Transcript Remittance Products for NRIs/PIOs

REMITTANCE PRODUCTS
FOR NRIs/PIOs
By
Ranjan Dhawan
Executive Director, Bank of Baroda
PBD 2015, Gandhinagar, Gujarat
NRI Global Remittances
• It is estimated that approximately 35 Million NRIs/PIOs
reside outside India. Indian Diaspora is geographically
diversified, spread in as many as 110 countries
• It is projected that India would have received USD 71
billion out of total remittance of USD 435 billion during
2014 as per recent World Bank’s data, which is
highest among all countries
• Bank of Baroda, being India’s International Bank and
pioneer in international banking since 1953, is having
host of remittance products serving the NRI fraternity
through its 104 overseas offices in 24 countries and
other correspondents throughout the world.
Sources & Utilization of Remittances
• RBI Survey on remittances shows the following sources of
inflow and Utilization
Australia/New
Zealand
East Asia 2%
7%
Africa
3%
South America
3%
Utilization Pattern
Sources of Inflow
North America
Gulf Countries
Europe
12%
North America
35%
Europe
South America
Africa
East Asia
Gulf Countries
38%
Australia/New Zealand
Social Religious
Fn.
3%
Others
21%
Investments
in equity
shares
4%
Family Maintenance
Family
Maintenance
49%
Deposits in Bank
Investment in lands & property
Investments in equity shares
Deposits in
Bank
Investment in
20%
lands & property
3%
Social Religious Fn.
Others
Remittance products
• Rapid Fund 2 India
• Swift
• Remittances under Money Transfer
Service Scheme (MTSS)
• Speed Remittance
• Baroda Flash Remit (To be launched
shortly)
• DD Drawing arrangements
Rapid Fund 2 India
• This is our in-house online money transfer facility used to send
remittances in Rupees to India through our branches present in 24
overseas countries. The features are
1. Speedy, cost-effective and reliable service
2. Instant credit to beneficiary’s account with Bank of Baroda’s over
5000+ CBS enabled branches
3. Same day/ within 24 –hour credit to the beneficiary/s account with
110300+ branches of other banks through RTGS/ NEFT
4. Money transfer without any threshold amount
5. Neither remitter nor beneficiary needs to have account with us. No
charges in UAE if the remitter and beneficiary maintains a/c with
BOB
• NRIs desirous to use the above facility can approach any of our overseas
branches and tender local currency of the country or any convertible
currencies along with relevant application & ID proof
SWIFT
• This product can be used by NRIs to send money to India from any
country, any bank and in any convertible currencies.
• SWIFT is a fast and secured mode of funds transfer facility
• Facility is available at all our overseas branches. Even customers
of other bank can remit to our bank branches through their bank
• Beneficiary need not have account with us
• For detail list of correspondents of our banks, please log on to our
website www.bankofbaroda.com
• Process involved in Swift remittance
NRI instructs
bank to debit
his a/c and send
money to
beneficiary a/c
NRI’s bank debits his
a/c and instructs his
correspondent bank
to credit beneficiary
banks nostro a/c
Correspondent
bank credits
Nostro A/c of the
beneficiary bank
Benef.bank verifies
nostro a/c on receipt
of swift message from
sending bank &
credits to the
beneficiary a/c
MTSS
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Under tie up arrangement with UAE Exchange and Western Union, Bank is
offering money transfer services under brand names Western Union (WU),
Xpress Money (UAE Exchange) and MoneyGram (UAE Exchange)
It is basically a person to person payment remitted for personal use in INR or
family maintenance of the resident beneficiaries in India or any foreign national
tourist visiting India
Donations/contributions to charitable institutions/trusts, trade related
remittances, remittance towards purchase of property, investments or credit to
NRE accounts shall not be made through this arrangement
A cap of maximum USD 2500 (in equivalent INR) per transaction and maximum
30 remittances to a single individual beneficiary during a calendar year
A remitter desirous of remitting funds to India under the scheme visits any
overseas offices of WU and UAE Exchange and tenders remittance amount
with full particulars of beneficiary in India. The service providers after
processing the transaction provide them system generated identification
numbers (MTCN and Unique Reference No)
The remitter conveys the identification number to the beneficiary in India who in
turn visits any of our nearby branches to claim remittance amount.
MTSS Process
Send Money (Remitter)
Receive Money (Beneficiary)
NRI approaches UAE Exchange/Western
Union outlet with ID card & KYC
documents with fgn curreny for remittance
Finds nearest authorized
BOB branch
Requests for remittance by tendering
foreign currency and application
Fills in receive form with given
reference no & submits with KYC
documents
A reference number is issued to the NRI.
Contacts the beneficiary and gives him the
reference no.
Beneficiary a/c is credited. For beneficiaries
not having a/c, cash will be paid upto Rs.
50000/- . If the amount is >50000, Banker’s
cheque will be issued
Speed Remittance
• Bank is having tie up arrangement with UAE,
Lulu and Al Ansari Exchanges. Under speed
remittance, NRI can remit INR (without any
limit) to his own a/c or third party. NRI
approaches Exchange Houses and tenders
foreign currency with id card & KYC
documents. The Exchange Houses receive
money and remit to beneficiary a/c in India.
Bank on receiving information from the
Exchange Houses, credits to beneficiary a/c
online.
Baroda Flash Remit
• This is a real-time instant account credit facility in
partnership with UAE Exchange Centre LLC
(UAEECL) to be launched shortly
• NRI customer desirous of sending remittance through
Baroda Flash Remit visits any of UAEECL location
overseas. Remitter furnishes beneficiaries account
no and name details to UAEECL
• UAEECL processes the transaction and beneficiary
account is credited on real time basis. The moment
the amount is credited to the beneficiary’s account,
an SMS alert is instantly sent to the mobile phones of
both the sender and the receiver by UAEECL
• Maximum Rs.200,000/- per transaction for non trade
purposes
Contact
• Please contact our dedicated NRI
Services department for assistance.
Phone: +91 22 67892980/71/82/84
Email: [email protected]
[email protected]