SBI Money Transfer Review – Send Money to India in Secured Manner 2023

Send Money To Rate
USD INR ₹ 69.45

SBI Money Transfer Review by Exchange Rate IQ

Overall rating
7 /10

SBI NRI remittance service aims to make the money transfers easiest. The company offers transfer from UK, Canada, Middle East, USA and many more countries to India. These services are particularly available for people from Indian origin, NRO and NRE to transfer funds to their friends and family in India. Some of the benefits of using the services of SBI Money Transfer are:

  • Most trusted financial brand of India
  • Offer services at 20+ countries
  • Highly secured

Review of SBI Money Transfer :

State Bank of India is a statutory body which offers public sector banking and financial services to its customers. It has many branches across India and outside India, where it offers NRI services and money remittance is one of them. One can send up to USD $2,000 per transaction with 10 transfers a day to the beneficiary, which is a very low maximum transfer limit. You can transfer this amount through multiple modes including bank transfer, SWIFT and wire transfer, Cheque deposit and money order.

Besides money remittance, SBI also offers the following services to NRIs:

  • NRI Account/ Deposits
  • NRI Loan
  • NRI Investment
  • Personal Banking Services

The company is also offering money remittance services in only three currencies EUR, GBP, and USD. If you are using any other currency, you might not transact with SBI, which is another drawback of it. SBI is offering 24*7 customer assistance services everywhere, so you can contact them from anytime anywhere on its toll-free number.

SBI is highly secured and offer the best quality services online so that customers need not to worry about their privacy.

So, on an overall basis, we rate it 7 out of 10.

Pricing : How much does SBI Money Transfer cost?

7 /10

SBI Transfer Fee

The company offers free money transfer services to users from across the globe. However, it charges Rs 250 for converting foreign currency. So transferring the funds is absolutely FREE with SBI except for its currency conversion fee.

SBI Exchange Rate:

The company offers the rate a bit lower than that of the live market prices, as it makes money from transferring the funds.

Any Other Fee:

The company charges GST on every transfer, which is the tax levied by the government. The revised rates are:

  • Up to Rs.1,00,000: 1% of the gross amount of currency exchanged for an amount of Rs.1,00,000, subject to a minimum of Rs.250/-
  • From Rs. 1,00,001 to 10,00,000:1000 plus 0.5% of the gross amount of currency exchanged for an amount of rupees exceeding Rs. 1,00,000 and up to 10,00,000
  • Above Rs. 10,00,000: 5,000 Plus 0.10% of the Gross amount of currency exchanged for an amount of rupees exceeding 10,00,000 subject to Maximum amount of Rs. 60,000/-

Under the pricing head, we rate it 7 out of 10 because it has lower exchange rates even if it is not charging any transfer fee.

Transparency: Does SBI Money Transfer have any hidden fees?

10 /10

SBI Hidden Fees

The company does not charge any hidden fee from its users, so the amount except transfer fee and GST will be reached to the beneficiary.

SBI Transaction Tracking

You can track the transfers directly without logging into your account. All you need is the beneficiary’s account number and reference number and the details of the transfer will be shown to you. You can track the transfer at SBI Transaction Tracker here.

Under the transparency head, experts of exchange rate IQ have provided SBI Monet Transfer 10 out of 10.

Transfer Speed: How long does it take to send money through SBI Money Transfer?


The company offer different transfer services in various countries which have different transaction process timing. These are:

Service Country Time Taken
SBI Rupee Instant Flash Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE 10 Minutes
SBI Rupee Instant Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE Within 2 hours
SBI Express Rupee Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE 1-2 Days
SBI Express Remit UK UK 1-3 Days
SBI Express Remit Canada Canada 1-3 Days
New Zealand NZD 1 Day
Instant Transfers Multiple Countries 1 Day
Swift or Wire Transfer Multiple Countries 1-3 Days
Draft, Cheque, Money Order Across the Globe 7-28 Days
SBI- Transfast for USA USA 1-2 Days

The company is offering instant transfers in a few countries only. So this is a major drawback and company should work on it as those who need to transfer money for any emergency purpose could not use its services. Therefore, under this head, we rate it 7 out of 10.

Coverage: How many Countries & Currencies does SBI Money Transfer support?


The company supports transfers from over 20 countries to India. These countries are:

Bahrain Kuwait Oman Qatar UAE
Saudi Arabia UK Canada USA India
China Germany Hong Kong Indonesia South Africa
South Korea Israel Japan Maldives Mauritius
Nepal Russia Singapore Sri Lanka

So, if you are transferring currency from the above-listed countries, there are multiple ways by which you can do this which are bank account transfer, flash transfer, SWIFT and wire transfer, cheque transfer and money order. Still, there are many countries which the company is not covering and have Indian population living there, so under this head, we rate it 7 out of 10. If you want to use the services of SBI Money Transfer sign up here.

SBI Money Transfer Transfer Process

Send money to India with onlineSBI

  1. Go to the SBI Money Transfer website.

  2. Here click on “Apply an Account Online” and the company will process your online account in a few days.

  3. After the account opening process completed, login to your account.

  4. Enter the details of the beneficiary.

  5. Enter the amount that you want to send.

  6. Select the bank and branch details.

  7. Re-check all the details of the recipient and confirm the transfer.

User experience of SBI Money Transfer


SBI’s Global Link Service is functioning under its International Banking Group which offers inward remittance services to Indians from their family living outside India. Some of the positive and negative aspects of SBI Money Transfer are:


  • Multiple services offered
  • Direct transfers without visiting the bank branch


  • Only Indian citizens with SBI savings account can use its services
  • Low maximum transfer limit per day


SBI Customer Support:

The company offers 24/7 customer support services to its users, so you can call at the following number:

SBI Toll-Free Number: 18004253800 & 1800112211

SBI Email ID: [email protected]


SBI Mobile Apps:

The company is offering Android as well as iOS apps to its users which you can download here:


SBI Referral Benefits:

The company offers referral benefits to its customer when any of their friends registered with the company using a referral link. It also provides benefits when any referred friend made their first transaction.

SBI Promo Code:

The company provides promo code to its users through notification, email and SMS, which can be used to reduce the transfer cost.

Under the user experience head, we rate it 8 out of 10, because its maximum transfer limit is very less and you need to send amount in fractions if you want to send a large amount. If you are already a member of SBI family and want to login, click here.

Security : Is SBI Money Transfer Safe?


SBI is a highly secured company as it is the largest bank of India so the transaction processed by it are on done by keeping in mind the Anti Money Laundering (AML), OFAC and RBI Norms. Besides this, it uses highly secure 256-Bit EV SSL encryption as well as secured by VeriSign.

So, under the security head, we rate SBI Money Transfer 10 out of 10.


Transfer Type And Modes

Pay In Options


Pay Out Options


Service Mode


Exchange Rate Type


Alternatives to SBI Money Transfer

Compare SBI Money Transfer With Other Money Transfer Companies

SBI Money Transfer Company & Contact Info

Address:- -
Email:- [email protected]
Phone:- +91-33-2288 2363
Social Links:- Exchangerateiq Facebook Link ExchangerateIQ Twitter Link Exchangerateiq Linkedin Link
// //