SBI RemitThis is my next post in the series of How to send money to India or Online Money transfer overseas. SBI Express Remit is the money transfer service that I have been using the most in the recent couple of months and unlike HDFC Quick Remit, this is some service which I can actually write a Review about - my own experience about sending money to India. Three main reasons why I use SBI Express Remit Service more are the following.
- SBI Remittance offers the best foreign exchange rates (to my knowledge) as compared to other similar options like ICICI Remit, Remit2India, for sending money to India. I have some links on this page which will help you compare foreign exchange rates offered by these services.
- SBI is one of the largest banks in India, zero fraud chances.
- I have an SBI Savings Account in india. So i would imagine the money transfer process would go more smoothly when I want to credit money directly in my Indian bank account.
SBI Global Remittance is a Service offered by State Bank of India, one of India's largest banks to remit money to India from United States, U.K. and Singapore. You have the following remittance options while remitting money to India.
- Deposit the money directly in your Bank Account in India. Bank accounts in all leading Indian Banks are supported.
- You can choose to send a Demand Draft for the amount of Remittance to the beneficiary.
Here is my experience or Review of SBI Remit-
- Opening an Account with SBI Remittance: The process of registering with SBI Global Remittance is a bit tedious. You have to fill in your information (for which you need to enter a foreign address, in my case it was U.S. Address), then after about two days your SBI Remittance account will be approved. After this, SBI Global Remittance will make two small deposits in your savings bank account that you add, in order to confirm that it is your account. This confirmation may take another one or two days. Then you can go ahead and add a beneficiary and transfer funds. Other services on the other hand, especially one like Xoom for sending money overseas to any country worldwide, are a bit faster as far as account opening is concerned. Another issue which bothered me about opening an account with SBI Global Remittance is that I would have liked to open an account while I was in India, and try the money transfer. But no, you need a foreign address.
- SBI Online Money Transfer to India Process: In order to remit money to India, you add a Bank account in U.S. (I would imagine the same with Singapore or U.K.), add a beneficiary, then the transfer takes about 5 to 8 days. I am not sure whether remitting money to bank accounts in India other than those with SBI would take about a day longer. The process is safe, I believe and hassle free.
- Problems I had with SBI Global remittance and experience with SBI Customer Service: In my last attempt to remit money to India, I had to face a very annoying problem. While filling out the remittance form, there was some problem with the page and I was just not able to choose the mode of remittance (i.e. Direct Deposit or Demand Draft, etc.). I tried this for two days and was quite annoyed. However, there is a small link in the bottom of the left column in your dashboard where you can make a complaint to customer service. SBI Remittance Customer Service resolved my issue in two days and send me an email. I am quite satisfied with the promptness with which I got a reply from SBI Remittance and that is one of the main reasons why I will stick to them in most of my remitting transactions. '
- Foreign Exchange Rates offered by SBI Remit: You can get a tentative idea by clicking on SBI Remittance foreign exchange rates. Note that the remittance process is such that the exact value of dollar rupee or foreign exchange rate is determined not while you transfer money but sometime in between the process of sending money to India. Thus it may happen that you get a lesser or greater rate than the rate available on the day on which you decide to send money to India by SBI Remit. Thus if you are too sensitive about forex rates and want to transfer a large amount of money, I would recommend using Wire transfer where you have to pay a fee of couple of ten dollars, but finally, if the money you are sending to india is a large amount then it is actually profitable.
- SBI Limits on how much money you can send to India: There are some limits on sending money to india by SBI Remittance service. You can send up to $10000 per day to SBI Direct Credit branches and $5,000 per day for other Banks. In addition, there is a weekly limit of $15,000. The minimum limit per transaction is USD 50. You can send 3 remittances per week, 6 in a fort night and 12 in a month.
Articles on Money Transfer
Online Remittance to India
|Western Union Money Transfer -|
A trusted way to send money where beneficiary collects cash from a Western Union location.
|MoneyGram - International Money Transfer and Money Order. You send money, beneficiary collects cash from a chosen MoneyGram agent or location.|
|iKobo - Send Money Worldwide|
Money Transfer by ATM Card. Useful for those who have to send money frequently. Check foreign exchange rates on the homepage of iKobo.
|Xoom Money Transfer - Online Remittance from United States to various other countries. Xoom Fees are around $8 per transaction.|
|Send Money to India|
|ICICI Remit to India|
Online Money Transfer to India.
ICICI Exchange rates.
Online Money Transfer to India.
SBI exchange rates.
Online Money Transfer to India.
Remit2India exchange rates.
|HDFC Quick Remit|
Remit Money to India online from U.S., U.K., Europe and Singapore.
HDFC Quick Remit exchange rates.
|CitiBank Online Remit|
Remit Money to India from US.
|I have been sending money to India for quite a few years. I have been involved in at least 50 money transfers to India and used 4 to 5 different methods of online remittance. Although I do make efforts to provide accurate information about services related to online remittance, none of the opinion, experience or reviews in this post should be used for making any decisions to remit money to India or any other country. It is easily possible that my experience or opinion about a particular remitting service is different from yours. It is your money that you want to remit. So please verify the information from your own authentic sources before making a choice for remitting your money. I do not accept any liability for incorrect or inaccurate information. Some of the links in the posts may be affiliate links, however the opinions and reviews presented in the post remain honest and unbiased.|