State Bank of India Review

State Bank of India Review Summary

The State Bank of India is a multinational public sector bank and statutory body that is headquartered in Mumbai, Maharashtra. The company is the world's 43rd largest bank and is ranked 221 on the Fortune Global 500 list of the world's largest corporations. It is the only Indian bank on the list. It offers a diverse range of banking products and services. The company is known for its commitment to the nation's economy and is a global financial services provider.

State Bank of India review
State Bank of India Features

State Bank of India Year Established

1955

State Bank of India International Clients

State Bank of India accepts international clients.

State Bank of India Age requirement

18 years

State Bank of India Currencies Offered

8 online

State Bank of India Minimum Transfer

none

State Bank of India Transfer Fees

0-Rs25

State Bank of India Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

State Bank of India Employees

245642

State Bank of India Turnover

51000000000

State Bank of India Regulation

Financial Conduct Authority (FCA)

State Bank of India Fees

State Bank of India transfer fees are 0-Rs25.

Fees with State Bank of India may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by State Bank of India, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

State Bank of India Client Rating

State Bank of India has a rating of 3.

Number of State Bank of India customers

450,000,000

State Bank of India Website

www.sbi.co.in

State Bank of India Supported Languages

State Bank of India Review

State Bank of India review
Pros and Cons of Transferring Money with State Bank of India

Most of the time money transfers with State Bank of India will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with State Bank of India money prior to submitting an application to State Bank of India.

Can you easily afford the State Bank of India fees, are the exchange rate costs reasonable with State Bank of India?

State Bank of India review
State Bank of India Advantages

  • State Bank of India has been in business over 4 years
  • State Bank of India offers PayPal as a payment method
  • State Bank of India offers Neteller as a payment method
  • State Bank of India offers Skrill as a payment method
  • State Bank of India is availble in many international countries.
  • State Bank of India offers a wide range of money transfer currency options.
  • State Bank of India offers phone support.
  • State Bank of India offers email support.
  • State Bank of India offers an Apple iOS mobile application.
  • State Bank of India offers an Android Google Play Store mobile app.

State Bank of India review
State Bank of India Disadvantages

  • State Bank of India does not offer PayPal as a payment method
  • State Bank of India does not offer Neteller as a payment method
  • State Bank of India does not offer Skrill as a payment method
  • State Bank of India does not offer a mobile wallet.
  • State Bank of India does not offer Home delivery for money transfers.
  • State Bank of India does not offer Cash pickups for money transfers.
  • State Bank of India does not offer Money orders.
  • State Bank of India does not offer Livechat support.

What Is State Bank of India?

State Bank of India is a financial service company, that offers its clients money transfer services.

State Bank of India was founded in 1955 by Shri Dinesh Kumar Khara and has offices in Mumbai, India.

State Bank of India provides money transfer services to its 450,000,000 customers who are from all over the world including India.

The Mumbai, India State Bank of India business was founded in 1955 to deliver money orders locally and internationally.

Do State Bank of India Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is State Bank of India Trusted And Established?

State Bank of India is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

State Bank of India was established in 1955 in Mumbai, India, and has been in operation for around 67 years State Bank of India have a head office in Mumbai, India.

State Bank of India review
How much does it cost to send a State Bank of India Transfer?

State Bank of India money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. State Bank of India only charges 0-Rs25, when compared to other money transfer service providers.

State Bank of India review
How much can I send with State Bank of India?

The maximum transfer amount with State Bank of India is up to up to 10000 Rs (or its currency equivalent) online.

While State Bank of India charges a small percent of transfer fees, the brand offers reasonable exchange rates.

State Bank of India review
State Bank of India Money Transfer Terms and Conditions

When transferring money with State Bank of India, it is crucial to keep tabs on the following:

  1. State Bank of India Speediness. Often the need to money transfer may be urgent and time critical.
  2. State Bank of India Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. State Bank of India Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. State Bank of India Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. State Bank of India Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. State Bank of India customer service should respond to your queries quickly and work with you to resolve any issues that you have.

