Wire Transfer Issues in Niyo

Hi Folks

I am a full time freelancer, and my salary payouts are in USD and wire transferred. Recently I got Niyox account, and my plan was to make this as my salary account. So I have to submit IBAN Swift code of Equitas T Nagar Branch, and their reply was:

The remitter should specify the following details in wire transfer request:
** a. Beneficiary Bank Name–Indusind Bank.*
** b. Beneficiary Bank Swift Code– INDBINBBGRD. *
** c. Purpose field should specify as “Towards family maintenance and savings (or) Personal gifts (or) Compensation of employees/ Salary”; Equitas Bank account # & IFSC.*

So after realizing all these tedious process behind a simple wire transfer I leave my plans to Niyo Salary Account, now happily continuing with HDFC, But the thing of course surprised me is Equitas & IndusInd connection.

Hey Diljith! Welcome to the Niyo Community!

Equitas Small Finance Bank has tied up with IndusInd Bank for the benefit of our customers to remit funds to their Bank account held with us, for only the specific purposes stated below

Purposes Permitted under Inward Remittance

  • P1301 - Inward remittance from Indian non-residents towards family maintenance and savings
  • P1302 - Personal gifts
  • P1401 - Compensation of employees/ Salary

You may want to check the link for more info on this: Wire Transfer | Equitas Bank.

Hope this clarifies! LK

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