Last updated on March 6th, 2024 at 11:18 pm
If you’ve moved away from India to live and work in a new country, you’re part of the biggest population of migrants on the planet on the planet. According to data recently published by the UN, there are over 18 million people in your position. And if you’re sending money back to India to support loved ones, you’re not alone there either. According to the World Bank, India is the world’s number one receiver of money transfers from abroad.
The snag with remittances is that they can come saddled with high transfer fees and unclear exchange rates. This is where Remitly comes in. We pride ourselves in simplifying Indian rupee transfers, with your recipients able to pick the funds up in cash, or have the money sent directly to their UPI address or bank account.
If you’re thinking of making a transfer to a State Bank of India account, read on to find out how.
Send Money to State Bank of India in 5 Easy Steps
Sending money to India is straightforward with Remitly.
- For first-time users, download the Remitly app and create a profile. Then select India as your destination country.
- Enter the amount you wish to send.
- Choose Bank Deposit as your delivery method and State Bank of India as your location.
- Enter your recipient’s name and bank account details.
- Enter your payment details.
Review the details to make sure they’re all correct, and then simply give the go-ahead for the INR money transfer. The whole transaction is transparent, with SMS updates delivered to your recipient so they’ll know when the Indian rupees have arrived in their account.
Why Should I Use Remitly to Send Money to State Bank of India?
Sending money to India shouldn’t be a complicated or costly process. The Remitly app is user friendly, so you can easily tap your way to a transfer whenever you need to transfer funds to the people who matter most in your life. Our pricing is just as easy to understand, and we always provide great exchange rates. And if you ever need to change your mind and cancel the Indian rupee transfer? That’s completely fine: we’ll simply send the money right back to you.
How Quickly Will My Money Arrive at State Bank of India?
There are two options when sending money to India with Remitly. If the money is needed right away, you can take the Express route, which means your recipient will have the INR transfer within minutes. Alternatively, if a little wait doesn’t matter, you can opt for the Economy option, which will take up to a few hours to complete.
How Much Money Can I Send to State Bank of India with Remitly?
We’re here to help you send Indian rupees whenever and wherever they’re needed, including larger transactions. At the same time, we make it a priority to maintain your online security and abide by international regulations. This is why we have implemented sending limits. By giving us the minimum identity verification required, you can send up to these transfer caps:
- US$2,999/€5,000/AUD$2,999/£5,000 within 24 hours
- US$10,000/€15,000/AUD$10,000/£15,000 within 30 days
- US$18,000/€50,000/AUD$18,000/£50,000 within 180 days
Need to make a bigger Indian rupee remittance? That’s fine – by submitting extra verification details, you can access higher transfer limits with Remitly.
Is it Safe to Send Money to State Bank of India with Remitly?
Millions of people across the globe trust Remitly with crucial remittances, and we have a team of digital security experts working in-house to maintain our bank-level security precautions. The measures we have in place to safeguard members include industry-standard data encryption. Each transfer you make is accompanied by SMS/text notifications, so both you and your recipient will know how things are going. Any error for any reason will see your money returned, safe and sound.
Read on here to learn about security at Remitly
More about State Bank of India
The only Indian bank listed in the Fortune Global 500 list of 2020, State Bank of India, or SBI, has a long history. In fact, its ancestry goes right back to the Bank of Calcutta, which was founded in 1806. These days, State Bank of India is a sprawling multinational and the largest commercial bank in India, with over 430 million customers worldwide.
SBI prides itself on being a pioneer in all aspects of financial services. Its list of awards is testament to this, with State Bank of India receiving acclaim for a number of technological innovations. Its vast network of branches, and sheer popularity among people in India, makes it a natural partner for Remitly’s remittance service.
Further reading: Safely Send Money to India in 5 Easy Steps