Wire Transfers to SBI – State Bank of India

State Bank of India sign
State Bank of India - I'm not sure if this sign is a joke?

How to Apply to Your Local Bank for a U.S Dollar Wire Transfer to India, Bangladesh, Nepal or Sri Lanka

The following information is provided by SBI and other sources:

A. Wire Transfer to SBI and its Associate Banks in India

Do you need to send a wire transfer to SBI, the State Bank of India? Or maybe remit money through one SBI’s associate banks? SBI associate banks are:

State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of Indore
State Bank of Mysore
State Bank of Patiala
State Bank of Saurashtra
State Bank of Travancore

If so, ask your bank to route the wire transfer through State Bank of India, New York. Click here to download a form that will serve as a handy guide when you fill the wire transfer application form of your bank.

Transmission Time

  • Onward transmission on the day of receipt of funds by SBI, New York.
  • 450 branches of SBI, which have SWIFT facility, receive funds generally on the next banking day in India. Click here to view a list of SWIFT-facility branches of SBI in India.
  • Other branches receive funds via a nearby SWIFT-facility branch.

In addition to whatever your bank charges, you will have to pay SBI’s wife transfer fee, which is a flat fee of $30, deducted from the amount received by SBI, New York.

Conversion to Indian Rupees and Exchange Rate

Conversion to Indian rupees, where required, is done by the Indian SWIFT-facility branch to which the SWIFT message is sent. While the exchange rate cannot be precisely known in advance (due to the difference in time zones), the exchange rate offered by SBI and its Associate Banks in India is generally among the best in the Indian market.

Tracking

To track your remittance online, enroll for the internet banking service of the branch of SBI or Associate Bank where you have an account in India (if the facility is offered by that branch). To enroll for this service with SBI branches, and learn more about the service, click on the following link: www.onlinesbi.com

Inquiries

SBI states that all inquiries pertaining to wire transfers must be made through your local bank. Please allow the normal transmission time to elapse before asking your bank to make an inquiry.

B. Wire Transfer to Bangladesh, Nepal and Sri Lanka

SBI advises that you apply for a wire transfer to your local bank to send money to any bank in Bangladesh, Nepal or Sri Lanka through SBI correspondents in those countries, and ask your local bank to route the wire transfer through State Bank of India, New York.

Click here to download a form that will serve as a handy guide when you fill out the wire transfer application form of your bank.

Transmission Time

  • Onward transmission to SBI’s branch/correspondent on the same day.
  • Beneficiary bank receives funds a few days thereafter.

SBI’s Charges

In addition to whatever your bank charges, you will have to pay SBI’s wife transfer fee, which is a flat fee of $30, deducted from the amount received by SBI, New York. SafeCashTransfer.com did a little research and it appears that if you have a local branch of SBI to send from, you may only have to pay the one fee. For example, SBI California has several branches, in Los Angeles, Artesia, San Jose, Fresno, Canoga Park, Bakersfield and San Diego. If you send your money through them, there is no fee for drafts over 50,000 rupees. So you would pay only the $30 fee deducted by SBI New York.

Conversion to Home Currency and Exchange Rate

Conversion to home currency is done by the SBI correspondent in the recipient country. While the exchange rate cannot be precisely known in advance (due to difference in time zones), SBI states that their correspondent will strive to offer competitive exchange rates.

Inquiries

SBI advises that all inquiries pertaining to wire transfers must be made through your local bank (from which you initiated the wire transfer). Please allow the normal transmission time to elapse before asking your bank to make an inquiry.

Wire Transfers to SBI – State Bank of India
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4 thoughts on “Wire Transfers to SBI – State Bank of India

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