Category

Banking

Virtual bank accounts for cash management

By | Banking, Money transfer

A virtual bank account has the potential to significantly improve a company’s cash collections. Enhanced automation and accelerated cash centralization adds up-to-the-minute liquidity to enterprise accounting operations. For this reason, electronic payment via virtual banking is fast becoming the preferred source of payment across the globe.

Which payment instruments availed to customers for response to remittances can have a significant effect on an eCommerce or traditional company’s ability to improve cash flow performance.

How does a virtual bank account work?

Like traditional bank accounts, virtual bank accounts can be set up to receive paid in funds. Virtual bank accounts also enable an account holder to utilize the bank account number as a payment reference in reconciliation of intraday and end-of-day collection records by way of an automated reporting feature. For exporter merchants, a virtual account offers a solution to acceptance of multi-currency payment in international and eCommerce trade. Pricing of virtual bank accounts is charged on a per account basis or a per sweep basis.

Promoting Transaction Security

Virtual bank account architecture is supported by International Bank Account Number (IBAN) system transaction coding. Society for Worldwide Interbank Financial Telecommunication (SWIFT) system IBAN accord individual identities to each bank branch within the network. IBANs identify virtual accounts with designated codes used between two banking institutions to transmit transaction data or transaction communications. During a transaction, virtual IBANs verify settlement account numbers held by a corporation or business.

Virtual Accounts are Data Value Added

Remittance information gathered via a virtual bank account can be fed into an enterprise system automatically for reconciliation and control of financial accounts and outstanding invoices. Less expensive for businesses than manual reconciliation, virtual bank accounts can boost the efficiency of an enterprise, by reducing the cost, time, and error quality control associated with accounting and reporting. Electronic remittances may also support rationale for a company’s investment in new technology. Data value added transparency is the end result. When it comes to regulatory adherence to financial control, companies employing automated accounts receivable processing are more likely to survive an audit.

The Pros and Cons to Virtual Bank Accounts

Pros

The use of virtual bank accounts for collections and transactions enables a company to resolve barriers to to the account receivables reconciliation process by way of cash management centralization. For companies with multiple divisions, virtual account management enables a more effective and efficient method of managing a cash in the interest of on-time delivery.

The utility of virtual accounts can also be seen in implementation of payment gateway functions as part of a company’s value chain. The integration of a virtual bank account as part of a company’s enterprise system serves to decrease operational costs and transaction risks related to accuracy of account receivable reconciliation. The result: customer credit limit advancement and increased sales by synchronizing the financial supply chain with order operations.

Cons

One of the cons to using virtual bank account numbers to conduct business, is the pass-through aspect of a centralized, virtual bank account as cash account center for operations. Virtual accounts depositing transactions into a company’s centralized account do not hold value the general ledger at banks. This can cannibalize the fee stream from company division accounts, as well as cash pool sweeps. Yet there is still an upside in that bank revenue is likely to grow from transaction sweeps from division virtual accounts to header accounts, which provides cash flow for parent company operations and investment.

Virtual bank account providers

In Europe Barclays and BNP Paribas are two giant banks providing virtual bank account solutions. If you’re looking for a more affordable solution B2B Pay is worth checking out.

 

What are IBAN numbers?

By | Banking, Money transfer

Maybe you were told that you need an IBAN number. But you have no idea what an IBAN number actually is and would like to know what it is. Well, an IBAN number is defined as being an international bank account number. In fact, it happens to be a number that is assigned to all of the bank accounts that exist within all of the EU countries.

An international bank account number is comprised of a code that provides the identification information in regards to which nation the bank account originates in, the actual bank that holds the particular bank account of a person or company, along with the provision of the information of the bank account number as well.

One of the primary purposes for having an international bank account number is that this does tend to make it much easier to be able to perform the completion of cross border payments more efficiently and much more quickly. Thus an international bank account number does prove to be a very good and convenient thing to have, since it is very beneficial for making payments and sending money from country to country.

So it is only natural for one to wonder how an international bank account number is actually constructed, which we will attempt to explain here for the clarity and understanding of those who are curious about such matters. Well, it is important to first of all note that an international bank account number contains up to a maximum allowance of the usage of thirty-four alphanumeric characters. This is the standard that all banks must comply with.

