Saturday, September 13, 2008

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.
Posted by Madhukar Reddy Gurram at 8:15 PM
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51 comments:

  1. 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
    ReplyDelete
  2. 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
    ReplyDelete
  3. 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.
    ReplyDelete
  4. 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 :)
    ReplyDelete
  5. 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
    ReplyDelete
  6. 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.
    ReplyDelete
  7. 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?
    ReplyDelete
  8. There is something called User Registration in SBI. I find that involves some verification thing. Can anyone of you explain the same?
    ReplyDelete
  9. 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).
    ReplyDelete
  10. Hi Sridhar,

    As far as I know, the conversion rate you get doesn't depend on where you are sending the money.

    -- Madhukar.
    ReplyDelete
  11. 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.
    ReplyDelete
  12. 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.
    ReplyDelete
  13. 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
    ReplyDelete
  14. 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.
    ReplyDelete
  15. Hi Bhuvana,

    Check this URL for customer care numbers of GLS US.

    https://www.onlinesbi.com/glsus/html/glsus_contactus.html
    ReplyDelete
  16. hey guys, i got a mail today.....

    when u use the online banking system....

    check for the

    https:/

    instead of http:

    http is fake,

    https is original.... for online banking sites.

    u will find it if u open ur original bank accounts in Unites states.

    Even some hackers create fake SBI sites too with http:

    this is the information, any software professionals can comment on this.
    ReplyDelete
  17. Do not use ICICI money transfer service. It is the Junkest service. One fine day, they took my money but did not remit there in India (from my account in US to my account in India). message is Name not found... I gave them all the information they asked for and also requested them to return the money if they cannot deliver in India. They did nothing. Kept my money for about 5 weeks and then delivered. The irony of all this is that is not my first transaction with them. From the same account to the same account in India, I transfered money at least 3 times before this particular transaction.
    STAY AWAY FROM ICICI.
    ReplyDelete
  18. Why use SBI or ICICI when Western Union transfers the money in a jiffy?

    DO they offer better conversion rates or lesser transaction rates?
    ReplyDelete
  19. Yes. Better conversion rates and no transaction fee.
    ReplyDelete
  20. I've been using SBI GLSUS from 2 years. The transfer rate is good compared to icici. It takes 4 to 5 days to deposit to my india account. I recommened this service.
    ReplyDelete
  21. SBI has now moved to a new URL. Its now https://remit.onlinesbi.com
    From there we are redirected to US or UK pages after we select the region. So, US site URL would read as https://remit.onlinesbi.com/glsus

    SBI has also reduced the nominal charges. If you send less than $500, earlier they used to charge 100 Rupees. But now they charge nominal 6 rupees. And above 500 dollars they don't charge you at all!! Only, the currency conversion charge of 25 rupees per transaction stays as it is. So, guys, this is definitely the cheapest service and I have been tracking the exchange rates too. Let me tell you, they actually give you the best exchange rates. You will get what you see on their website unlike the cheaters like ICICI, remit2india. I have done at least 10 transactions and would recommend only SBI's services. They really are the bank to trust with!
    ReplyDelete
  22. If somebody has account in Citibank USA and Citibank India, money can be transferred very easily. What you have to do is go to Citibank USA site and select fund transfer to Citibank abroad. Amount will be credited instantly at your Citibank India account. One disadvantage is exchange rate is little lower than the normal ACH transfer.
    ReplyDelete
  23. Hi Hudson,

    I don't think they have a branch in Glasgow although they will be opening some new branches in UK. May be you may get lucky. I have opened an account with them in Birmingham branch and they were quite helpful.
    ReplyDelete
  24. Hi Madhukar
    I came across your blog through a google search for remitting money to India. I am so pleased to read all the information here. While I am a university student in the US,I have accumulated some money in USD and I keep debating whether to send to India or keep here. I might want to buy a car sometime, but am not sure.

    I was wondering if I may ask you two questions:

    1. In your opinion, would sending money to India and possibly getting back from there say 6-12 months later makes financial sense or not, compared to putting it in a money market deposit such as with bank of america in the US. Right now, it is just lying in a savings account earning maybe 2% interest. The amount would be around 10,000 dollars.

    2. Is SEBi still the best way to remit money in your opinion?
    ReplyDelete
  25. Hi Nidhi,

    I'm no financial expert. So, take my opinion just like any other. Here are my thoughts ...

    1. If it is a short-term thing, sending and getting back doesn't get you much. You will loose money in exchange rates while sending and again while getting back. This will negate any higher interest you earn in India.

    2. I still think SBI is best for money transfer. But I haven't used all the services. So, I can say it is best among the 2 to 3 services I have used.

