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Demand Draft
Door to Door: Remittance
Bank to Bank: Remittance
Wire Transfers
Currency Exchange
Statutory Requirement
Limitation
Customer Card

 

 

 

PRODUCTS AND SERVICES

Bahrain India International Exchange Co (BIIECO), provides a host of money remittance products to its customers. They are as follows:

CASH in seconds :
Through its arrangement with WESTERN UNION, BIIECO provides instant cash payments at over 212000 agent locations all over the world. The facility is available at a nominal fee of BD.2.500 to India, Sri Lanka and Bangladesh
DEMAND DRAFT :

BIIECO issues drafts on the following Banks in India payable at nook and corner of India. This ensures not only immediate credits to the beneficiaries’ accounts but also avoids deduction of collection charges. The facility is available at 0.500 fils per draft.

STATE BANK OF INDIA
STATE BANKOF TRAVANCORE
STATE BANK OF MYSORE
STATE BANKOF BIKANER & JAIPUR
STATE BANK OF HYDERABAD
STATE BANK OF SAURASHTRA

CANARA BANK
CENTRAL BANK OF INDIA
INDIAN BANK
FEDERAL BANK
AXIS BANK
ICICI BANK
HDFC BANK
SOUTH INDIAN BANK
BANK OF BAHRAIN AND KUWAIT (INDIA)

Drafts are also issued on the following banks in other currencies:

Name of Bank Currency
Deutsche Bank, New York, USA US Dollar
State Bank of India, London Sterling Pound
State Bank of India, Frankfurt Euro
National Commercial Bank Saudi Riyal
National Bank of Egypt Egyptian Pound
Bangladesh Krishi Bank Bangla Taka
Pubali Bank Bangla Taka
Peoples Bank

Srilankan Rupee

Nepal SBI Bank, Nepal US Dollar

DOOR TO DOOR :
REMITTANCE

BIIECO offers Door-to-Door remittances to India, Bangladesh and Sri Lanka at a nominal fee of BD.1/- Under this facility, Demand Drafts are delivered in India within 24 hrs to 10 days (depending on the place and connectivity to that place in India). Customers are urged to provide complete address of the beneficiaries including telephone numbers to ensure prompt delivery.

BANK TO BANK :
REMITTANCE

BIIECO offers Bank-to-Bank remittance facility to India at a nominal fee of BD.1/- The service is available to any bank in India, including foreign banks, public sector banks, private sector banks and co-operative banks. Under the facility, funds are credited to beneficiaries’ banks accounts directly. Customers are urged to provide correct name of beneficiary, account number, bank and branch to ensure prompt credit

WIRE TRANSFERS:

 BIIECO offers wire transfers to India, USA, UK all GCC countries and Middle East payable within 24 hours

India:

SBIEXPRESS facility to more than 5000 branches of State Bank of India within 24hrs

SBHEXPRESS facility to all branches of State Bank of Hyderabad within 24 hrs

SBBJEXPRESS facility to all branches of State Bank of Bikaner & Jaipur within 24 hrs

SIB EXPRESS facility to all branches of South Indian Bank within 24 hrs

Electronic Funds Transfer facility to 1016 branches of Canara Bank situated in all NRI intensive centres
in India

Online Transfer facility to all branches of AXIS Bank in India

Speed Transfer facility to all branches of ICICI Bank in India payable within 24 hours

Speed Transfer facility to all branches of HDFC Bank in India payable within 24 hours

Online Transfer facility to Indian branches of Bank of Bahrain and Kuwait

INDIAREMIT, electronic funds transfer facility to select branches of over 30 banks in India payable within 48 hours (2 working days)

GCC countries:

Wire transfer facility for cash payments and credit to Bank accounts is available through the following correspondent institutions: The charges are BD.2.500 for cash payments and BD.3/- for credit to bank accounts.

UAE Dirham
Emirates India International Exchange, UAE
Al Razouki International Exchange, UAE
U.A.E. Exchange Centre, UAE
Al Ansari Exchange, UAE

Omani Riyal
Mustafa Sultan Exchange, Oman

Qatari Riyal
Al Mana Exchange, Qatar

Saudi Riyal
National Commercial Bank, KSA

Kuwaiti Dinar
Kuwait India International Exchange, Kuwait

USA
Wire Transfer to any bank account anywhere in the USA at highly competitive rates and at a fee of BD.6/- per transfer through Deutsche Bank Trust Company, Americas, USA. Funds are credited within 24 hours. Customers are urged to provide the Bank’s ABA routing code, Fedwire No or SWIFT code to ensure prompt credits.

Currency Exchange:

BIIECO offers exchange of all major currency notes  at competitive rates.

Statutory Requirement:

As per regulations of the Kingdom of Bahrain, all new customers using the services of Bahrain India International Exchange Co. are required to produce acceptable identification viz. Passport, CPR card, Driving Licence, Commercial Registration certificate. Individual customers transacting remittances in excess of BD.5000 are required to produce copy of any of the above documents and corporate Customers, copy of their commercial registration.

Limitation:

BIIECO staff will execute remittances with utmost care. Customers understand that should any remittance through no fault of BIIECO be unpaid, they can only reclaim the value thereof at the buying rate of the day when the refund takes place. The refund cannot be effected until they return the remittance instrument and BIIECO has received definite advice(s) from its correspondents that the original remittance remains unpaid. Customers release and indemnify BIIECO and its correspondents from and against the consequences of any irregularity, delay, istake, telegraphic error, omission or misinterpretation that may arise and from and against any loss that may be incurred through BIIECO’s correspondents failing properly to identify the person(s) named in the remittance instructions or retaining the funds should BIIECO or its correspondents deem such retention expedient pending confirmation of the identity of any person or of the above instructions by a letter or otherwise. It is also understood by the customers that BIIECO as issuers are not liable if for reasons beyond their control, authorities in drawee country block, sequester or otherwise freeze funds.

Customer Card:

BIIECO customers are issued free card for their transactions. This can be presented at any of the 6 branches situated in Manama, Al Zubarah (Gudebiya), Hamad Town, Muharraq, Riffa and Salmabad.

 
Currency
D.D
Currency Notes
Sell
Buy
Indian Rupees
0.00842 0.000 0.000
UK Pound Sterling
0.580 0.583 .564
US Dollar
0.378 0.378 0.374
Euro
0.525 0.528 0.509

INDIAREMIT
 
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