![]() These overseas transactions are fast and straightforward, though the charges incurred for this service quickly accumulate. ![]() Yes, Indian Overseas Bank offers international bank transfer services through SWIFT wire transfer, to and from any major country. Indian Overseas Bank appears to have been competently keeping up with the competition in the banking sector, but we want to dig a little deeper, to find out how this financial institution’s money transfer services compare to leading specialists in the remittance industry.Ĭan I Use Indian Overseas Bank for International Bank Transfers? In 2019, the Department of Financial Services granted IOB the EASE (Enhanced Access and Service Excellence) Banking Reform Award for “Reformed Excellence” and "Deepening Financial Inclusion & Digitalisation." The bank has expanded over the course of its history so far, having opened branches across India as well as cracking multiple Asian markets: most notably Singapore, Hongkong, Thailand, Sri Lanka and South Korea, with over 3,400 branches worldwide. It began operations simultaneously in Karaikudi and Chennai, and Rangoon in Myanmar, known as Burma at the time, before leading to a branch in Penang, Malaysia. It became a nationalised bank in 1969 and, due to the increase in global travel and cross-border payment solutions, began to focus on providing foreign exchange services. ![]() Indian Overseas Bank was founded in 1937 to serve the population of India, which at the time was approximately 308 million people, compared to approximately 1.3 billion in 2020. South Georgia and the South Sandwich Islands.
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