If you want to receive a foreign payment from US/UK Banks or from any other country (usually in US Dollars or Euro) then you might want to give the sender in foreign country SWIFT/BIC code of the bank in India where you have account with. Usually this is commonly called International Wire Transfer / TT. Most banks do charge a fee of about USD 25 to USD 35 to process an incoming wire transfer.
Inorder to obtain SWIFT/BIC code you have to talk to the manager of your bank and usually the you will need to forward the following information the the payer in foreign country.. .
- Account No
- Beneficiary Name
- Beneficiary Addresss
- Bank Name
- Bank Address
- SWIFT/BIC code
Most bank branches in India dont usually have a direct SWIFT code, instead they will give you correspondent bank (intermediary bank) information to receive inward foreign transfer. It takes about anywhere between 3-5 days for bank in India to receive the foreign payment and once they receive this, your account will be credited in Indian Rupees as per the prevailing exchange rate. You can always visit Official SWIFT Website to check whether your bank have a direct SWIFT code or not.
Inorder to receive a foreign wire transfer payment you will need to collect the following information from your bank and forward it to sender in a foreign country. You will need to consult the branch manager of your bank so that he could advice you with specific wire instructions.
Beneficiary Account No# ______________________________________
Beneficiary Name: ______________________________________
Beneficiary Address: (with postal code and country)
Beneficiary Bank Name: ___________________________________
Beneficiary Bank Address: (with postal code and country)
Correspondent Bank Details(optional)
SWIFT/BIC Code: ____________________________________
Amount in USD or Foreign Currency: ________________________________