PNB (International) Limited Review- Banking & Money Transfer Service for NRIs 2024

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Review by Exchange Rate IQ

Overall rating
7.5 /10

Punjab National Bank, one of the largest private sector banks of India is offering international money transfer services to Non-Resident Indians in 15 currencies. They can send money through SWIFT transfer, CHAPS transfer, BACS transfer, or Sterling Draft. Some of the benefits of transferring funds through PNB are:

  • Highly secured transfer service
  • Multiple ways to transfer funds
  • No need for identification proof if you are a PNB customer

Review of :

Punjab National Bank International Limited (PNBIL) is an extensive part of Punjab National Bank, which offers many services to NRIs. They offer transfer in 15 currencies to India through its SWIFT transfer and Nostro account services. One can also transfer funds with other modes including BACS and CHAPS transfer, which are available for both businesses and individuals.

The company accepts money transfers until its cut-off time, which is different for every country. The cut-off time for India is 16.15 PM GMT. So, if you are transacting after the cut-off time than the transfer will take place on the next day. The maximum amount one can transfer through PNBIL are:

  • Retail customers - £10000 (similar amount in other currency)
  • Corporate customers - £50000 (similar amount in other currency)

If you are transferring through cash deposit, then there is a charge of £3 per £1000 or a part thereof is applicable if funds being used for money transfer were deposited in cash in your PNBIL Account.

The company is offering 24/7 customer services so that one can transfer funds whenever they needed and take help of the support team. It is also highly secured and offers worry-free transfers with full privacy.

So, on an overall basis, we rate it 7.5 out of 10.

Pricing : How much does cost?

7 /10

PNB International Transfer Fee

The bank has multiple transfer options which have different charges. These are:

  • For the fastest payment individual has to pay £3, irrespective of the amount.
  • For non-individuals, if the amount is Up to £1000, then the fee is £ 5, if the amount is above £1000 to £15000, then the fees will be £ 10and if the amount is above £15000, then the fee will be £ 15.
  • BACS - No Charge
  • CHAPS up to £1000 - £5
  • CHAPS for Above £1000 up to £15000 - £15
  • CHAPS for Above £15000 - £20
  • SWIFT Transfer - £20/$30/EUR 30
  • INR NEFT/RTGS - 0.1% subject to Minimum £5/US$10/€8 and Maximum £25/US$50/€40
  • Issuance of GBP/USD/INR Draft - £5/US$10/€8
  • Postage for Draft in India, if the Bank is asked to dispatch to payee - £5/US$10/€8

PNB Exchange Rate:

The bank offer exchange rates lower than the existing market prices as well as many of its competitors. This makes it a bit expensive compared to other companies.

Any Other Fee:

The company does not charge any other fee, but there might be government taxes levied on the transfers which will reduce the transfer amount.

So, for its pricing and exchange rate, we provide it 7 out of 10.

Transparency: Does have any hidden fees?

8 /10

PNB Hidden Fees:

The company does not charge any hidden fees. The amount you have paid will be received by the beneficiary if there are no taxes in between.

PNB Tracking Details:

You can track the transfers on your dashboard or you can also check it through the support team of the company which has provided a toll-free number for the customers.

So, for this transparency, we rate it 8 out of 10, because it has not provided a clear picture for tracking the details of draft money transfer.

Transfer Speed: How long does it take to send money through ?

8/10

The company offers fast transfers as well as longtime transfers which you can select depending on the emergency. This is because fast transfers attract more fees compared to slow transfer.

  • So, if you are sending money to India through PNB account, it will transfer in 24 hours.
  • The non-PNB account will take at least 3 days.
  • Faster payments will be transferred on the same day.
  • CHAPS transfers will also be done on the same day.
  • BACS transfer takes 3 days.
  • SWIFT transfers will take 24 hours.

There are many competitors of the company which offers instant transfers, so those who want to send the emergency funds need to use some other company. Therefore, under the transfer speed, experts of Exchange Rate IQ provide PNB International Money Transfer service 8 out of 10.

Coverage: How many Countries & Currencies does support?

PNB International transfer covers 15 currencies which you can transfer through a bank account to bank account, SWIFT transfer, online or mobile transfer, BACS and CHAPS transfer. One can also transfer cash from the branch of Punjab National Bank in the currencies listed below:

GBP USD EUR YEN CAD
CHF AUD DKK NZD AED
HKD SGD NOK SEK INR

It is offering services in all the major countries where Indians live so that they can transfer funds easily and faster. So, for the coverage head, we rate PNB money transfer 8 out of 10, because there are still many companies which it needs to cover. For using money transfer services of PNB login here.

Transfer Process

Step-By-Step Guide to transfer funds with PNB

  1. Go to the ONB International website.

  2. Click on “Personal Login” or “Corporate Login”.

  3. If you are a new user then you need to sign up.

  4. Enter all the details for making an account online.

  5. Provide your identity proof.

  6. Enter the details of the recipient.

  7. Enter the amount you want to send.

  8. Recheck all the details.

  9. Confirm the transfer.

User experience of

8/10

Punjab National Bank is a public sector bank of India, which is trusted by the customers highly for its services. It offers low exchange rates, but has highly secured services so that one can transfer funds easily without harming the privacy. Some positive and negative aspects of the company are:

Positive:

  • Offer multiple ways to transfer funds
  • Cater banking needs to importers and exporters
  • 24*7 help desk

Negative:

  • Low maximum transfer limit
  • Need to contact with PNBIL branch for transferring currencies other than USD, GBP and EUR

 

PNB International Money Transfer Customer Assistance:

The company is offering toll-free numbers and email address to contact the support team regarding the fund transfer details.

PNB International Toll-Free number: 1800 180 2222/ 1800 103 2222

PNB Global users can contact: +91 120 2490000

PNB Email ID: [email protected]

 

PNB Money Transfer Mobile App:

You can transfer funds from the PNB app which is available for Androids and well as iOS both.

  1. PNB Android App
  2. PNB iOS App

 

PNB Refer a Friend

The company does not offer any referral benefits as it is a government run bank and one can transfer funds easily if they are a customer of the bank.

PNB Promo Code:

The company provides promo codes to its users through notifications, email and SMS. One can use this promo code while transferring the funds online.

There are a few drawbacks about the company which it must work on to become one of the top money transfer service providers for NRIs. Therefore, we rate it 8 out of 10 under the user experience. If you want to use the services of PNB International Limited Sign up here.

Security : Is Safe?

10/10

Punjab National Bank offers highly secured services to its customers across the world. The same kind of security it is offering for international transfers to individuals as well as businesses. The website is ‘VeriSign Secure site’ certification from Safe Script Ltd. All information sent to this site is encrypted and protected from third parties. So, one need not to worry about transferring the funds as it is fully secured. It has set login time restrictions and asks authentication in the form of a one-time password (OTP) or digital certificate.

So, here we rate it 10 out of 10 for offering the best services where funds can be transferred worry-free.

Transfer Type And Modes

Pay In Options

Cash
Cash Card
Bank

Pay Out Options

Cash
Cash Card
Bank
Home Delivery

Service Mode

 Online

Exchange Rate Type

Fixed

Alternatives to

Compare With Other Money Transfer Companies

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