The structure of an international bank account number is designed to include two letters that represent the home country where the bank account originates, such as “IE” to represent the nation of Ireland. There are two numbers that are designated to be set forth as the control key. Now there is the remainder of a maximum of thirty alphanumeric characters that are used to provide identification about which bank holds the account, along with the provision of the regular bank account number.

Note that you do not assign an international bank account number yourself. It is impossible for you to do this task yourself, as it is the bank that assigns this type of number to each of your accounts that you register. And it is important to note here that each bank has its own method of assigning an IBAN.

So with this information, you will be now more informed about an what an IBAN is and why you need one. Once you start using yours for cross boarder payments or for sending money, you will see how beneficial it really is for you.

B2B Payment from Europe to India

By | Banking, Money transfer

B2B Payment from Europe to India: for an Indian exporter, what are good ways to receive money for goods and services exported to Europe?

Europe is the most advanced continent in the world in terms of infrastructure, finance, science and education. The reason for all this success is the fact that it is the hub of all trade and commerce in the entire universe. There are countless European companies throughout the continent that conduct trade intracontinental as well as intercontinental. Due to the amalgamation of most of Europe into a single union called European Union, the trade and business conducted within the continent has been made pretty comprehensive. Most business owners can now relax when it comes to worrying about the rules and regulations of all these countries as a whole because the EU oversees all transactions.

On the other hand, import and export between countries from outside the European Union and the countries that are part of the European Union, are comparatively complex. But fortunately, carrying out trades and the relocation of money from one place to another has now been facilitated by different payment gateways. Payment gateways, are exactly what they sound like, they are the gateways or the medium through which you transfer money from buyer to the seller, or seller to the buyer (as applicable).

In order to select an optimal payment gateway that facilitates the transference of your finances, it is recommended that you take a few issues under consideration.

Geographical Location of Your Business

It is a common fact that not all of these payment gateways support transactions in all the countries of the world. Some gateways support some countries, while they do not support other countries. So it is imperative to figure out the payment gateways that actually support transactions in the country that you conduct your business from.

The mode of payment

The way that you like to conduct your trade or the manner in which you wish the money to be transferred, plays an important role in determining which payment gateway you should opt for. This is because, some of these gateways support credit cards, and some do not. What if you like to conduct your business through credit cards, but could not because the gateway you opt for does not support that feature.

Currency Exchange

You need to care for the comfort of your customers too. Opt for a gateway that supports exchange of monetary funds in different dominions.

Once you are done with decision, you can decide your payment gateway by weighing the pros and cons of different gateways that fulfill your criteria.

Pay Zippy

Pay Zippy does not charge a single dime as its set up fee. Its service charges via debit cards are 0.75% for a transaction below 2000 Indian rupee. While for transactions that are greater than 2000, cost 1%. For Credit cards, the service charges are 3.5% for transaction in the range of 0-5 lakh rupee, and for 5-10 lakh rupee, it costs around 3.25%. Similarly, for transactions between 25 to 100 Lakh, it costs 2.5%.

PayU India

There are three categories of customers in PayU India, namely;

  • Economy
  • Silver
  • Gold
  • Platinum

The economy category requires 4500 Indian rupee as set-up fee, while the set-up fee required for silver, gold and platinum is 9900, 19900, 29900 respectively. Similar to Pay Zippy, PayU India also charges 0.75% for transactions below 2000rs and 1% for transactions over 2000rs via debit card. Conversely, for transactions involving credit card, 3.9%, 3.25%, 2.9%, and 2.5% is charged as service charges for Economy, Silver, Gold and Platinum categories respectively.

DirecPay

Similar to PayU India, DirecPay has 4 categories of customers, namely;

  • Basic
  • Advanced
  • Professional
  • Corporate

As setup charges, basic category requires 6000 rupee, while 12000, 24000 and 36000 are charged for Advanced, Professional and Corporate categories respectively. The debit card charges for all transactions are 1.25%. While on the contrary, for credit card transaction, 5.5%, 4.5%, 3.75% and 2.75% for Basic, Advanced, Professional and Corporate category respectively.

