Transferring money to a foreign country can be a hefty process. Let’s say your daughter is in trouble and she needs money immediately. What will you do? It’s better to prepare during these types of circumstances. Fortunately, there are many options to transfer money. As per the rule of RBI, you can remit up to $1 lakh a year for the education of your child and transfer up to $ 2 lakh a year for other purposes if some relatives, or child is living abroad. You can transfer money within a few hours by means of SWIFT. Let me share with you what is SWIFT copy in bank.
Get home loans at the lowest interest rate through NoBroker What is swift copy of remittance?The full form of SWIFT is Society for Worldwide Interbank Financial Telecommunication. It is a wire transfer system available in many banks such as Axis, ICICI, Standard Chartered and ING Vysya.
For a SWIFT transfer, you need to add the beneficiary’s details such as bank account number, postal address of the bank and its SWIFT code, in a form. After this, the amount will be debited from your account and credited to your foreign bank account in 48-72 hours.
As a part of the process, you get a confirmation of the payment made from your bank account which includes all the details such as date, amount, currency, sender, recipient and any fees applied. If the amount is credited to your foreign bank account, you can show this copy as proof. So, you always keep the SWIFT copy with you for future reference.
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What is SWIFT copy of remittance?
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2022-10-27T10:38:52+00:00 2022-10-31T11:39:45+00:00Comment
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