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SBI California Money Transfer: Review & Comprehensive Guide

Updated on August 17, 2023 03:03 am
SBIC

Trying to send money to India? In today's globalized world, international money transfers have become an essential part of our lives, facilitating seamless transactions across borders. One such prominent player in the financial landscape is the State Bank of India California, which offers a specialized money transfer service catering to the needs of its customers. 

Transfer money seamlessly back home with SBIC’s new and improved money transfer service. 

In this review, we'll explore the features and benefits of SBIC's money transfer service, examining how it stands out in the competitive landscape of global remittance solutions. Whether you are a curious newcomer seeking a reliable remittance solution or a seasoned user of the service, we've got you covered with all the essential information you need to know about SBIC.

In this comprehensive SBIC review, we take a deeper dive into the State Bank of India California online money transfer service and determine if it is your best option for sending money overseas. 

What is State Bank of India California Money Transfer?

The State Bank of India California's Money Transfer Service is an online, international money transfer service designed to offer a hassle-free experience for individuals and businesses seeking to transfer money between anywhere in the United States and India. With a strong emphasis on customer convenience and safety, this service aims to simplify the process of cross-border transactions.

SBIC specializes in personal transfers, not making this the best option for business transfers. 

SBI California is committed to offering competitive exchange rates, ensuring that customers get the best value for their money when converting between U.S. dollars and Indian rupees.

As the name suggests, the State Bank of India opened offices all over California to provide a money transfer service for NRIs, families, immigrants, and remittance users alike. 

To get started with your SBIC transfer, you need to set up a State Bank of India bank account. You can open a Remittance Registration account, which will serve only as an account used to transfer money. You will not be able to get a debit card or write a check for this account. It will be an online bank account available to access 24/7 online. There is no minimum balance required, but there is a minimum $10 deposit required to open the account. None of the money in this account is interest bearing. EStatements are required and the account will be charged $5 every month if the account holder fails to authorize an estatement. 

When you want to make a transfer, you can go to the SBIC website or the SBIC app (named “SBIC Personal Mobile”) and login with the account associated with your remittance bank account. 

Do I Need to Be a SBI Customer to Transfer Money ? 

Yes, SBIC’s money transfer service only works if you and your recipient are SBIC account holders. 

As outlined in the steps above, you can easily create an account to get started. 

How Much Does SBIC Money Transfer Cost? 

Like most remittance services, SBIC makes money when converting your currency for your transfer. You will get the most accurate exchange rate for your transaction once you log in and begin your transaction. 

SBI California prides itself on not charging you any fees on any transfer amount for transfers completed through the SBIC mobile or an SBIC online remittance. 

How Much Money Can I Send Using SBIC Money Transfer? 

For accounts opened online, the sending limit is $25,000.00 per day, with a cap of $50,000.00 per month. 

For accounts opened at a physician branch, the limit is $50,000.00 per day. If making an online money transfer with such an account, transfers over $35,000.00 may take up to 1 to 2 additional business days to receive credit in the beneficiary account.

How Long Does SBIC Take to Transfer Money?

While it is important for us to highlight that each transfer is unique and their transfer times are dependent on the amount and destination country, SBI California prides itself on its speedy money transfer. If not received within a few hours of confirming your transfer, SBIC aims to complete your transfer within 1-2 business days.

Once you begin your transfer, SBIC will show you your estimated delivery date for your transfer on your portal; here you can also track your transfer. 

Is SBIC Money Transfer Safe? 

SBIC is an FDIC insured company that strives to keep you and your data safe and keep their practices up to FDIC expectations. Using the same, 128-bit SSL encryption mechanism from the State Bank of India operations, SBI California takes extreme caution with your data. 

Going beyond the typical cyber security measures, SBIC also provides its customers with heaps of information to help you understand how to keep your information safe and what measures you can take, should you feel suspicious of anything with your account, identity, or money. 

How to Send Money Using SBIC? 

Now for the biggest questions you must have: how does SBIC money transfer work? How to send money to India with SBIC? 

As mentioned previously, sending money with SBI California requires you to open a bank account with SBIC. Whether that be a remittance account or some other kind, you will use your SBIC bank account to initiate and fund the transfer. 