    -- Madhukar.
    ReplyDelete
  26. Thanks Madhukar, that is very helpful and also very prompt. you are doing a great public service.
    ReplyDelete
  27. Hi again,
    I went to bank of america today. For a 10,000 dollar deposit (CD), there are giving 0.40 (includes a bonus)for a 7 month period. their rates for other periods are not great either. That works out to about 40 dollars a year.

    Am I missing something here? As far as i remember, in india, interest rates are about 7 percent or so and this is just 0.4 percent, duh? How can there be such a wide gap?

    Thanks again madhukar!
    ReplyDelete
  28. Hi Nidhi,
    Try American Express Savings (http://personalsavings.americanexpress.com/). They give 1.3% for Savings and 1.85% for CD. Or you can use SmartyPig (https://www.smartypig.com/). They give 1.75% on savings. There are more like this that are online only and give better rates than BofA, Chase etc.

    You will almost always get a better rate with online-only banks than regular brick-n-mortar banks.

    But even these rates are nothing when compared to rates in India. It's country specific.

    -- Madhukar.
    ReplyDelete
  29. When you remit money using SBI( which goes through BOA New York), your bank will charge for the wire transfer. As per BOA website, BOA charges $25 for a domestic transfer and $ 45 for international transfer. Can anyone confirm whether this transfer to BOA New York will be considered a domestic or international transfer?

    Thanks
    ReplyDelete
  30. Hi Madhukar

    I finally got thrugh SBI customer service. They did not know whether I would be charged domestic or international outgoing wire transfer fees. However they did confirm that express remit is the same as "funds transfer" and does not entail any wire transfer charges. So you can choose not to put my earlier question on your blog since it has already been ansered( hopefully what they told me was correct).
    ReplyDelete
  31. Hi Madhukar,

    Its a really nice of you that you have put this important information in a very nice manner.
    I have a question here.
    I have been using SBI's instant transfer since past 3 months. They charge me $25 for each wire transfer.
    I have recently created my account for SBI's express remit. (The registration is still in progress).
    I have a question that, they charge nothing if you are transferring more than $500, but they charge Rs.25 as the currency conversion charge.
    So, these Rs.25 gets deducted from whatever amount has got sent. Right?

    Please correct me in I am wrong.
    ReplyDelete
  32. Yes. They deduct Rs. 25 from the final amount that is being deposited into your account in India.
    ReplyDelete
  33. Thanks Madhukar, It was quite informative..Wil definitely go for SBI Remit :)
    ReplyDelete
  34. Hi All,

    All of you are recommending SBI online transfer service.

    Can you guys tell me if I have to bear any extra cost other than Rs.25 currency exchange rate fee, if i transfer money using SBI service to an ICICI account.
    ReplyDelete
  35. Zoom.com is better which i feel. I see my indian account credited on the very next day and the conversion rate is fixed.

    Lets say if you are transferring the amount today at the exchange rate whatever is showing on xoom site, you will get the same.
    ReplyDelete
  36. Hi Madhukar,

    I appreciate your effort in bringing out expertise in banking for the public. I had opened a SBI NRE account before i came to US last month. And i feel that SBI express remit is a good option for money transfer to India.
    Now my question..is it possible to transfer money from my US bank deposit (Citi bank) to my SBI NRE account using express remit.
    And is citibank going to charge me for the ACH transfer using express remit?? Is it a kind off wire transfer or something different??
    ReplyDelete
  37. ACH transfers are usually free. ACH and wire transfers are different. Some banks provide free wire transfers too. But it varies from bank to bank and also account type. So, check with your bank on that.
    ReplyDelete
  38. Anyone used SBI express remit this month (March)? I have been using this for last 5 years and today when i logged in, it showed me message about state residency policy in US and service is down until further notice. I was able to get hold of customer rep and he said that currently 34 states in US have this service disabled due to state policies and SBI is working on it to get resolved.
    Does anyone know same issue with other services offered by ICICI/HDFC/Remit2india etc?
    ReplyDelete
  39. Good info, thanks,Hi can you tell me detail how to send money from Bank of America,NY,USA to SBI NRE account.And will receiving the money get it in Rupees.Also advise on the financial charges.
    Hi nadhi noticed your blog which is similar to my scenario,do tell me how you did it so i can know the process .
    ReplyDelete
  40. what does compliance verification mean?
    ReplyDelete
  41. I live in Indiana and like most of the guys, my ACH transfer is blocked. But I found that the wire transfer process is very smooth and really fast. I transferred funds from my Citibank to BOA in SBI's account on Friday and got rupees in my India account on Monday. Citi charged me $19 for wire transfer but it was worth it.
    ReplyDelete
  42. Hi,

    By going through the entire blog, i learnt that SBI is good for money transfer and exchange.

    But, with SBI, I have two options.