State Bank of India review
How State Bank of India Compares To Other Money Transfer Companies

NameState Bank of IndiaXE Money TransferWise
Usedby450,000,00028000000011000000
Transfer Timewithin 2 hours1-4 business days1-2 business days
Min TransfernoneUS$1.00US$1.00
Max Transferup to 10000 RsUS$500,000.00 (or equivalent)US$1,000,000 (varies based on currency)
Payment Methodsonline SBI, neft, paynet, debit cardBank transfer, credit card, debit cardBank transfer, debit card, credit card, SOFORT transfer
iOS Appyesyesyes
Android Appyesyesyes

State Bank of India review
State Bank of India Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through State Bank of India or imposed by State Bank of India. Your State Bank of India money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your State Bank of India account.

State Bank of India review
State Bank of India Fees & Exchange Rates

Several money transfer platforms like State Bank of India charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case State Bank of India may charge for a currency exchange.

State Bank of India review
State Bank of India Transfer Fees

A transfer fee is the sum of money that a money transfer operator like State Bank of India charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

State Bank of India review
State Bank of India Exchange Rate Margins

Exchange rate margins are how State Bank of India, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like State Bank of India quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with State Bank of India to see what their exchange rate margin is.

State Bank of India review
State Bank of India Methods to Transfer Funds

A State Bank of India fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

State Bank of India enables users to transfer money using bank transfer, via none.

State Bank of India review
State Bank of India Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

State Bank of India offers every available world currency to its customers. We list the major State Bank of India supported currencies below.

State Bank of India Money Transfer Currencies
NameCurrencies
USD, GBP, EUR, YEN, CAD, AUD, SAR, SGD
AED, BDT, BHD, BTN, HKD, IDR, ILS, INR, JOD, JPY, KWD, LKR, MYR, NPR, OMR, PHP, PKR, QAR, RUB, SGD, THB, TRY, TWD, VND, BAM, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, RSD, SEK, BBD, CAD, CRC, DOP, GTQ, HNL, JMD, MXN, TTD, USD, XCD, AUD, FJD, NZD, TOP, WST, ETB, GHS, GMD, GNF, KES, MAD, MUR, MZN, RWF, SLL, TND, TZS, UGX, ZAR, ARS, BOB, CLP, COP, GYD, PEN, PYG, UYU
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, ARS, AUD, BDT, BGN, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
ALL, ARS, EUR, BSD, BDT, XOF, BOB, BRL, BGN, BIF, USD, XAF, CLP, CNY, COP, KMF, CRC, HRK, CZK, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, GYD, HNL, HUF, INR, IDR, JMD, JPY, JOD, KES, MGA, MWK, MYR, MXN, MAD, NPR, NGN, PKR, PYG, PEN, PHP, PLN, RON, RUB, RWF, SLL, ZAR, KRW, LKR, TSZ, THB, TND, TRY, UGX, UYU, VND, ZMW
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
EUR, GBP, USD, CAD
AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PRB, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SRD, SSP, STD, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW

State Bank of India review
State Bank of India Transfer Options

State Bank of India offers the following transfer options:

State Bank of India Money Transfer Options Compared
NameTransfer Options
Bank deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up, home delivery, mobile wallet deposit.
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
Bank deposit, cash pick-up , door-to-door delivery
cash

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with State Bank of India. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

State Bank of India review
Who State Bank of India Services Are Available To

State Bank of India offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

State Bank of India Country Restrictions

State Bank of India does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because State Bank of India is not allowed to legally operate in those regions or it is not economically viable for State Bank of India to provide money services in these regions.

State Bank of India review
State Bank of India International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your State Bank of India money transfer is quick and simple with the modern State Bank of India online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the State Bank of India website.

The State Bank of India website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

State Bank of India review
State Bank of India Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. State Bank of India has a minimum transfer amount of none.

State Bank of India review
State Bank of India Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, State Bank of India does not have a maximum transfer limit when the user is paying through phone. There is however, a up to 10000 Rs limit per transaction for online transfers.

State Bank of India review
State Bank of India Money Transfer Fees and Charges

These are the fees charged by State Bank of India and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

State Bank of India review
How Long Does It Take to Get a State Bank of India Money Transfer

State Bank of India money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like State Bank of India, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from State Bank of India.

State Bank of India review
State Bank of India PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. State Bank of India is not a publically listed company. State Bank of India is a privately owned company.

State Bank of India review
State Bank of India Money Orders

The charges for issuing money orders with State Bank of India are 0-Rs25.

State Bank of India review
State Bank of India Mobile Top Up

State Bank of India offers mobile top ups.State Bank of India mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

State Bank of India COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with State Bank of India directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are State Bank of India Money Transfers Best For

There may be many reasons you are looking to action a money transfer with State Bank of India. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

State Bank of India money transfers are best for people looking for looking for a reliable fast money transfer service.

