HIGHLIGHTS

State Bank of India (SBI) is the largest banking company in India in terms of assets, branches, and global influence. It is owned by Government of India and has its headquarters in Mumbai, India. It is the oldest established bank in the Indian Subcontinent. The history of its establishment can be traced back to the era of British-ruled India.
 
SBI’s assets are worth US$501 billion. It has more than 15,000 branches including more 180 foreign offices worldwide. It is the only bank from the Indian Subcontinent that is in list of Fortune 500 companies. SBI’S overseas branches and subsidiaries are located in 34 major cities of Asia, Europe, North America, Australia, and Middle-east: London, Sydney, Tokyo, Bahrain, Muscat, Singapore, Colombo, Cape Town, Dhaka, California, Chicago, and New York and Canada. 
 
Depending on the speed of the transfer, SBI offers various remittance services: The money transfer services offered by SBI are Instant Transfer, Speed Remittance (SBI Express), SWIFT / Wire Transfer , Draft / Cashier's Checks, and Foreign Currency Checks.

FEATURES

Today's Rate
$ Amount
₹ Exchange Rate
$0 - $2500
₹66.85*
$2501 - $5000
₹66.90*
$5001 - $25000
₹66.95*
$25001 - $100000
₹67.00*
Exchange Rate Type
Locked-in
Transfer Fee
Bank Account
$ Amount
₹ Fee
Up to $100,000
$0.00
Transfer Time
Bank Deposit
2 Days
Transfer Type
  • ACH Transfer
  • Wire Transfer
Daily Transfer Limit
$0 - $99,999
Receiving Method
  • Bank Deposit
Customer Service Info
1 (212) 521-3236 (NY)
1 (312) 621-1200 (Chicago)
1 (877) 707-1995 (CA)
Company Headquarter
Mumbai, India
Company Type
Bank
Mobile App
N/A
Company Established
1955
Text Update (SMS)
Yes
Email Updates
Yes
Provider's FAQs
Referral Program
Yes
Key Feature
Must have a account with SBI to send money to India.
Document Requirements
1. Paystub
2. Statement of the subject account showing the direct deposit of your payroll check
3. Bank account statement of another financial institution from where the funds will 
be utilized to send the remittance
4. Tax returns (if self employed)
5. Any other source documents showiNg property sale, inheritance, etc.

EDITORIAL REVIEW

State Bank of India (SBI) can be defined by its vast reach all across India.  SBI exists in big cities, small towns, the most remote village, and every nook of India.  SBI automatically inspires confidence and trust in the customers because of its existence synonymous with the growth of India. SBI is the largest banking company in India in terms of assets, branches, and global influence. It is owned by the Government of India. It has many international subsidiaries and branches, 5 associate banks, and the customers can transfer their funds to over 65,000 RTGS/NEFT enabled branches in India.

The foreign exchange rate provided by SBI depends on the amount of money you send; higher the amount, better the exchange rate. SBI money transfer is more beneficial for SBI account holders. SBI mainly categorizes its money transfer services according to the speed of the transfer. It provides various fast remittance services. The first one Instant Transfer is one of the fastest remittance services available for customers in the US. It is a real time rupee transfer to the core branches of SBI, its associate branches, or other banks that are NEFT enabled. The transfer fees depend on the local branch.

Through SBI Express money can reach the beneficiary’s account within 24 hours if he or she has account with one of the core banking branches. Drafts can also be directly sent to the beneficiaries or to their bank accounts within 24 hours irrespective of whether they hold an account with SBI or not.

The Wire Transfer via SWIFT takes approximately 1-3 working days. There is a nominal fee for this service.

SBI offers 2 ways of sending money – in USD or Rupees. There is an additional advantage if the transfer takes place in Rupees. If the money transfer is done in the USD there is an upper limit of $10,000, and if it is done in Rupees then there is no upper limit.

There are also traditional services available from SBI like cashier’s checks, money orders, Demand Drafts, and foreign currency checks that take approximately 7-28 days.

As with any service SBI remittance service is not without flaws. SBI does not provide a tracking tool to check the status of transfer. You have to enroll with the internet banking service of the bank you are sending the money to in order to track the fund transfer. Important information like transfer fees and upper transaction limit for most of the services are not clearly defined on the website. You have to call the customer service for further details. SBI does not offer the best exchange rates compared to the other services. There are no promotions or discounts available via this service.

But the reputation of SBI exceeds the shortcomings. It has garnered trust from people over the years due to its heritage and growth. Safety, reliability, and dependability are important factors to consider while transferring your money to India. Being Government-owned, and being one of the oldest and largest banks in India, SBI is a brand worth trusting. 

USER REVIEWS

RITESH1990
Posted on August 25, 2016, 05:34 am

how to start id

 
manishbharti
Posted on September 03, 2015, 07:44 am

SBI Service is very fast...

 
Seepa
Posted on August 20, 2015, 08:00 am

Once you open a deposit account with them and activate your internet banking, the remittance process is simple. They offer best rates and money gets deposited in by late evening on the transaction day. I keep deposits in their Savings account which gives the best interest and remit money whenever there is a need.

 
allwaysonline
Posted on February 22, 2015, 08:36 pm

I want to become a money trancsfer agent

 
Julefkar
Posted on December 22, 2014, 11:59 pm

The company is exellent service

 
smitchauhan
Posted on November 03, 2014, 07:45 pm

Excellent service! Remittances are deposited in India usually by next business day, better rates.

 
ARJUN
Posted on October 24, 2014, 01:11 am

Dear sir, i want to money transfer service please help me and do me money transfer

 
Gurmeet Singh
Posted on November 20, 2013, 05:40 am

@Pradeep - You are write but you can still get the money transfer done from the nearest SBI Bank Branch

 
Pradeep Jayaraman
Posted on November 06, 2013, 06:56 am

SBI has stopped money transfer service indefinitely. https://remit.onlinesbi.com/