State Bank of India - Money transfer to India
State Bank of India offers two better ways to send money to India from US. I will explain the two ways below. You can select any one of these methods depending upon your convenience and the time within which you need to remit to India.
SBI Express Remit : State Bank of India Online Money Transfer to India is offered through SBI Online Global Link Service (http://www.onlinesbi.com/glsus/) handling SBI Express Remit for instant online money transfer to India from US. This is completely online and you don't need to visit your bank. You can do the transfer sitting at your home. You can transfer money from your account with any bank in US. This method offers competitive exchange rates and lowest service charges. It will take 3 to 5 business days for your money to appear in the Indian account.
SBI Instant Transfer : Instant Transfer is a real time rupee transfer facility offered by State Bank of India. You have to visit your nearest SBI foreign branch office to do an Instant Transfer. Remittances takes place instantly and the money is available in the Indian account within few minutes.
I haven't tried these methods yet personally and I'm going to try them for my next money transfer to India. If you have any good or bad experiences with the SBI money transfer to India, please add a comment to share it with everyone.
16 comments:
HI Maduakr, I have jus posted my transaction, if u done before. so far it is ok9still not posted in INDIAN Bank) but it got debited. nice review. hope we will njoy this. lat me know if u have anyproblem or I need to take care more
HI,
I use SBI express remit and it is pretty decent. It takes 4 to 5 days as said. If I book transaction here on monday, by friday I see the amount in my Indian a/c.
I used HDFC quick remit also and thats also fine. But when I book a trasaction from SBI remit and HDFC remit on the same day, I found that I got slightly better conversion rate from SBI than HDFC. This happened with all the 3 online transactions that I did through SBI, HDFC simultaneously.
Haven't tried SBI Instant Transfer, but would like to know if anyone tried it and how it is.
-Sai Sree
I sent money to india using SBI to another bank it already 20 days still it is pending,So i suggest strongly not to use SBI.
Thanks for the info !
I use Icici's money2 india service http://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/m2i.htm
and this is also very easy to use. I never knew SBI is providing this service online. It had too many procedures and form filling involved earlier !
I will definitely give this a try...thanks again :)
Please Do not Use remi2India for money transfer. They really suck they show better exchange rates on their website but when you actually transfer you get less and thier customer service and response sucks................................ I have very bad experience.. This is my personal experience.
Hi,
My name is Pavan . My customer ID is - XXXXX. I have initiated transaction for an amount of $10002 Dollars on Sept 6th .Bank account for this transaction was activated on Sept 12th, Can some one please provide reason for the delay of this transaction and why amount from my US bank account is not yet debited even though account is active. I am here by writing this mail to the compliance department because a representative from the service department by name Jhanvi suggested to drop a mail. I have been told by Jhanvi that there is no customer care number where in which i can reach directly compliance department and i can contact only through mail.
I look forward for a Positive response with a correct reason at least this time. This is an UnOrthodox situation where in which customer is following for the status of the transaction which was suppose to be the other way. I did not get any response for all the problems which is faced after initiating this transaction .
1. Remit 2india account got Locked ( No mail from remit2india stating your account is locked for so and so Reason). This problem i got it solved by mailing my SSN card to the relation ship manager ( Anand).
2. Bank account was activated after one week, account is verified after speaking with representative by name Sachin. I did not get any mail from remit2india even for this ? what caused delay for account activation.
3. No status on transfer even after bank account activation.
This is very embarrassing situation, i am not able to contact correct person. Please provide the concerned person contact details with whom I can talk to ?.
To track , please find the remittance reference number ( 1505890007).
Thanks,
Pavan
I use your website to track exchange rates therefore will post my experience. Else, I never post comments. Have made three different transfers with SBI online. Each time I got my account credited the fifth day. The exchange rate was OK. No cheating suspected. I expect to keep using them. I also used ICICI once and was not satisfied with them.
ICICI might not be giving us fair rates. To avoid any volatility risk, I recently initiated 3 separate transactions on 3 consecutive days for $5001 through ICICI hoping to effectively get an average price. They managed to give me the minimum rate of the 3 days (i.e. same rate) for all the 3 transactions! If they took T+5 days as they normally do, I should have received money on 3 separate days in my India account but all transfers reached the india account on the same day. I hate those buggers, this was around India election time and I lost almost 3% on my currency transfer. Any feedback on Citibank?
There is something called User Registration in SBI. I find that involves some verification thing. Can anyone of you explain the same?
Thanks to Madhukar and all the commenters!
I will look into trying SBI online remit.
Does the dollar-rupee exchange rate offered by SBI depend on whether it is going into SBI account or other banks accounts (by draft etc).
Hi Sridhar,
As far as I know, the conversion rate you get doesn't depend on where you are sending the money.
-- Madhukar.
Hi I am a newcomer to USA and I want to transfer money to India. My question is Can I send money to my family member's SBI account from my Chase bank account using SBI services??
Thank you for help.
Yes, you can send money to anyone in India with any bank account using SBI Express Remit. They will directly deduct money from your Chase account once you give them the account details.
Hi All,
Very informative blog & thread.Does any of us have Idea about using SBI online services from UK?...Do they have any Branch in Glasgow ? And how the services are?
Regards
Hudson
Hi Madhukar,
Pl. see whether you can help me with this information.
I had been using SBI GLSUS to transfer money to India. I left US and now it is already 1 yr i am not using the facility.I forgot my userid, pwd. i have the registration no. now i want to transfer money from US account to India using SBI GLSUS. i do not see any customer care number i can call. Do you have any idea on the same?? It will be helpful if you can provide me some info on this. I am not able to access my money in US now.
Hi Bhuvana,
Check this URL for customer care numbers of GLS US.
https://www.onlinesbi.com/glsus/html/glsus_contactus.html
Hi,
I find interesting link about service comparison.
http://investinn.blogspot.com/2010/03/money-transfer-to-india-comparison.html
There may be chances of some missing points
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