Watch To Learn Foreign Transfer Through Canara Bank Internet banking
Step by step process to transfer fund in Forex currency Using FX4U via Canara Bank Internet Banking.
Canara Bank Forex Remittance Using FX4U – Canara Bank has launched Internet Banking based Forex Remittance solution for transferring fund in foreign currency. Bank has named it as “FX 4 U”. The new forex remittance service will help customer of Canara Bank to make the foreign currency transactions without visiting the branch. This will help the internet banking users to manage and handle their forex transactions seamlessly.
The bank has currently activated the outward remittances module and remaining modules will be activated soon.
The Canara bank said in a statement, “With the introduction of this facility, all eligible individual customers can undertake remittance facility as per FEMA regulations. Corporate customers can make and submit the LC applications along with documents through internet banking once the LC module is activated.” Transactions which are submitted through internet banking will flow seamlessly to CPCFT (Centralized Process Centre – Forex Transactions) where compliance and accounting is done done and transmitted through SWIFT.
How to Make Forex Remittance Using FX4U using Internet Banking ?
Key Highlights :
- Login to Canara Bank Internet Banking application or Click Here
- Post successful login, Go to Dashboard and choose option “FX4U’
- Currently, the outward remittance module is being activated, the remaining modules will be activated shortly.
- Once the letter of credit (LC) module is activated, the corporate customers can make and submit LC applications with documents through IB.
- Provide the beneficiary details, SWIFT Code and Bank Name
- Submit the transaction
- The transactions that are submitted through IB will flow seamlessly to the Centralized Process Centre – Forex Transactions(CPCFT), where the Compliance and accounting will be done and transmitted through the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Society for Worldwide Interbank Financial Telecommunication (SWIFT):
i. It provides a network that helps the financial institutions around the world to send and receive info about the financial transactions in a secure, standardized and reliable environment.
ii. SWIFT Code is a standard format of bank Identifier code. In particular, this code is used in International transfer of money between banks.
iii. SWIFT Code consists of either 8 or 11 characters.