Virtual bank account for Pakistan company

By | Banking

Taking advantage of a virtual bank often comes with more advantages than a physical bank. Digital banks do not have as much overhaul, and while these facilities do not have the same kind of physical presence, the savings of being a digital establishment is often reflected back on client savings. For a Pakistan company looking to save money and yet receive additional benefits, selecting a virtual bank is an excellent option. Here are some of the top virtual bank account service provider found in Pakistan.

PayPal

PayPal is more of a service provider than specific bank. It does not have the same kind of investment and lending options as a bank, but it is the easiest to set up and it is available around the world. If someone is Pakistan wants to accept payments from Canada, the United States, Australia, Japan or anywhere else in the world, PayPal is there. Although there are some slight international convenience fees, it is probably the widest available and easiest to set up.

Ally Bank

This is a virtual bank that is available only online. Now, while it is possible to open up within Pakistan it is a U.S. based account. Due to this, some services a Pakistan company is looking for might not be supported (including any kind of business loan). However, it accepts international charges and there are ways to invest some added money through options available (the interest rate offered on savings and checking accounts is also one of the highest in the industry).

Barclays Bank

Barclays is one of the largest banks in the world. It has an international department though and it is also available online through a virtual service. It prides itself in offering a high savings account APY and also a one-year CD rate that is easy to invest in. For international businesses like those in Pakistan, this might be the best to go with, simply because if there is ever an issue and the business owner wants to go in and talk with someone who can assist, Barclays has service locations around the world, so this is an actual option. With the other services, there really isn’t the potential.

First Internet Bank

This is a quality virtual bank account and it is another that can be used throughout the world, including Pakistan. It doesn’t have 24/7 support, but it does have lower fees than what a traditional bank is going to charge.

How Can An Indian Company Open A Bank Account In Europe?

By | Banking

India is a pretty progressive country that inhabits a billion people. The pace at which India is developing, both technologically and economically is brisk. This success, development and progress are a result of its performance in the international market.

The major rule of expanding to other countries is to have a base set up in the destination country. For instance, if somebody is trying to expand his horizon with a move to a different country, then he must first set up a Headquarter or a base of operations for his firm. The amalgamation of different European countries in a single union is named as European Union. The laws and regulations in the countries that are part of the EU are pretty similar, with only minute differences here and there. The intercontinental transactions has been made easier in Europe since the creation of the European Union, but what about the millions of Indians trying to expand the borders of their business to the vast greenery of Europe? In order to buy property or to buy anything else for that matter in an entirely different country, you need to have a bank account in the country.

Here is a detailed explanation of how to do exactly that;

Choosing a Bank

Banks in Europe are allowed the courtesy of deciding their own customers. No laws within the European Union can prevent or force a bank to open a bank account for a particular customer. Therefore, it is essential to choose a bank beforehand that has a history of granting permission for the opening of a bank account for people who are not exactly residents of the European Union.

Filling the form

An online form can be submitted from the comfort of your home that expresses your desire to the bank about getting an account opened in your name. After the form is filled, the bank will inform you about the ways you can identify yourself as a proper candidate who is viable to receive the bounties of a bank account.

Proving your Identity

For an Indian national, an important step in opening a bank account in a European country is providing the required documents to proof your identity. Identifying yourself is a process that gives the bank a go-ahead to process the opening of your bank account. There are two methods through which you can identify yourself in any European country;

  • By Lawyer or Notary
  • By Bank

By lawyer

It means to identify yourself in a European country with the help of a lawyer; the lawyer takes responsibility on your behalf. The lawyer that takes the responsibility must be a resident of the EU.

By Bank

It is a very simple process, it involves the bank that you use in any state of India to share details with the bank where you are trying to open an account. The bank back home in India and the bank in your destination country collaborate together and settle the case.

This is all it takes to open a bank account in any country in Europe. Apart from opening an account in a bank in Europe, some other questions also wander in the minds of many Indians who decide to expand their business to Europe.

Virtual bank account for exporters

If you export into Europe you can also consider signing up with B2B Pay. With B2B Pay an you can get your own virtual bank account inside the European SEPA zone, combined with vastly cheaper fees for currency exchange and transfer to your local bank account.