State Bank of India Guide for Fast Money Transfer Approval

For State Bank of India to be able to process your money transfer application as quickly as possible make sure you have everything State Bank of India need. If you and State Bank of India need to go back and forth it may delay the State Bank of India application process. Make sure every piece of information you give State Bank of India is accurate.

Please note that you must have at least a minimum of one active bank account for State Bank of India to process your money transfer.

State Bank of India Application Time

Application time refers to the amount of time you have to wait for your State Bank of India registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the State Bank of India system.

State Bank of India Approval Time

It is the time it takes for State Bank of India money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

State Bank of India Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your State Bank of India money transfer has been approved the money should be in your account within four working days.

State Bank of India review
Things to Check Before a State Bank of India Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering State Bank of India money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

State Bank of India review
State Bank of India Customer Support

State Bank of India support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. State Bank of India customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a State Bank of India money transfer you will want to speak to a State Bank of India representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

State Bank of India review
Does State Bank of India Offer Live Chat?

Customers can reach out to State Bank of India through live chat to resolve State Bank of India money transfer account issues or difficulties with their State Bank of India account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

State Bank of India review
How does State Bank of India Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like State Bank of India you will want to know how State Bank of India compares with other leading online money transfer companies. See how State Bank of India compares below.

  1. Visit State Bank of India alternative XE Money Transfer

    Used By: 280000000
    Currencies Available: 76
    Transfer Fees: none
    Payment Methods: Bank transfer, credit card, debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$500,000.00 (or equivalent)
    Year Founded: 1993

  2. Visit State Bank of India alternative Wise

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$1,000,000 (varies based on currency)
    Year Founded: 2011

  3. Visit State Bank of India alternative Wise Business

    Used By: 11000000
    Currencies Available: 55
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  4. Visit State Bank of India alternative Wise Multi-Currency Account

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  5. Visit State Bank of India alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  6. Visit State Bank of India alternative Remitly

    Used By: 3000000
    Currencies Available: 63
    Transfer Fees: 0-3.99$
    Payment Methods: Bank transfer, credit/debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$20,000.00
    Year Founded: 2011

  7. Visit State Bank of India alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  8. Visit State Bank of India alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  9. Visit State Bank of India alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  10. Visit State Bank of India alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

  11. Visit State Bank of India alternative Moneycorp

    Used By: 15000000
    Currencies Available: 161
    Transfer Fees: none
    Payment Methods: debit card via our online platform or a wire transfer, cash
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 50 USD/GBP/EUR
    Max Transfer: none
    Year Founded: 1962

State Bank of India review
State Bank of India Website and Mobile Apps

State Bank of India has a website available online but it may be useful to manage your State Bank of India account from your mobile device like your tablet or phone.

State Bank of India offers an Android mobile application on the Google Play store.

State Bank of India offers an Apple IOS mobile application for iPhones and iPads allowing State Bank of India to users to check their State Bank of India accounts on their iOS mobile devices.

State Bank of India review
State Bank of India Deposit and withdrawal Methods

State Bank of India offers the following Money Transfer payment methods: online SBI, neft, paynet, debit card. All of significant bank systems are all acknowledged with State Bank of India.

State Bank of India offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that State Bank of India may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from State Bank of India.

State Bank of India review
Is My Money Safe With State Bank of India?

State Bank of India is a reliable, secure, and trusted option for sending money overseas. State Bank of India are registered and regulated with the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by State Bank of India customers.

State Bank of India review
State Bank of India Financial Regulation and Safety of State Bank of India Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like State Bank of India that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that State Bank of India is fully licenced as a money transfer company.

State Bank of India review
State Bank of India Payment Services Regulations and State Bank of India

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

Check State Bank of India is financially regulated. State Bank of India is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that State Bank of India Possess a responsibility of care to their clients.

Is State Bank of India Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like State Bank of India are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on State Bank of India and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

State Bank of India Segregation of Client Funds

State Bank of India as part of their regulation are required to segregate client funds from State Bank of India company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

State Bank of India regulatory requirements mean that State Bank of India Money Transfer funds and your funds should be totally separate. State Bank of India cannot use any money that is still legally yours to conduct State Bank of India daily business like paying State Bank of India suppliers and costs. Your funds should be kept by State Bank of India in a segregated bank account.

