Are you a freelancer, individual, company or any other legal entity looking to get money transferred from the UK? You can easily receive remittance (payment) from the UK to Indian bank account. However, you must hold an account with the ICICI bank.
It doesn’t matter whether it is a basic current account or savings account. You can easily receive money via Wire Transfer.
Please note that sender’s bank may deduct £30 GBP from the final amount as a wire fee.
For example:- If you client is sending you £530 GBP then you may receive only £500 after deducting the wire fees.
Wire Fee depends upon the details mentioned in the wire form by the sender. I will give you a tip at the end of this article as how can we avoid wire charges or share equally with the sender.
Now here are the details that you need to supply to the sender for wire transfer (money transfer): –
- Account name:
- Account Number:
- SWIFT code/Routing No: ICICINBBCTS (This swift code is common across all ICICI banks so you can use it).
- Iban No. (not must):
- Sort Code (not must):
- Bank Address:
- Your address (not must):
Although, these details are sufficient for wire transfer, however some people ask for more details like iban number, sort code, intermediary bank (correspondent bank) which are not required but if they insist you can ask the client/sender to follow this link
Link for Firms/companies/or other legal entities but can also be used by individuals or Freelancers (those who are providing services to the UK)
Link for NRIs/Individuals
Once the sender has made the wire transfer ask them for the SWIFT copy (MT103) or reference number, so you can track the payment by providing the details to the bank.
Wire transfer could take up to 7 working days, however in most cases money arrives in 3 working days.
Once the payment is arrived in your base branch, the bank representative may contact you or you will receive an email requesting you to provide the purpose code.
Bank needs purpose code to keep check on money laundering cases. Most of the times bank attaches a document with the all-purpose codes listed in it. You need to select the one that justifies the purpose of receiving the payment.If you don’t understand the document, contact customer care/bank (trade helpdesk).
Here is a tip to avoid wire processing fees: –
- Ask the sender to mention charges as “OUR” in wire transfer form (if you want sender to pay the charges).
- If you want to share the charges equally with the sender, ask him to mention “SHA“.
- And, if you are okay to pay the entire bank charges ask him to mention “BEN“.
That means the entire charge will be paid by the beneficiary (the person or entity who is receiving the payment).
Alternatively, you can try third party service CurrencyFair to send money from UK to India (More countries and currencies supported), which is 8x cheaper than the banks.
Go to CurrencyFair to check out their services.