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Old 16.05.2011, 12:23
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How to reduce charges while foreign transfer CHF to INR in ICICI bank, India ???

Hi,

In past, I had transferred CHF through online foreign payment from my local swiss bank to ICICI bank via correspondent bank CREDIT SUISSE ZURICH withcharges as Charges Shared


So each time, 27 CHF as additional charges were deducted from the amount in CHF, which I transferred.
17 CHF were charged by correspondent bank as a conversion fee & 10 CHF were charged as a foreign payment fee.

As Indian bank, ICICI Bank does not levy any service charge on remittances received for credit to an account maintained with them.

There are also the following options available while foreign payments on my local swiss banks website:

1. Charges: to be debited to the originator

2.Charges: Charges Shared

3. Charges: to be debited to the payee


Can somebody provide me the better way to reduce charges or the name of the correspondent bank which charge lesser to transfer CHF to ICICI bank, India?


Thanks & Regards
Navneet

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Old 16.05.2011, 15:27
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Re: How to reduce charges while foreign transfer CHF to INR in ICICI bank, India ???

Hi,

I use postfinance. They charge me 2 chf for the international transfer and another 10 chf is charged on the other side. I choose the "charges to be paid by beneficiary". I am very happy with them so far.

Regards,
-Ip
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Old 18.05.2011, 10:43
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Re: How to reduce charges while foreign transfer CHF to INR in ICICI bank, India ???

I am using UBS e-banking service or Credit Suisse ebanking service. For that I dont have to pay any charge . The amount will reach in India after 1 day.

If you want to get the amount in the same day, then you have to pay charges
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Old 18.05.2011, 13:17
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Re: How to reduce charges while foreign transfer CHF to INR in ICICI bank, India ???

Hi,

Always transfer the money as CHFs instead of INR. Conversion is then done by the Indian bank and they usually charge a smaller amount(maybe 1-2 CHF) for the conversion of currency. Also the conversion rates are usually better in Indian banks compared to Swiss banks.

Do not choose the option that cost will be borne by the sender. Always use share cost or cost borne by beneficiary, these options are cheaper because inward remittance does not carry a fee in India.

I usually do a direct transfer from UBS to my Indian bank without an intermediate bank. I get charged 7CHF here and around 50Rs in Indian bank.

Last edited by Chetan; 18.05.2011 at 13:20. Reason: some more info.
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Old 19.05.2011, 16:58
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Re: How to reduce charges while foreign transfer CHF to INR in ICICI bank, India ???

Hi Chetan,

Thanks for your previous usefull information in this regard.

But I have one more query:
How is it possible to direct online transfer from local swiss bank a/c to my Indian bank a/c without an intermediate bank?

I transferred CHF through online foreign payment from my local swiss bank to my Indian bank via correspondent bank CREDIT SUISSE ZURICH with charges as Charges Shared as per norms of my Indian bank.

As per my Indian bank, don't use cost borne by beneficiary, as then correspondent bank would charge more as my Indian bank does not levy any service charge on remittances received for credit to an account maintained with them.

Regards
Navneet
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Old 20.05.2011, 11:41
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Re: How to reduce charges while foreign transfer CHF to INR in ICICI bank, India ???

Hi Navneet,

If you go to fund transfers in you online banking, and see "International transfer" you should be able to transfer funds to any country in the world.

If you give a proper SWIFT/BIC code and the account number and address the transfer should happen smoothly.

For European banks and some other countries there is a code called IBAN which is a unique number corresponding to the bank account. For Indian banks probably we do not have it hence we give the SWIFT code, which is a unique code for every bank in this world and then the account number so that the Indian bank knows which account to put the money into


There is usually no need for an intermediate bank. Although I would think that if there is one it should reduce your cost and speed up the transfer and not the other way around.

Try doing this international transfer and see if it works and is any better. I have done transfers to US, UK, India and maybe atleast 3-4 european countries. For non europe I was never charged more than 7Chf and within EU I think it was less than 2CHf.

Hope this helps.
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Old 20.05.2011, 15:54
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Re: How to reduce charges while foreign transfer CHF to INR in ICICI bank, India ???

Hi Chandan,

Thanks a lot for your suggesstion & information in this regard.
Now it's clear to me that how actually foreign transfer is proceed.
I would keep it in mind for next time.

Regards
Navneet
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Old 07.07.2011, 23:15
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Re: How to reduce charges while foreign transfer CHF to INR in ICICI bank, India ???

Hi,

Money2India from ICICI bank is a good option..
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Old 17.07.2011, 12:25
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Re: How to reduce charges while foreign transfer CHF to INR in ICICI bank, India ???

Quote:
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Hi,

In past, I had transferred CHF through online foreign payment from my local swiss bank to ICICI bank via correspondent bank CREDIT SUISSE ZURICH withcharges as Charges Shared


So each time, 27 CHF as additional charges were deducted from the amount in CHF, which I transferred.
17 CHF were charged by correspondent bank as a conversion fee & 10 CHF were charged as a foreign payment fee.

As Indian bank, ICICI Bank does not levy any service charge on remittances received for credit to an account maintained with them.

There are also the following options available while foreign payments on my local swiss banks website:

1. Charges: to be debited to the originator

2.Charges: Charges Shared

3. Charges: to be debited to the payee


Can somebody provide me the better way to reduce charges or the name of the correspondent bank which charge lesser to transfer CHF to ICICI bank, India?


Thanks & Regards
Navneet
don't choose charges shared. Choose all costs by beneficiary..
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