Once you have logged into the Consumer Online Banking Portal using your account’s credentials, follow these detailed steps to set up your first remittance transaction.

  1. Select the “Pay and Transfer” tab in your portal. It will appear in the top right of the portal’s home page. 
  2. Select the “International Remittances: Remittances to India” button from the drop down to start the transfer process.
  3. In order to begin the transfer process, you will need to enter and verify your recipient. Here are the steps: 
    1. Click on the “Add Recipient” tab
    2. Complete all the mandatory fields. This will include your recipient’s name, address, phone number, email, account number, IFSC code, and more. 
    3. Click “Submit” and be taken back to the “Recipients” page
    4. Click the small icon next to your recently entered recipient’s name that says “Verify” 
    5. Select between email, text, and call for the recipient to receive an OTP to verify their identity. 
    6. Click “Send OTP” 
    7. Enter the sent OTP in the dedicated field and click “Verify”
    8. Click “Ok” to proceed
    9. If you have already added a recipient in the past, you can skip the steps to enter and verify a recipient and move on to step 4. 
  4. Select “Send Payment” from the menu
  5. Select your recipient from the list of recipients you have already entered and verified. Enter the purpose of the remittance. Then, enter any other necessary reciever information in the text box provided. 
  6. Select your account number, your remit currency, your recipient’s currency (this should be Indian Rupee), and the remittance amount (this is how much you are sending in your own currency). Here you will see a breakdown of your remittance. 
  7. Review your remittance and take a look at the pre-disclosure information before confirming. 
  8. Select between email, text, and call for the recipient to receive an OTP to verify the payment over a certain dollar amount. 

Once you have completed these steps, you will receive confirmation and your confirmation number. Make sure to hold onto that just in case you need help with that transfer in the future. 

Once you have sent money to a recipient, that transfer will be saved to your recipient’s profile. You can use “Quick Send” to send that same amount of payment without having to complete all the steps you had done last time. 

How to Contact SBIC? 

Through the chat feature that pops up right when you arrive on the website, you can chat with a representative for quick help. 

If you want to chat when no one is available, you can leave a message in the same chat service. 

If you need assistance that is not solved by consulting the chat, you can reach out to them through their Contact Form (available by clicking “Contact Us” at the bottom of the website) or give them call on the customer service number: 1-877-707-1995 (Toll-Free) Mon-Fri, 8:00 AM to 4:30 PM PST

Pros of SBIC Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the pros of the SBI California money transfer service are:

  • Quick transfers. If not sent within hours of confirming, your money is transferred within a few business days. 
  • No transaction fees. Any transfer amount for transfers completed through the SBIC mobile or an SBIC online remittance are not subject to fees.
  • Quick Send feature. If you have already sent money to a recipient in the past, simply click Quick Send if you want to repeat the same transaction. 
  • High safety precautions. Beyond the standard encryptions, SBIC uses OTP to verify your and your recipients identity consistently, keeping your data and money safe. 
  • Competitive exchange rates that strive to serve the best deal in the market. 
  • Transfer from anywhere. All you need is a SBIC account and you can transfer from anywhere. 

Cons of SBIC Money Transfer Service

Based on our research of customer reviews and comparison to other remittance providers, the cons of the SBIC service are:

  • You need to be an State Bank of India customer to use this service
  • Minimum deposit when you are opening an account. Though the minimum amount of $10 is low to open an account, you still need to deposit a minimum upon opening the account. 
  • No calculation tool or estimate ahead of time. Unlike its competitors, SBIC does not have any way for customers to calculate how long their transfer will take or get any sort of breakdown before they begin the transfer process. 

SBIC Money Transfer Service: Best Feature 

As mentioned before, SBI California records a transfer once a recipient has received it. So if you would like to repeat that transaction, all you need to do is simply click the “Quick Send” button. Just like that, you have a hassle free user experience when trying to transfer money consistently to the same recipient. 

