Money transfer UBS to an Indian Bank Account [ICICI]

Finance, Taxes, Banking, Insurance and Retirement
1
Dear Users,

Can somebody help me with the procedure to transfer money online from my UBS savings bank account to my Indian savings bank account with ICICI bank.

I'm using the option of "Payment abroad" in my UBS net banking service. Is that the correct option?

After this I find series of questions like beneficiary bank account and name and other details which are pretty confusing.

Is there anybody who has experience in transferring money from a UBS account through net banking help me.

Thanking you,

Ranga

2
Are you changing currencies?

3
Hello,

Its very simple

Put your information in Beneficiary

NAME -

ADDRESS-

IBAN - your icici account number (e.g. - 007301XXXXXX)

In Beneficiary's Bank -

select BIC(SWIFT) and click on Search and then select your ICICI BANK branch in your city where forex is possible

in PAYMENT -

Currency - CHF

Amount - 10000

Reason for payment - anything

Cost and Instructions -

All costs born by Benificiary.

Thats it. You are done. Once finished you can save this template for next use

UBS will deduct 5 CHF for each transfer abroad.

I hope this is useful.

Cheers,

Sandy

4

That's quite understandable it's confusing adding beneficiaries name and address, it would defeat the money laundering and you would have to pèay tax on incoming monies....Most confusing !

5
Than you sandy..

It works.

Ranga

6
Hi,

I am also trying to transfer money to my ICICI account but I cannot find the SWIFT code for my bank in Jammu. Could you please tell me where did you find Swift code.

Regards,

Monika

7
Why not contact your bank in Jammu and ask them what their SWIFT code is?

8
BIC online, a website from SWIFT. But as the choice can be quite confusing, +1 on: ask your bank

9
https://transferwise.com/swift-codes/

For JMU, will have to use swift code for DEL

10
Hi i am not able to find swift code or BIC code for both the accounts when tried finding online. Is this the only way? or should i call the customer care and find out or ask bank?

But i am able to find these codes for other branches can i use swfit/bic code of other branch? because some one said its just representation of forex exchange so we can use BIC/SWFIT code of any other branch also. Is my understanding correct?

11
Many branches share same SWIFT code. Ask your Bank Branch in India about the SWIFT code. You may also find the SWIFT code in Bank Passbook or Bank Mobile App.

12
Hi all, One simple question will ICICI charge "forex transaction commission" and "forex transaction service charge" or will they just convert CHF to INR based on exchange rate of that day and dont charge anything extra ?

13
They will charge you with the conversion rate

14
Only conversion rate or will there be any other charges like "forex transaction commission" and "forex transaction service charge" because i transferred to other bank than ICICI to india they charged me around 100 INR stating "forex transaction commission" and "forex transaction service charge" will this be same case with ICICI

15
Probably not as the money is already converted into INR. They may charge a fee for the incoming payment though.

16
I believe you are asking about ICICI Bank and not their money transfer service. ICICI Bank upon receiving CHF will convert into INR at prevailing TT Buy Rate. Then will deduct conversion charges for converting on it. The charges should not be much.

P.S. - Nationalized Banks give better rates than private Banks.

17
Hi thanks for the reply

1. Yes i am asking only about ICICI. Actually I have 2 bank accounts in india one is ICICI and another one is with nationalized bank. I transferred some money to nationalized bank. This bank after conversion, they charged 100 INR extra stating its for "forex transaction commission" and "forex transaction service charge". So i was trying to check whether ICICI also charges something similar along with conversion rates.

2. How can i come to know what is the exact conversion rate the bank is giving me? while making transfer i did not find this value anywhere. Should i check some where else? UBS just took the next working date and transferred.

3. The exchange rate was 1 Re lesser than what ever i saw in XE.com. Not sure whether i am checking in right way. Guide me in this regard.

18
1 ICICI will do the same if you send them any other currency than INR

2 Unknown in advance, most of the time 200 bp worse if you have not agreed on a spread

3 Obviously as the bank will not give you the best rate

19
1. Yes, All the Banks will charges commission. Some Banks more than others.

2, 3. You can check the Banks TT Buy Rate which is available on their websites. The Rate prevailing on the day the Bank will convert CHF into INR will be used. For eg. https://forex.icicibank.com/forexatc...dRateView.aspx 63.82 is the ICICI bank TT Buy rate for 22/11/2017. If you have transferred the money say 1000 CHF yesterday, Bank will convert it today at 63.82. So, you will get 63.82*1000 equals 63820 less the commission in your account.

A quick google search will give you the TT Buy rates for other banks. like

SBI - https://www.sbi.co.in/webfiles/uploa...CARD_RATES.pdf . Syndicate https://www.syndicatebank.in/english...XCardRate.aspx

20
100 INR is peanuts compared to 5% buy/sell spread from coolg's link above. Big banks will rip you off one way or another, try somewhere else