How to Transfer Money to an SBI Account

State Bank of India allows you to send money to people who hold bank accounts in SBI and its associate banks in India. The associate banks of SBI include State Bank of Hyderabad, State Bank of Bikaner & Jaipur, State Bank of Indore, State Bank of Mysore, State Bank of Patiala, State Bank of Saurashtra and State Bank of Travancore. Basically, you wire money through any local bank and tell them to route the wire through SBI New York. SBI New York then transfers the money to the bank account in India.

Instructions

1. Contact your local bank and tell them you want to apply for a wire transfer to State Bank of India or one of its Associate Banks. Request the bank to route the transferred money through SBI New York.

2. Download the wire transfer form found in the Resources section below. Print this form and use it when you complete the wire transfer application form of the bank you are using. By completing this form, you will have all the information that any bank will ask for while wiring money elsewhere.

3. Fill out the form of the local bank. There are 450 branches of SBI all over India and the branch that you transfer money to will receive the funds on the next business day in India.

Tips & Warnings

• Wiring money through SBI costs you $30 (flat fee), which is automatically deducted from the amount you send through SBI New York. For this reason you should include $30 when sending the amount so the recipient doesn’t get the deducted amount. For instance, if the recipient wants you to transfer $300 you should transfer $330 because if you don’t, the recipient will receive only $270.

References

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

Resources

• State Bank of India: Wire Transfer Form