Paying Taxes

The regulations for paying taxes on a bank account in Europe are particular to the country you have chosen to open a bank account. Overall, most countries do collect some service charges or taxes, while some such as “Germany” do not compel you to pay taxes to the government unless you make use of the money in the country.

B2B Pay – Exports to Europe Made Easy

By | Banking, Money transfer

B2B payment simply refers to the business transaction between 2 businesses for the completion of a task. For instance, a company A makes shoes, but to make shoes, it needs leather. Conversely, a company B specialises in the accumulation of leather. In order to fulfil its purpose, company A needs leather from company B so that they can create shoes. The relocation of money in this whole scenario is referred to as B2B pay, or Business to Business pay.

b2bpay-logo

B2Bpay.co is a joint venture of innovators and entrepreneurs from Finland, New Zealand, India, Holland and Brazil. The basic idea of the site is to help exporters receive money. We provide exporters with a virtual bank account inside the European Union and then transfer the incoming money to the exporter’s local bank account in for example India or Brazil.

When an investor wants to relocate money between European countries and India, he or she is required to pay 3 to 6% in terms of charges for the relocation. That does not seem to be the problem for B2B Pay, since B2B Pay transfers money to and from these countries at the rate that is below 1%, which means you save almost 80%.

Transparency about fees

In its entirety, Europe has a cumulative sum of nearly 200,000 banks; all of these banks have variable fee plans, structure and processing times for transactions. Exchange rate plays a vital role in this whole situation, for instance if you receive an amount from Europe, they will only initiate the transaction by using a payment order in their bank. Usually a fixed charge is deducted for the services, but the big trade-off is the exchange rate. The bigger the difference in exchange rate, the bigger the difference in the total amount sent and total amount received. This is a reason in potentially losing hundreds of euros. On the other hand, B2Bpay believes in transparency about charges. They claim to provide the best business in town with the best rates in the market. This can be proved by the fact that their rate for India is only 0.8%. Which means, your costs are reduced by up to 80%.

Annually, more than 100,000 small exporters and businessmen, send goods and provide services to their clients in different parts of Europe. These transactions and deals are carried about in a similar manner, the two parties meet, agree on a deal, sign documents that make the transaction official. The exporter then exports the product or the service to the importer, while the importer returns the favour with money. As expressed earlier, all the payments that the importer makes, are made with his or her local bank, while the exporter bears all the cost related to the transaction.

No more overpaying

The real question is, how does B2B Pay help you in avoiding such circumstances where you have to overpay on transactions to receive your money?

To take care of all the hullaballoo, B2B Pay conducts all necessary checks when it registers you as a customer if you sign-up. Additionally, it also adds information about your bank account number into its database system.

B2B Pay IBAN number in Europe

To receive money in any country associated with the European Union, B2B Pay also provides you with a European IBAN bank account number. An IBAN number is your key to keep track of your transactions and your money. Thanks to SEPA the very IBAN number can be used in all 34 states under the banner of European Union for absolutely free.

When the money arrives in your European bank account, B2B Pay sends it to your local bank, since they already have your local bank account number. Additionally, their fee for this transaction is 80% less than the lowest fee offered by any other service provider of the same genre. This guarantees a saving of 2-5% on the value of transaction. Of-course, this will directly impact on your profit by 10 to 20%.

In conclusion, when you sign up for B2B Pay, you get to take a compliance test only once. It also supports profitable currency conversion and payment to your original bank is so much simpler. Furthermore, it provides you with a European IBAN account number that sets up your European transactions pretty neatly.

https://www.b2bpay.co/

b2bpay logo

Banks in Brazil: an overview

By | Banking

This is an overview of banks in Brazil.  Banks in Brazil use the IBAN numbering system.

When we talk about trade and commerce, we think about banks and accountants, because the two things are inter-related. When it comes to Brazil, the banking sector in the country is booming like many other economic bases. There are many banks, both national and international, that are plying their trade in a rapidly developing country like Brazi.

