SBI, or State Bank of India is one of the biggest banks in all over Asia. With its headquarters in Mumbai, the bank provides a safe and secured way of money transferring business to India through online. This is one of its strongest realms, which is reliable and unswerving as far as trustworthy money transfer is concerned.
SBI is involved in the remittance process to India via multiple and successful channels. These channels have been researched and planned so as to ensure that the money is transferred in the right process from far lands spread across the world to India. The remittance services are offered through PIOs, NRIs, Foreign Nationals that are settled across the world. This service of money transfer is known as SBI Express that has services settled in Middle Eastern countries, UK and USA.
For instant money transfer through online from US to India SBI uses Global Link services. The whole process is conducted through a very vast network that are spread over and across 10, 000 branches. The transfer is considered very secure and economical for the residents of India. Hence, it is a very reliable and trustworthy process.
The Remittance Process to India
This is a three-step process that involves transparent remittance process from US to India.
First: SBI Express Remit- With the aid of SBI Express Remit, it is possible to send money from USA to India without any hassle. The process features the direct credit of a record of 12,000 State Bank of India branches in all over India. There is also the facility of crediting to other bank accounts from US to India. However, the credit of money can be made for a few pointed purposes and that include family support and maintenance, for investments, payments and also gifts.
Second: SBI Rapid Remittance- If someone wants to send money in a zoom, then the SBI Rapid Remittance is much of help. The best part is the beneficiary gets the money on the next day of remittance with the aid of Customer Initiated Payment system. However, the maximum amount should be 2000 USD every day.
This is the fastest money transferring process that is sent in the shortest time that is possible. The maximum amount that can be sent is USD 2000 with the aid of SBI Rapid Remittance process. Besides, the process also ensures that the beneficiary gets a receipt of the credit since the process is conducted smoothly with the help of CIP mode, that is, Customer Initiated payment.
Third: SBI FNCR- The SBI FNCR is also an online service where the money is remitted from US bank with the helping hand of FNCR to any of the SBI branches that are present in India. The best part comes with no charged being made with this facility.
Benefits of Remittance Process
The remittance process that is being applied allows many benefits. The remitter can actually trace the entire remittance process online without any hassle. SBI brings with it many advantages. The first being minimal charges that will be applicable and also very meagre interest rate, which is also applicable. Besides, it allows maximum value for each dollar that is being sent with optimum exchange rates. Since the money can be sent to the account o the beneficiary directly therefore, the draft of the same can also be couriered to the beneficiary or else his banker. The best part is that the funds can actually be transferred to across 1000 selected SBI branches.
The conversion to foreign currency is made quickly and with full value. The information pertinent to it is visible on the website. In over 3000 braches of SBI, there are electronic facilities, which bring about many advantages for the beneficiary. The most advantageous factor is that the money can be sent to any bank account. Besides, there will be standing instructions for each remittance that is being made.
The Online Money Transferring Services from USA to India
Global Link services or GLS is used for making the transfer of money online. GLS works through the Remittance service of SBI for making online transfer of money from USA to India a successful business. For the process the first thing that is required is a one time registration with the online remittance website. The money transfer is made for free and the amount can be credited to the beneficiary account across 13000 SBI branches spread across India.
There is nominal charge for the amount transfer less than 500 USD. However, amount above 500 USD is free of charge and can be made to about 60000 branches of the SBI bank through the process of RTGS. The beneficiary or the remitter can keep track of every single step of remittance through request. If you are making online transfer to SBI account in India, then at one go you can make a transfer of 10000 USD. But for transfer with other branches the maximum amount that can be remitted is 5000 USD.
The whole receiving and processing work is accomplished in 5 days. However, you have to make sure that the bank from which you are making transfer from USA should have certain facilities. There should be privilege of third party money payment or transfer and information related to it should be presented in the online banking website.
Do look out for “Message to Recipients” or “Remarks” field when making the online transfer so that you can enter the transaction reference number. Therefore, look out for a few rules to ensure that nothing goes wrong when the money trsnfer is being made. Also do check out for nitty gritty of rules so that everything is transparent and nothing is complicated at all.
The SBI online money transfer process is apparently very simple and less complicated. Therefore to make the whole thing work out successfully, you need to go through the details of all rules so that there is no complication at all. Besides, you should learn about everything about the trsnfer business to make it work out distinctly. However, when it is SBI you can be assured about the remittance process and its spontaneity.