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OTHER FOREX SERVICES
 
Dear Customers,

The Shamrao Vithal Co-operative Bank Ltd. has been issued the Authorised Dealer Category - I (AD Cat - I) license by the Reserve Bank of India. In order to facilitate smooth, efficient & stress free conduct of foreign exchange transactions our International Banking Division offers a wide variety of products & services to carry out personal / business related transactions.The International Banking Division has established correspondent relations with foreign and Indian banks. It is the nodal hub for overseeing the working of the 'B' category branches.

International Banking Division is located at:
1st Floor, Maker Tower 'E',
Cuffe Parade,
Mumbai 400 005.
Tel: +9122 6744 4524 / 560 / 533
Fax: +9122 6744 4570
Swift: SVCBINBB
Email:ForexCell@svcbank.com, naiknp@svcbank.com , dhareshwarar@svcbank.com
 
1  Remittance Services
  1. Inward Remittance Services

    You can send money to India by any of the following means:

    • A demand draft / cheque drawn in any foreign currency
    • International Money Orders in foreign currency
    • Your personal cheque in foreign currency, drawn on your account abroad
    • Swift Remittance:
      This is the quickest mode of remittance to India from anywhere in the world. Funds can be transferred from any local bank, which is a part of the Swift Network to Shamrao Vithal Co-op Bank account in India through our overseas nostro accounts.

      For e.g., in case you wish to transfer funds to India from USA, please give the following instructions to your banker:

      • Instruct your Bank to "Pay WELLS FARGO BANK N.A., New York"
        (Swift Code: PNBPUS3NNYC)
        FED ABA: 026005092 CHIPS UID: 0509
      • For credit to A/c No. of 2000193005473
        The Shamrao Vithal Co-op. Bank Ltd.
        (Swift Code: SVCBINBBXXX)
      • For ultimate credit to Beneficiary's Account (Name & Account No.)
        A/c with _________Branch of The Shamrao Vithal Co-op Bank Ltd.
      • The funds will be credited to our account with WELLS FARGO BANK N.A., New York. We will in turn pass on the funds to the beneficiary, whose details have been provided by you


  2. Outward Remittance Service

    We can assist you in sending money to beneficiaries located outside India in any of the following two ways:

    • Demand Draft:
      We can issue demand drafts in USD / GBP / EUR. You can send the demand draft to your intended payee, who can take the demand draft to their bank for presentation, following which your payee shall receive the funds.
    • Swift Remittance:
      This is a secure, quick and efficient method of transferring funds, which enables you to send money easily to any bank which is part of the SWIFT network.


2  Exchange Earners Foreign Currency Account (EEFC)

EEFC is an account maintained in foreign currency with an Authorised Dealer i.e; a bank dealing in foreign exchange. It is a facility provided to the foreign exchange earners including exporters to credit their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into rupees & vice-versa thereby minimizing the transaction costs.

Salient Features :
  • Accounts are denominated in USD, GBP, EUR, JPY, CHF, AED and AUD.
  • This account is essentially a non-interest bearing current account.
Eligibility: Who can open an EEFC account if:
  • All categories of foreign exchange earners such as individuals, companies, etc. who are resident in India can open EEFC accounts.


3   Purchase of cheques, drafts, travellers cheques
  • The above mentioned instruments can be lodged for purchase by our customers only. We purchase the instruments and pay the proceeds to the customers before realization. However, this facility is made available after completion of requisite credit assessment.


4   Clean cheques, drafts, travellers cheques on collection
  • Instruments lodged by the customers will be handled on collection basis and the proceeds of the same will be collected through our correspondents abroad and paid to the customer on realization of funds.


5   Booking of Sale and Purchase Forward contracts
  • We can book sale and purchase forward contracts on behalf of our customers to hedge their exchange rate risk.
 
 
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    For our list of branches please Click here
    For our list of Overseas (NOSTRO) Accounts please Click here.
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    To download Account Opening Form please Click here.
 
    For more details about Forex Other Services contact us at 67444524/36/42/60/31
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Tel:- +91-22-6744 4524
Tel:- +91-22-6744 4560
Tel:- +91-22-6744 4534
 
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