SBI's Money Transfer Services

SBI offers remittances to India through multiple channels. You can select the mode of remittance based on the time within which you need to remit to India. SBI’s new-age remittance schemes are most user friendly and have back up of excellent service support. SBI has the best reach with 84 offices in abroad and over 14,000 branches in India under Core Banking network.

 

SBI EXPRESS RUPEE (From Gulf)

·         Tie ups with 16 major exchange companies and banks located in Middle East for rupee remittances. NRIs can approach these companies/banks for same day/next day transfer to a beneficiary account in India for remittances up to Rs.10 lacs under “SBI Express”.

·         Rupee remittance on electronic platform through Exchange Companies/ Banks from Middle East countries to beneficiaries across India in a quick and cost effective manner. Online credits through Direct Credit to 10000 plus SBI branches and through NEFT (electronic) credit to 30000 branches of other banks in India. Beneficiary will be credited within 1 day and SMS to beneficiary/ Remitter mobile number sent.

·         Remitters need to walk into the Exchange Co/ Bank to give remittance instruction or use their ATM/ Phone Banking/ online Banking Facility (if available at that Bank/ Exchange Company).

·         Minimum Rs.500 Maximum Rs.10 Lac permitted. Charges may vary at different Exchange Companies/Banks: Normally most competitive.

·         SBI Express Rupee is available at the following Exchange Companies/ Banks in Middle East: -

1.      Kuwait: (a) Kuwait India International Exchange Co.WLL +965-2422678, 2453398, 2456082 (b) Al Mulla International Exchange Co.WLL (c) Al Muzaini Exchange Co.

2.      Saudi Arabia: Arab National Bank

3.      UAE: (a) Emirates India International Exchange Co. +971-4-22332258 (b) UAE Exchange Centre LLC +971-26105616 (c) Al-Rostamani International Exchange Co. +971-42141447 (d) City Exchange LLC (e) Wall Street Exchange Centre LLC (f) Al Ansari Exchange Co.

4.      Bahrain: (a) Bahrain India International Exchange Co. +973 17210330/17210440 (b) Bahrain Finance Co.

5.      Oman: (a) Mustafa Sultan Exchange Co. LLC +968-24707025 (b) Oman & UAE Exchange Co. LLC +968 2479 6533

6.      Qatar: (a) Doha Bank (b) Trust Exchange Co.WLL, Doha +974-4352055/56 , 4352057

·         Complete details of such tie up and how it works are available on www.onlinesbi.com/glsrupee

SBI INSTANT TRANSFER (From SBI Branches in 18 Countries)

·         Fastest way to send remittance. Transfer of money in just 3 minutes in any of over 14000 branches of SBI and SBI Associate Banks in India.

·         No limit on the amount that can be remitted. Attractive Exchange Rates and low remittance charges.

·         Remitter need not be an account holder of SBI’s foreign office/ branch. Remittance through foreign office “Walk In” or “Telephone Banking” or through “Internet Banking Facility” as available at that office.

·         Available at the Foreign Office/ Branch of SBI in 18 countries -  Australia: Sydney, Belgium: Antwerp, Canada: Toronto and 6 other Branches, China: Shanghai, France: Paris, Israel: Tel Aviv, Japan: Tokyo and Osaka, Maldives: Male, Nepal: Kathmandu, South Africa: Johannesburg, UK: London and 5 other branches, USA: NY and 8 other branches, Oman, Singapore, Bahrain, Mauritius, Hong Kong & Bahamas

·         For more information, please visit http://www.onlinesbi.com/nri

SBI EXPRESS REMIT US (From USA)

·         NRIs can use “SBI Express Remit” for money transfer from USA to India. On an online request by them on the website SBI arranges for auto debit of their US Bank Account with any bank in USA and credit the beneficiary account in India in Indian Rupees within 3 business days.

·         A user-friendly web based product to send remittances from USA to India by Non Resident Indians and others.

·         Completely online product. One-time Registration. Online tracking of remittance request through every stage of the transaction. Also SMS to beneficiary mobile number.

