GB22||00 263000|
|EUR||COMMERZ BANK AG Germany||COBA DEFF||400875085300|
|SOCIETE GENERALE, France||SOGE FRPP||002 016 204000|
|SGD||DBS SINGAPORE LTD,Singapore||DBSS SGSG||037000366-2|
|CAD||TORONTO DOMINION BANK,Canada||TDOM CATT||0360-01-2253335|
|AUD||AUSTRALIA & NEW ZEALAND BANKING CORPORATION,Australia||ANZB AU3M||228387-00001|
|CHF||UBS AG, Switzerland||UBS WCHZH80A||94276050000|
MONEY GRAM FACILITY AT OUR BRANCHES :
Corporation Bank has now launched the Money Gram product at all branches of the Bank. NRI clients can now walk in at any Branch of our Bank and claim the remittances in a few minutes.