SBIC Money Transfer Service Alternatives

If you’re looking for an alternative to SBIC’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use: 

SBIC Money Transfer Reviews

Need more assurance about SBI California? Is SBIC legit? Let’s see what users of SBI California have to say. Sourced from multiple platforms, customer reviews of SBIC are: 

“I used the new mobile remit app of SBI California. It was such a wonderful experience, its so user friendly, convenient and more than anything, its very quick and reliable. For subsequent remittance, it just takes a few finger taps literally.” - Pooja on CompareRemit

“I send money to my family regularly with SBI, and am a happy customer.” - Chris on RemitFinder

“Very good” - Jason on RemitFinder

Negative reviews pertain to issues with the mobile app and changing exchange rates. 

To see even more trusted reviews from users of SBIC, check out CompareRemit’s review page.

Do We Recommend SBIC?

SBI California has come to become a big name in the business of transferring money from the US to India. With their zero transaction fees, “Quick Send” feature, speedy transactions, and consistent security measures, SBIC money transfer is a great option for especially those looking to frequently transfer money.

We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.

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You may have to pay a fee for the replacement card.Pros and Cons of PaycardsProsA win-win situation for unbanked employees and their employers.Green alternative to paper checks.Immediate payment to employees.No hassle of cashing a paycheck.No monthly or maintenance fees.Added security when assessing their funds (paycards require a PIN).Employees can report to the issuer if funds are used unauthorized.Paycards can be reloaded during each payday, saving money on issuing paper checks.Added efficiency for the employer as the employer would not have to physically present or mail paychecks to unbanked employees.ConsEmployees may incur fees for several reasons. Be aware of such potential fees.Employers have certain responsibilities to educate employees about the usage of paycards.Limited range of services and flexibility in managing your funds compared to bank accounts and other prepaid cards.The best paycards programs are easy to set up, have lower fees, quick access to funds, and provide a range of benefits such as cashback and discounts. We have made a list of popular paycards providers for businesses:Wisely Paycard by ADPOnline portal and mobile appCompatible with Apple Pay, Samsung Pay, and Google PayZero cost sign upNo hidden feesNo credit checkNo overdraft feeZero cost direct deposit of pay and other sources of income (including government benefits)Accepted wherever Visa is acceptedKeep track of spending and account balances 24/7 on the appGet cash back at major retailersSurcharge-free ATM withdrawalsFDIC insuredSecurity features include instant card lock, purchase protection, and travel alert notificationsRapid PaycardDirect Deposit onto rapid paycardLoad funds from approved checks with Ingo Money mobile appsNo fee for cashing paycheck24/7 account access with rapid! Access mobile appNo credit checkCan be used at ATMs, merchants worldwide, wherever Debit Mastercard or Visa debit cards are acceptedPay bills and make purchasesBook airline and hotel reservations onlineEarn interest on savings accountGet cash back rewardsFDIC insuredMoney protected with Zero Fraud LiabilityKittrell PaycardNo fees to use (there are fees for certain situations)Fee-free ATM network with MoneyPassWebsite and Kittreall AppGet real-time alerts and push notificationsCash back at point-of-sale terminals2-way texting to manage your card and accountCompatible with Apple Wallet, Google Pay, Samsung PayEasy portability (Get direct deposit of stimulus checks, tax refund, benefits)Freeze or unfreeze card on-demandSkylight PaycardZero sign up feeNo credit checkNo minimum balance Personalized your card with a family photo or unique imageManage money anywhere on Mobile AppDirect deposit your government benefits, tax refundsUse anywhere where Visa Debit & Debit Mastercard are acceptedFDIC insuredZero liability protectionPay bills onlineEarn interest on savings accountEarn cash back with Payback RewardsSend money to or receive money from friends and family with Netspend cardsSet text alerts about transactionsRefer a friend and boost your card balanceSkylight overdraft limit is $100 & 3 times/ monthConclusionOverall, paycards can be convenient and cost-effective for employees and employees when compared to paychecks or for those employees with no bank account. And the paycard fees are becoming more transparent and competitive.While paycards can be challenging at times, especially when you are employed in multiple jobs and have a separate paycard with each employer, your funds are scattered in multiple cards so it becomes difficult to manage your finances. Some may prefer to put all their money in one place, like a checking account.However, if you can't open a bank account, a paycard is a great option to get paid. Read the fine prints before signing up for a paycard and know the potential fees that come with it.

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