Indian Overseas Bank
Address : 9th floor,2431 Bldg., 109, Toegye-ro, 24-31, 1-ka, Chungmuro, Chung-ku, Seoul
Tel No : 753-0741 ~ 3 Fax No.: 756 – 0279 E.mail : [email protected]
Quickest way to send your remittances to India.
During interaction with Indian Community living in Korea, we are often informed that their remittances to India are unduly delayed when sent through various banks in Korea. Despite incurring heavy expenditure, many times they have problems in tracing the remittances which do not reach destination in time. The delays take place because the local banks have to depend on intermediary banks to send the remittances to India. Further it is expensive when the money is routed through intermediary banks.
To obviate such difficulties Indian Overseas Bank Seoul Branch which has been serving the Indian Community for the last 25 years, offers you the comfort of sending your remittances quickly and easily with less expenditure.
You can use any one of the modes for your remittances to India.
- Demand drafts : you can obtain Indian Rupee Demand draft payable at any one of the 1400 IOB Branches in India. The advantage is that the exchange rate is fixed at Seoul on the date of obtaining the demand draft.
- Mail Transfer : You may directly remit Indian Rupees to any one of the branches of IOB where you maintain your account. Seoul Branch will undertake to dispatch the mail transfer directly to the designated branch by air mail.
- SWIFT Remittances : Your money in Indian Rupees will be transferred on on the same day to your account with any of IOB Branches in India which have SWIFT facility.
- Telegraphic Transfers : Your money is also transferred to designated branches in India by telex / telegram / phone at your specific request.
Remittances Charges :
DD/MT : K. Won 13,000 /upto or equal to US$ 1000.
K. Won 15,000 /more than US$ 1000.-
SWIFT : K. Won 20,000/ for any amount US$ 1000.-
TT : US$ 25.- for any amount.(For commercial transactions US$ 35.-)
You will observe that your remittances will reach faster if you maintain your account with any of the IOB Branches in India. Hence we recommend that you may open your account in any nearest IOB Branch in India. On the other hand even if you cannot maintain a/c with IOB, still you can choose one of the above options to send the money to your bank account.
We also advise you to remit the money to your non resident external accounts as the income earned in NRE A/C are exempted from income tax in India.
In similar fashion you have facilities to remit US Dollars, to India to be invested in tax free FCNR term deposits.
Funds kept in NRE and FCNR accounts freely repatriable.
Please visit www.iob.com for more details on NRI schemes and interest rates.
Procedure to be followed when you can not visit the IOB Seoul branch
Those who wish to remit the money to India and are unable to come to Bank personally are advised to follow the procedure given below.
Please use the following account numbers of our Bank to remit the amount either in US Dollar or Korean won through any nearest Korean Bank by on line system to IOB Seoul account with Korea Exchange Bank.
For Won remittance
(1) A/C No. 963-THR-185-00-6 with Korea Exchange Bank, (Head Office).
(2) A/C No. 024-11-00342-9 with Korea Exchange Bank (Chungmuro Branch)
For Dollar remittance USD 963-THR-185-01-4 with Korea Exchange Bank, (Head Office).
After remitting the amount please fax the following papers to us on our Fax No. (02) 756-0279.
- Application form (Download)
- Your copies of passport with Visa status and Resident card (one time submission)
- Employment agreement (For first time only)
- Xerox copy of latest salary certificate.
- Remittance Receipt from local bank as evidence of payment made on line to our a/c.
- Mailing instructions giving the correct address of the payee.
Please call us over phone after remitting the amount / faxing the papers to confirm receipt of the documents at our end.
We will convert the amount to Indian Rupees at prevailing exchange rate. and remit the amount by way of demand draft / mail transfer / SWIFT transfer / TT transfer as per your request.
At your request we can undertake to mail the draft to the beneficiary / payee.
You are advised to follow for speedy and convenient money transfer.
Please note that Banks in Korea are closed on both Saturdays and Sundays.
For any assistance / clarifications please do get in touch with us.
Mr. Venkataraman (02) 754-1088
Country Head (02) 753 – 0741 ~ 3
Mr. Lakshimi Narasimhan (02) 756 – 6238
Senior Manager (02) 753 – 0741 ~ 3
Fax No. : 756 – 0279
E-Mail ID : [email protected]