State Bank of India Remittances

A remittance is money sent from one person to another in any form generally to another country. The State Bank of India provides this facility in various ways. Their remittance products are made keeping the customer’s requirements in mind. The customer can choose any mode of remittance depending on the time available for sending the remittance.

Given below is the list of the common remittance options.

Benefits of SBI Remittance

• Safe – The SBI is one of the largest banks in India. Hence the possibility of fraud is nil.
• Good Exchange Rate- The exchange rates offered by SBI are the best in the business.
• Convenient – Having an SBI Savings Account in India ensures that the money is credited directly in your Indian bank account without any problem.

Remittance Services offered by SBI

1. Instant Transfer
2. Online Remittance (SBI Express Remit)
3. Speed Remittance (SBI Express)
4. SWIFT / Wire Transfer
5. Draft / Cashier's Cheques
6. Foreign Currency Cheques

SBI Instant Transfer

As the name suggests this facility allows the customer to transfer the money immediately. It can be done in 18 countries around the world. The money can be transferred to your or your beneficiary’s account which is maintained with SBI in India at any of the 12000 Core Banking Branches of SBI or Associate Banks. The money can also be transferred to 43000 NEFT enabled branches of other banks in India.

Advantages of SBI Instant Transfer

1. It is the fastest way to send a remittance.
2. The remittance charges are low.
3. The exchange rates are very good.
4. The facility can be extended to non account holders also at some of their foreign branches.
5. It is available in most of the countries including Australia, Bahrain, Belgium, Canada, China, France, Hongkong, Israel, Japan, Maldives, Mauritius, Nepal, Oman, Singapore, South Africa, Sri Lanka, UK and USA.

Note: The charges for the facility vary at different branches. Some branches charge a regular fee while some offer the service at a discounted rate.

Online Remittance (SBI Express Remit)

This facility allows you to transfer money right from your homes! The user need not go to a bank or deliver cheque or give any telephonic instruction. The service can be utilized from UK or US at any time of the day.

Advantages of SBI Express Remit

1. It offers best exchange rates.
2. The transaction fees are generally negligible.
3. The money can be transferred directly to over 12000 SBI branches in India.
4. Facility of credit to accounts held in other banks in India.

Speed Remittance (SBI Express)

This service allows the NRIs in Bahrain, Kuwait, Oman, Qatar, and UAE to send remittance to India through either Exchange Houses, banks or through SBI branches. The recipient receives the money through:

1. Direct credit to his account if the account is maintained in any of the 12,000 SBI branches. This takes place within a day.
2. If the account is held in any of the 43,000 NEFT enabled branches of other banks in India the credit takes place by the end of the next working day.
3. If the recipient does not have an account, the money is sent via draft.

SWIFT Transfer through SBI

This is the facility for sending wire transfers. Remittances can be sent using SBI’s foreign branches or a huge network of 600 correspondent banks around the globe. The beneficiary receives the remittance directly if he has an account in a SWIFT linked branch. Otherwise the NRI will have to choose a SWIFT linked branch located close to the beneficiary's home town. The bank then handles the SWIFT transaction and transfers the funds to the beneficiary's account.

Cashier's Cheque / International Money Order

Sending remittance through a cashier's cheque or by an international money order works the same way as sending money by a cheque drawn on a foreign bank does.

Foreign Currency Drafts

When an NRI sends a remittance as a demand draft, it can be deposited in a branch in India, where the NRI or the recipient has as account. The draft is then sent to the branch where it is payable. After collection, the proceeds are deposited in the account. Incase the remittance amount has to be converted to Indian Rupees; the exchange rates prevailing on the date of exchange are applied. The collection charges will be as applicable from time to time.

Foreign Currency Cheques

The NRI can send a cheque drawn on a foreign bank in a foreign currency and deposit it in his account with a branch in India. The cheques will be sent to the particular country for collection. On receipt of the funds the amount is credited in the NRI’s account. The collection period is different for different countries, as it depends on the local clearing regulations and location of the bank on whom the cheque is drawn. Collection charges are recovered as applicable from time to time. Incase the cheque is in foreign currency and the credit has to be offered in Indian rupees, the exchange rates prevalent on the date of exchange will be applicable.

SBI Services for Frequent Transfers

When you have to send remittances to India regularly, like on a monthly basis, the bank can be given a one-time standing instruction on Form SI. Based on the mode of payment the user will have to attach one or more of the remittance application forms to the form SI.

To facilitate quick payment to the beneficiary, it is recommended that receipient has an account with a branch of State Bank of India which has facility for receiving wire transfers (SWIFT).

Thus the NRI has a variety of options to send money to India through SBI.