What will happen if the remitter is unable to specify the ‘Federal Bank’s correspondent bank’ (intermediary bank) in the application form?
Certain banks in Europe (e.g. Allied Irish Bank, Dublin, Ireland) do not require the remitter to fill out the details of intermediary bank in the application. This means these banks do not give an option to the remitter to mention as to how the money is to be routed. In such cases, routing is decided by the payment systems of these banks. The payment system in such banks is configured in such a way that money transfer to India is routed through a specific intermediary bank of their choice (not of remitter’s choice). For instance, if the intermediary bank configured in their payment system is ABN Amro Bank, Mumbai, the foreign currency amount will first come to ABN Amro Bank, Mumbai. ABN Amro Bank, Mumbai will convert the foreign currency amount to Indian Rupees at their exchange rate and send the rupee funds to Federal Bank for ultimate credit to the beneficiary. In such circumstance, the remitter’s bank may require the IFSC of Federal Bank’s branch with which the Beneficiary maintains
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