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      NRI Inward Outward

      Inward

      Inward remittances can be received in the following forms :

      1. Wire Transfer
      2. Foreign Currency Cheques/Drafts
      3. Foreign Currency Travellers Cheques
      4. Foreign Currency Notes

      Wire Transfer

      Wire Transfer is the fastest, safest and most popular mode to transfer funds from any other country. Wire Transfer can be executed either through CUB Net (if the remitter’s bank permits cross border wire transfer through online banking) or the remitter has to approach his / her bank branch and provide the following details:

      1. Name & Address of the remitter
      2. Account Number of the remitter
      3. Name & Address of the beneficiary (recipient)
      4. Name of the bank with which the beneficiary’s account is maintained
      5. SWIFT Code of the beneficiary’s Bank
      6. Purpose of remittance

      FOREIGN CURRENCY CHEQUES / DRAFTS

      • Foreign currency cheques / drafts can be deposited at branches of CUB
      • Cheques / drafts will be collected subject to availability of collection arrangement with correspondent banks
      • CUB accepts cheques / drafts denominated in select currencies
      • For clarification contact nearest CUB branch
      • Collection charges are applicable

      Foreign Currency Traveller’s Cheques & Currency Notes

      • CUB account holders can get Travellers Cheques & Currency Notes credited to their account
      • Traveller’s Cheques will be converted at TC Buying Rate of the Bank prevailing on the date of deposit
      • Currency Notes will be converted at Currency Buying Rate of the Bank prevailing on the date of deposit
      • Bank will insist on production of Currency Declaration Form (CDF) at the time of accepting Traveller’s Cheques and Currency Notes;
      1. If currency notes tendered exceeds USD 5000 or equivalent
      2. If Travellers Cheques tendered exceeds USD 10000 or equivalent
      3. If currency Notes & Travellers Cheques tendered together exceeds USD 10000 or equivalent

      Speed Remittance from USA

      • CUB has entered into an arrangement with CBW Bank, a bank based in Kansas USA to enable Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs) in USA for transferring money to beneficiaries in India
      • For money transfer NRIs / PIOs have to visit www.globalremit.com and follow few simple steps for user registration and money transfer

      Features of Speed Remit from USA :

      • Fast, Secured and Cost Effective Money Transfer
      • NRIs / PIOs can remit funds online
      • Money transfer status update
      • NRIs / PIOs can remit upto USD 2500 per remittance
      • Maximum 30 remittances per beneficiary can be made during a year
      • Funds can be remitted only to an individual in India
      • Remittance can be made only for the purpose of family maintenance

      Outward

      Individuals can remit foreign currency funds to beneficiaries abroad for all purposes permitted under Foreign Exchange Management Act (FEMA) through any of the following ;

      • Wire Transfer
      • Demand Draft
      • Traveller’s Cheques
      • Currency Notes

      Remittances can be made upto USD 250000 or its equivalent per financial year for all bonafide purposes which includes

      • Private Visit
      • Gift
      • Donation
      • Education *
      • Medical Treatment *
      • Immigration
      • Investment abroad
      • Purpose of Property abroad

      For remitting funds, the remitter should be an account holder with CUB. Form A2 should be filled in and submitted.

      * Amount can exceed USD 250000 or its equivalent per financial year subject to conditions stipulated by RBI