·         On receipt of online request from Remitter, his / her account in USA with any US Bank is debited by SBI through US Automated Clearinghouse (ACH) mechanism.

·         Beneficiary account credited within 3 business days. Online credits through direct credit to 10000 plus SBI branches and through NEFT credit to 30000 branches of other banks in India.

·         Minimum $50 Max $10000 remittance permitted. Nominal/NIL charges and Best Exchange Rates.

·         More information at - http://www.onlinesbi.com/glsus

SBI EXPRESS Rapid Remittance (From USA)

·         Remitters are required to approach their bank in USA for credit to a SBI Account by a domestic wire transfer and the money gets credited in Indian Rupees to beneficiary account in India on the next business day itself.

·         “Rapid Remittance” can be used for remittances of minimum $ 2000 to maximum $50000.

·         One-time Registration on GLS website. Available to all SBI Express Remit customers.

·         Initiate transaction for remittance to beneficiary on GLS website and generate a Transaction Reference Number. Remitter then needs to transfer funds from his bank in USA through Domestic Wire/ Internet Banking transfer to a designated bank account of SBI in USA quoting Transaction Reference Number.

·         Other features same as SBI Express Remit US.

·         More information at - http://www.onlinesbi.com/rr

SBI EXPRESS REMIT UK (From UK)

·         Remittances up to GBP 10000 from UK by account holders of any bank there can be effected within 2 business days using the internet banking transfer facility of Remitters’ UK bank for affording an online credit to SBI designated account in London.

·         Completely online. One-time Registration. For sending money to India initiate a transaction on GLS website and generate a Transaction Reference Number.

·         Remitter to transfer funds from his bank in UK through Internet Banking to a designated bank account of SBI in UK quoting Transaction Reference Number

·         Credit to beneficiary within one business day of receipt of funds in the account of SBI in UK. Online credits through Direct Credits to 10000 plus SBI branches and through NEFT electronic credit to 30000 branches of other banks in India.

·         Online tracking of remittance request through every stage of the transaction and also SMS to beneficiary mobile number.

·         Minimum £50 Max £10000 permitted.

·         Nominal /NIL charges and Best Exchange Rates.

·         Beneficiary account can be with any bank in India

·         More information at -  http://www.onlinesbi.com/uk

SWIFT / Wire Transfer/TT:

NRIs can send remittances to India using SBI's foreign branches or a vast network of 600 correspondent banks across the globe. The remittance can be sent to the beneficiary's branch directly. If SWIFT code is not available for your branch, you can select a SWIFT code of any SBI branch in Kerala (eg – Swift code of SBI OB Kochi Branch SBININBB128), which will handle the SWIFT transaction and transfer the funds to your beneficiary's account. 1 to 3 days. Country specific instructions –

Currency	SBI Branch/Corrsp & Swift Code
US Dollar	SBI Newyork, SBINUS33 ABA routing -0260-0914-0, chips 034282,
Pound/Euro	Pound - SBI London,SBINGB2L, Sort Code 600159; Euro - SBI Frankfurt, SBINDEFF,
AED	National Bank of Abudhabi, NBADAEAAVOS

 

Draft / Cashier's Cheques / Foreign Currency Cheques

If a remittance is sent as a demand draft/cheque, the beneficiary can deposit it at his SBI branch. The draft/cheque will be sent collection. After collection, the proceeds will be deposited in the account. DDs issued by Exchange companies in Gulf are immediately credited. Also Currency notes and Travellers’ cheques accepted. Drafts in foreign currency/ Rupee can also be sent to SBI Branch by post for credit of fixed deposit account or SB a/c in Rupees.

 

Websites -

USA Operations – www.statebank.com, California - www.sbical.com, Chicago – www.sbichicago.com, Singapore – www.sbising.com, Canada -  www.sbicanada.com, UK – www.sbilondon.com, Germany - www.statebank-frankfurt.com, Sydney - www.sbisyd.com.au, Japan – www.sbijapan.com, South Africa - www.statebank.co.za

SBI NRI Services www.onlinesbi.com/nri, SBI Main website www.sbi.co.in