State Bank of India Regulation Checklist

  • Check whether State Bank of India has authorisation to offer consumer credit
  • Check the type of activities that State Bank of India are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of State Bank of India list on their website and the regulator match.

State Bank of India Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it's gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

State Bank of India goes to great lengths to protect your State Bank of India account from fraudulent use. We explain some of State Bank of India anti-fraud features below:

  1. State Bank of India has SSL encryption that protects the customer's private information.
  2. State Bank of India has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The State Bank of India platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their State Bank of India account, as you are instantly aware of every State Bank of India transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with State Bank of India, the State Bank of India accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and State Bank of India delivery instructions.

State Bank of India Monitors Your Account for Suspicious Transactions

State Bank of India has systems and controls in place to detect fraudulent activity and protect State Bank of India client accounts from misuse. If State Bank of India detect a questionable transaction on your State Bank of India account, State Bank of India will contact you to verify the transactions legitimacy to ensure your State Bank of India funds are safe.

How Does State Bank of India Make Money?

State Bank of India and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. State Bank of India also earn money via foreign exchange rates.

Money transfer companies like State Bank of India and banks need to survive, so they make money on interest from accounts and money transfers.

State Bank of India Frequently Asked Questions

We list some of the most frequently asked State Bank of India questions below.

Is there a limit to how much I can transfer with State Bank of India?

You can transfer up to up to 10000 Rs at a time.

When will I receive my State Bank of India transfer?

It normally takes 3-5 business days.

Is it possible to cancel my State Bank of India transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number 080-26599990.

How old do you have to be to sign up to a State Bank of India account

To signup to a State Bank of India account you will need to be at least 18 years old.

State Bank of India review
Is State Bank of India a Scam?

State Bank of India have been in operation since 1955 and have over 450,000,000 customers and 245642 employees. State Bank of India is not a scam.

State Bank of India review
Sending money online with State Bank of India

Sending money with State Bank of India is a single process once you have registered and verified your State Bank of India account and payment methods.

  1. Go to the State Bank of India website
  2. If you have a State Bank of India account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell State Bank of India how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the State Bank of India exchange rate and any fees.
  7. Pay for your State Bank of India transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

State Bank of India review
How do I receive money from a State Bank of India money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your State Bank of India account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive State Bank of India money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. State Bank of India allows for a deposit directly into your bank, credit union or other financial account.

State Bank of India Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. State Bank of India allows you to pick up money in person at a State Bank of India agent location.

State Bank of India Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

State Bank of India Does not support mobile wallets.

State Bank of India Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. State Bank of India do not offer home delivery money transfers.

When was State Bank of India founded?

State Bank of India was founded in 1955.

Is State Bank of India Any Good?

State Bank of India have a rating of 3 and are financially regulated, State Bank of India can be considered a good money transfer company.

Is it easy to close my State Bank of India account?

Its is easy to close you State Bank of India account. You will have to make sure any outstanding payments and fees due to State Bank of India are paid in full Before State Bank of India will fully close your account. Make sure when closing your account State Bank of India send you an official confirmation that your account is closed and no more monies are due to State Bank of India.

Does it take long to setup a State Bank of India account?

No, setting up a State Bank of India account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your State Bank of India account in 1-3 days.

Where are State Bank of India based?

State Bank of India are based in Mumbai, India

Countries where State Bank of India is legal?

State Bank of India is legally allowed to operate in over 21 countries.

How do I track a State Bank of India Money Transfer

You can track a State Bank of India money order by calling State Bank of India or by tracking the order online. Call State Bank of India number on 080-26599990. The State Bank of India automated phone system will take a few details and give you a status update. You can go online to the State Bank of India website and check the status of a money transfer at any time.

If you have a State Bank of India online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the State Bank of India transaction, use the State Bank of India payment reference number on the State Bank of India website to check the status of the transfer.

Can I cancel my State Bank of India transfer?

The way that you cancel a State Bank of India transfer depends on how you created and sent the State Bank of India money transfer originally.

You may need to contact State Bank of India by phone on 080-26599990, through their website at www.sbi.co.in or via email [email protected] Requests are typically processed within 30 days, and you may be charged a cancellation fee by State Bank of India.

If you made the State Bank of India transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the 'Transaction Details' page. If you do not have a State Bank of India account, use the 'Track a Transfer tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a State Bank of India transfer on their website.