- No fee to transfer money
- Takes 2 to 4 days to deposit money
- Daily transfer limit of 99,999$
State Bank Of India (SBI) is the most trusted brand in India is also the biggest and oldest bank India. SBI enjoys a lion share of market share in Indian banking sector and leaves it s competitors like ICICI Bank, HDFC Bank, Axis Bank to dust. With 16,500 branches across India and around 190 offices in 36 other countries, SBI established as a well known global bank for Indians.
With its humongous size and age, SBI also attracts some negative criticism of being slow and not so consumer friendly for first time bankers. This criticism also also seems to be true when it comes to Remittance service provided by the bank for transferring money to India. If not for being slow and paper work driven environment, SBI is an awesome bank to deposit money for high returns as well as transfer money to India with ZERO fee by bank (you may end up paying small fees like NEFT charges). Here is a list of pros and cons with SBI money transfer service to India
- The most trusted banker of India
- No hidden charges or fees collected by State Bank of India for transferring money to India
- Attractive exchange rates, but definitely not the best one available in market
- Transfers to SBI branch accounts in India is seamless and works well
- You can transfer large amounts like $100,000 to SBI accounts in India
- Not so attractive web interface. Have a huge learning curve initially to understand.
- No instant transfer yet. Takes days to transfer money
To transfer money to India, State Bank Of India charges the following fee
Following payment options are available for Senders to initiate money transfers