List of banks in Brazil

  • Banco Bradesco Financiamentos
  • HSBC
  • Banco J Safra S/A
  • Banco do Estado do Rio Grande do Sul S/A
  • Caixa Econômica Federal
  • Banco PanAmericano S/A
  • Banco Itaú
  • Banco Santander
  • Banco do Brasil
  • CitiBank

Banco Bradesco Financiamentos

The Banco Bradesco Financiamentos was founded in the year 1943. Opened its first office in the city of Marilia, Sao Paulo. The bank is currently Brazil’s second largest when it comes to private banks in the country. The current headquarter of the bank is in Osasco, Sao Paulo at the building Companhia Cidade de Deus. Being in business in Brazil for almost 7 decades is no mean feat, and one cannot do that unless it has some merit. Similarly, the banco Bradesco Financiamentos has acquired several of the most significant institutions in Brazil, like Banco do Estado do Maranhao and Banco Morada, and several others. To add to that, the bank has also been successful in taking over the charge of operations for American Express Credit card in Brazil. The Banco Bradesco Financiamentos has also been good in the numbers game, with 1.4 million shareholders, 95248 employees countrywide, and 3235 offices throughout the nation.

Caixa Econômica Federal

The Caixa Econômica Federal initiated business way back in the year 1861. It is the bank owned by the government of Brazil and is the sole bank in the country with FGTS, PIS and the payment unemployment insurance. Apart from that, it also looks after the government’s interest in Programa Minha Casa and Minha Vida. As far as the numbers game is concerned, the bank has 2229 offices situated in the country, 10954 casas lotericas and 81500 employees throughout the nation.

HSBC

HSBC is an international commercial cum investment bank that is organized within 4 factions, that are; Commercial banking, Global banking and markets, personal financial services and global private banking. Right now, HSBC has representation in around 87 countries and in Brazil, it is present since 1997. Its current headquarter is located in Curitiba. In the numbers game its performance are off the chart, with 933 offices throughout the country and 25122 employees.

Banco J Safra S/A

Banco J Safra is famous in Brazil for the fact that all its clients are elite. Operating in Brazil since 1955, it’s based in Sao Paulo with over 100 offices throughout the nation. The numbers support its ranking as a major banking firm in the country. As of now, it has a century of banks spread throughout the country, with 5605 employees working in them.

Banco Itaú

The Banco Itaú purchased Unibanco in the year 2008, since then its market value has skyrocketed 120%. This made it a valuable member of the top ten banks in Brazil. Banco Itaú is not just famous in Brazil, but it is also pretty well known in whole South America. It is based in Sao Paulo. Currently they have more than 4500 offices and 14.5 million clients. And being the conglomerate that it is, it employees more than 190000 employees.

Banco do Estado do Rio Grande do Sul S/A

Based in Porto Alegre, the bank has branches in 364 cities. Banco do Estado is a state owned bank and has 438 branches and 500 ATMs throughout the country. The bank also has 9762 employees working for it.

Banco PanAmericano S/A

Founded in the year 1969, the bank has taken its development to the next level gradually. Now it has 237 offices, 2425464 clients and 3Million credit cards.

Banco Santander

Initiated in 1991, the bank now has 1897 offices, 7119 ATMs and more than 6.7 million clients. Currently its total assets amount to more than $222 Billion.

Banco do Brasil

The largest bank in Brazil on the basis of total assets, the banco do Brazil has its headquarters in Brasilia. The bank was founded in 1808 and is owned by the Government of Brazil. The bank has more than 5000 offices, 40000 ATMs, and 110000 employees.

CitiBank

The world renowned Citibank is headquartered in Sao Paulo since 1915. Currently it is operating in 21 out of the 26 Brazilian states. Currently they have more than a 100 offices, 11500 ATMs and more than 2000 employees.

More information

exchange risk b2b exporters

Exchange Risk for Exporters and Solutions

By | Banking, Money transfer

Importers and exporters have to keep in mind many issues while making transactions and making money exchange. Even if they want to deal with the transfer of goods internationally they make up their mind with the best strategy aligned with their budget and profit margins. The fluctuations in the exchange rate are a major concern for the person dealing internationally. For example the price you are willing to pay today may rise or fall in the coming next day and it may cause you loss as well. We can see that current economic condition is fluctuating on day to day basis. So it is very difficult to keep track of these changes.

