11.25.2014

How to Send Money from India to the Philippines

By Nora

You can send money from India to the Philippines ONLY through BANKS. 

You CANNOT send money from India through Western Union, Moneygram or other non-bank money transfer companies.

There are also strict rules on remittances:

1. You need to bring your ID or passport, proof of address and employment certificate or work permit, if you're a foreigner working in India.

2.  You can send only to persons legally related to you.

3.  Your purpose in sending money should be one of the following:
     
         . Financial support for close relative  (This can be the purpose for OFWs)
         . Education Abroad
         . Emigration fees
         . Employment abroad
         . Medical Treatment
         . Purchase of medicines and other items for personal use
         . Visa fees
         . Police verification
         . Donation
         
4.  There are limits to amounts of outward remittances, depending on your purpose, but generally for OFWs, you can send what you have legally earned there in India.       

5.  You can send in US dollars, British pounds, euros, Saudi riyals and 12 other major currencies.

6.  You cannot send money to Bhutan, Nepal, Mauritius or any country identified as non-co-operative by the Financial Action Task Force (fatf-gafi.org).


Send Money to the Philippines from India by going to a bank in India and request for a WIRE TRANSFER.  Some banks in India like ICICI does not require you to have an account with them.  What is required is that your recipient in the Philippines has a bank account.

If you're sending from India to the Philippines frequently, it is advised that your recipient open an account with BPI, Metrobank or PNB, since these are the Philippine banks with correspondent banks in India.

Here are BPI Correspondent Banks in India:

ICICI Bank Ltd.  (recommended by many)
DBS Bank, Mumbai Branch
Citibank NA
Dena Bank
Punjab National Bank
State Bank of India
Standard Chartered Bank
Union Bank of India
Hongkong and Shanghai Banking Corp. (HSBC)
JPMorgan Chase Bank
Syndicate Bank
Bank of Nova Scotia
Deutsche Bank
Bank of Tokyo-Mitsubishi UFJ
BNP Paribas India
ANZ Banking Group
Royal Bank of Scotland

Swift Code for all branches of BPI and BPI Family in the Philippines is:  BOPIPHMM


Here are PNB Correspondent Banks in India:

ICICI Bank Ltd., Mumbai
Australia and New Zealand Banking Group Ltd.
Bank of America, Mumbai
Bank of Tokyo Mitsubishi UFJ, Mumbai
Bank of Nova Scotia, Mumbai
BNP Paribas India
Citibank Europe, Mumbai
Credit Agricole Corporate and Investment Bank, Mumbai
Deutsche Bank, Mumbai
JPMorgan Chase Bank, Mumbai
Mashreq Bank, Mumbai
Punjab National Bank, Mumbai
Standard Chartered Bank, Mumbai
State Bank of India, Mumbai
Syndicate Bank, Mumbai

Swift Code for all branches of PNB in the Philippines:  PNBMPHMM


Here are METROBANK Correspondent Banks in India:

ABN Amro Bank Mumbai
American Express Bank New Delhi
ANZ Banking Group Mumbai
Axis Bank Ltd. Mumbai
Bank of America Mumbai
Bank of Baroda Mumbai
Bank of Ceylon Chennai Madras
Bank of Tokyo-Mitsubishi UFJ New Delhi
BNP Paribas India Mumbai
Citibank Mumbai
Hongkong and Shanghai Banking Corp. (HSBC)
JPMorgan Chase Bank, Mumbai
Masreq Bank Mumbai
Punjab National Bank Mumbai
Standard Chartered Bank Mumbai
State Bank of India Mumbai
Union Bank of India Mumbai

Swift Code for all branches of Metrobank in the Philippines:  MBTCPHMM  

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