State Bank of India

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.