The instability in political conditions may cause you loss in your earnings so it is considered one of the major risks. It can even cause problems in the completion of your contracts. On the other hand government policies may change. We have to carefully look over the factors such as civil disorder, natural disasters, war conditions and local laws as well. Political risk Insurance will help you to analyze and minimize these risks to the maximum level of certainty.

Legal Risk is the risk which you may face when there is a difference and contradiction between the rules and regulations of the two involved countries or companies. For example difference between legal law system and civil law system. The issue entailing the topic that which country law will be applied in case of any dispute. The parties have to reach at a comprisable answer to precede the dealings. Liability laws of products and warranties, these are of great concern. Taxation and misinterpretation of laws can drop down your projected revenues if strategy is not carefully developed. All mentioned concerns in this paragraph comes in legal risks. We can see that how important is to minimize it.

The risk of Quarantine Compliance occurs when you are not aware of Quarantine requirements. You must know that what is allowed and what is not allowed under the quarantine laws of the said destination. If not carefully handled it may lead to the restrictions, fines or damages of goods. So to maintain ongoing good relationship with the party you are dealing with you must take care.

Nonpayment risk often results due to unreliable sources. You are not paid even when you have fulfilled all the requirements of the other party you are in contract with. You must consider the risk and credit terms before getting into the contract. Keep track of the credit reports. Get protected with credit insurance to minimize such risks.

You must manage your risks by thinking critically about all the undesirable outcomes that you can face while dealings. It is the key to success and maintaining profit margins. Management of your risks will prepare you for every kind of situation. You can make your dealings fair and smooth. This will further make your relationship more friendly and reliable. And you will generate loyal customers as a result.

B2B Pay is the solution to some of your international trading problems or money transfers. With B2B Pay you will get you own IBAN number in Europe with which you can collect payments without any charges in thirty four European countries. You can save up to eighty percent on currency exchange. In this way you can increase your profit margins by ten to twenty percent. You can have payment account details on invoices or websites. Exporters face many challenges while trading or currency conversion. The two most common issues faced by the exporters include the time banks takes to deliver b2b payments and the charges of the bank while converting currencies. B2B Pay is lowering these costs to great extent.

By signing up with free B2B Pay services you get compliance checks, flat fee for currency conversion and paying your bank account in home country. IBAN account is provided for your ease, no complicated steps or procedure to follow. No delays in the payment, payments are reached timely meeting your expectations. B2B pay promotes fair dealings no hidden charges like others. Transparency of payments is what B2B pay delivers. Be aware of all the problems you may face in the future and choose a reliable and efficient means of transferring the payments.

Sending money to Malaysia

Sending Money to Malaysia

By | Banking, Money transfer

Remitting or sending money to Malaysia is a fairly easy process these days. The Malaysia currency is known as Ringgit (pronounced as Ring gait) Malaysian with its usually known symbol being RM or MYR.

Sending money to Malaysia

There are two methods to sending money to Malaysia. The first is the traditional method using conventional banks and financial institutions operating in Malaysia. These financial institutions are regulated by the Malaysian Central Bank or Bank Negara Malaysia. The remittance of funds is covered by the Exchange Control Act 1953 and the Payment Systems Act 2003. The other method which only recently has become more popular due to the convenience of the Internet is online transfers such as Western Union, PayPal which are the more popular remittance service providers.

Regulation

There are various rules regulating the transfer of funds into Malaysia from overseas. The rules applies differently to residents and non-residents. The rules are also different for companies and individuals. Different rules also apply to remittance of foreign currency to Malaysia and the remittance of foreign currency to be converted into ringgit.

B2B transfers

Exporting companies which would receive payment for product or services rendered and to be paid by the foreign company in any foreign currency must show proof of that the product or services was purchased and invoiced to the foreign company. The funds sent must correspond to the value of the product and services invoiced by the Malaysian resident company. The company remitting the money would also have to provide correct details about the invoicing company and its bank account – ie Name of the account, Bank Name and address and SWIFT or BIC (Bank Identification Code) which is the bank’s unique identification code.