    1. Open an account with SBI here in USA. Than deposit the money and transfer. Transfer happens insistently in a day with the exchange rate as on on the request date. The rates are updated at the below URL regularly
    http://statebank.com/RemittanceServiceIndMaster.asp

    2. I can use the online SBI remit which as per your blog will take some 3 days time. And the exchange rates are at the below link
    https://remit.onlinesbi.com/glsus/exchangerateremit.htm

    My question is:

    1. Why the exchange rates are different on 1 and 2 above although both are of SBI.
    2. Which among the above are the best choice.

    Please some one help me with the answer.
    ReplyDelete
  43. I have a question:

    Last week I tested SBI remit by transferring $100 from my BoA account to my SBI account. I noticed that BoA did not charge anything towards this transaction. The funds credited to my SBI account reflected the SBI charges though. My question is if I use my Chase checking account to remit funds to my SBI account in the similar way, will Chase charge me anything for the transaction or is it free like it is with BoA?
    ReplyDelete
  44. I have used SBI express transfer, basically you go to their bank hand over a cashier's check and they do the transfer to any Indian Bank, you can negotiate the transfer fee and the exchange rate with them. Money is received next day. If you have SBI US bank account you can transfer money there and the money can be transferred to India using SBI US account in which case no cashier check needed.
    ReplyDelete
  45. I had asked this question to an SBI bank employee.
    As to why the rates differ

    http://statebank.com/RemittanceServiceIndMaster.asp
    https://remit.onlinesbi.com/glsus/exchangerateremit.htm

    Reason: 1st url is posted by india branch and the 2nd url is maintained by New York Branch. and then there is 3rd rate (for which 1 needs to call US SBI branch) which is updated by individual branch based on the base rate for the day.
    ReplyDelete
  46. Hi.
    I have a same question as Nidhi. When I went in to transfer thru SBI express remit, Bofa would charge me 25 $ for wire transfer. Is it worth it?
    ReplyDelete
  47. Hello friends, Please DO NOT use QuickRemit. When I transfereed £50 from UK to HDFC my Indian NRE bank account the money got transferred in 3 days. But when I transferred £3000, the money got transferred after 20 days, that also after repeatedly sending hundreds of email to the customer center. Their customer center is one of the worst I have seen in my entire life. Once the tranfer gets delayed, they simply do not reply to any of the emails (apart from the auto generated message). The rate was much lower than the one which I booked. I heard that these guys are actually converting the money on the day when rate is high and keep waiting for the day the rate goes very low. The differnce of rate is their profit. So in my case they would have earned INR 5000 because my rate on the booking day was INR 75.00 and rate on the delivery date was INR 73.50. As a responsible citizen of the country I would like to suggest that simply do not use these corrupted services for your hard earned money, and tell the same to all your family members and friends. Jai Hind!!
    ReplyDelete
  48. Hi Madhukar, I am planning to xfer close to 15000 USD from my Bank of America(GA) account to my SBI NRI account. I am in the process of opening an NRI account with SBI. Do u know how much SBI will charge. Which is the best thing to do, xfer money from my BOFA account to my brother's SBI account(who lives in India) or xfer to my NRI account. I am trying to understand if there is any difference in both of these xfers.
    Thanks for the help. Your blog has really given me good exposure regarding money xfers to India, all this while I have been wasting money on remit2india xfers. They show one exchange rate on their website and always end up giving less than whats shown in their website. I have done like close to 6 transactions with them and all of them have been the same.

    Thanks
    Madhavi
    ReplyDelete
  49. Hi Madhukar,

    I am trying to send money to india and looking for some better service.SBI or Citionline remit. I have been using Money gram service all this time. But with money gram you end up paying more fees and it is not direct deposit to account. Could you please suggest as which of these should is safe and fast ..

    Thanks,
    Gagan
    ReplyDelete
  50. Hi all,
    I face some problem to send money ton India from USA,
    I have send $520 to SBI account in India. In US bank charged $20. So the balance is $500. The have given a bank receipt to me also. But when I checked in SBI in India, it was showing the amount of money transfed of $470.

    I do not understand.
    Please inform me. Is it okey.
    ReplyDelete
  51. Hi Madhukar, I found your blog very informative.Earlier I wasted too much time by Remit2India verification process. Finally I gave up after reading people's bad experiences with Remit2India.
    Now after reading your very satisfying money transfer experiences with SBI, I registered with SBI online money transfer website. during registration process their system started generating tons of Text messages/ emails for various verification Passcodes,Dynamic Passcodes. And all these different passcodes do not work. I found it very confusing and complicated system.
    Does any one else has similar experiences ?

    Please also share: If My USA bank (Wells Fargo)will also charge me $$ for using SBI Money Transfer to Indian Bank ?

    I would also like to know: as I want to send money to my relative's A/C in Oriental Bank of Commerce. Does it takes longer than transferring money to an A/C in SBI in India ?
    Thanks for sharing your ideas.
    ReplyDelete

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