See also our article B2B money transfer

Individuals receiving money

Individuals (residents or non-residents) can receive funds from overseas via normal money transfers into their bank account. These funds will normally be converted from the foreign currency into Ringgit before being deposited into the local bank account. Individual residents or non-residents can also receive foreign currency in the specific foreign currency i.e. not converted into Ringgit if they have a Foreign Currency Account Bank Account. However, the currency being remitted must be the same as the type of currency the Foreign Currency Account was opened with – a remittance of USD$ can be deposited into a USD$ Foreign Currency Account but a remittance of Euro € may not be remitted into the USD$ Foreign Currency Account. The other issue with transfers via bank accounts is the time taken for the funds to be cleared and available to the recipient is based on the individual bank’s operating hours and clearance guidelines which can sometimes be up to five days.

For a faster more convenient method, online transfers are used to remit funds to residents and nonresidents. These transactions can be completed in minutes and to any location in Malaysia which is affiliated to the particular remittance company.

The overseas sender may be requested to provide information about the recipient who is based in Malaysia such as name, passport number or date of birth and other personal information. The recipient would only need to show some form of identification or some information corresponding to whatever condition set by the sender to receive the funds.

Further reading

Banks in India

By | Banking

Geographically, Asia is the largest continent of the world, with over 60% percent population of the entire planet. The continent has more than 50 countries, that are either very rich, like China, India or Indonesia, very poor and disturbed, like Iraq, Afghanistan and Pakistan etc. China and India are the two front runners from Asia, which are at competition on over everything. They have similar numbers in population, similar industrialization scopes, and similar level of education, in short the only visible difference is the fact that China is a socialist country, while India is a democracy.

India, with a population of over 1.2 billion people, serves as the ideological, geographical, industrial, and technological hub for South Asia. That being said, more and more companies from far off lands like Europe and America, want to come over here and invest in the market because they realize that India is booming economically. This outreach by firms from abroad has brought many opportunities with itself. This trend has also convinced many leading firms from the banking sector of the world, to set up shop in India. Nowadays, numerous banks from overseas can be seen operating in the country. These banks include, multimillion conglomerates and newly budding banks alike.

Banks in India

Banking in India has always been lucrative for the people of the country. Non-Indians believe in this weird myth which says that Indians are wonderful at Mathematics and great with numbers. This might not be true in its entirety, but there is no denying the fact that Banking is one of the high risk and high reward sector in India. Banks in India, range from million dollar franchises to government operated banks. A composed study of the biggest banks of India, is as follows;

State Bank of India

The State bank of India is the government controlled bank of India. It is responsible for all the state owned tasks of the country, like printing and distributing currency, submission of utility bills and etc. It currently has more than 9143 branches throughout the country.

ICICI bank

ICICI bank is not the largest in terms of number of employees or branches but its net profit at the end of the fiscal year is enough to get it ranked second in the list of the biggest banks of India. It currently has more than 557 branches throughout the nation.

Punjab National Bank

As the name suggests, the mainstay of banking sector in the state of Punjab. Punjab national bank has more than a whopping 4000 branches across the nation with over 58000 employees throughout.

Canara Bank

The bank is the 4th largest in the country when it comes to number of branches, number of employees and the amount they fork out for each high ranking employee. As of this moment, they have 2532 branches throughout all the states of India.

Bank of Baroda

The bank of Baroda is the country’s 5th largest bank, with over 2 and a half thousand branches inhabiting more than 38000 employees, the bank is rightly so, the mainstay of banking in the region of Baroda.

Bank of India

With a combined count of over 2000 branches and over 40000 employees throughout the country, the Bank of India occupies 6th spot in our list of the biggest banks in India.

Union Bank of India

2000 branches, 25000 employees, it is safe to say Union bank of India is the 7th largest bank in the whole country.

International banks present in India

In a country like India, which is rapidly progressing towards economic stability and financial prosperity, numerous firms from different countries try to seize this opportunity.   There are a few International banks that have gained a strong hold in India, namely;

  1. Standard Chartered Bank
  2. HSBC Bank
  3. CITI Bank
  4. The Royal bank of Scotland
  5. Deutsche bank
  6. DBS Bank
  7. Barclays Bank
  8. BNP Paribas
  9. Bank of America
  10. Credit agricole corporate