FAQs on Remittance
Q 1: What is the Indian Rupee remittance service of SBI New York?
The Indian Rupee remittance is the facility from SBI, NY branch to your / beneficiary’s account maintained with over 24,000 branches of State Bank of India or 50000 branches of other banks in India.
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If your or beneficiary’s account is in any of branches of State Bank of India then provide the 11-digit core banking Account number, Account Holder’s Name & address, Indian Financial Systems Code (IFS code) of the branch to avail this facility.
For beneficiary accounts in Banks other than SBI please provide us the Bank’s name, Branch name, Account Holder’s Name & address, Account number, Indian Financial Systems Code (IFS code) of the branch to avail this facility.
Q 2: What are the ways in which I can remit money by applying to New York branch?
You may send remittances through any of the following modes:
- Rupee Remittance to Account: Rupee remittances for the credit of the account of the beneficiary can be sent by us to any branch of any bank.
- To over 24000 branches of State Bank of India.
- To over 50000 branches of other banks, the remittance can be sent and the beneficiary’s account is credited usually in 1 banking day, after the remittance is processed from New York.
- Dollar Remittance to Account: U.S. dollar remittances can be sent through us to any branch of State Bank of India in India. All such remittances, unless these are for credit to dollar accounts (FCNR/EEFC etc.) will be converted to Indian rupees by the receiving branch in India.
- To 700+ branches of SBI, the remittance is sent directly by wire transfer (SWIFT), and the beneficiary’s account is credited usually within 1 or 2 banking days, after the wire transfer is sent.
- To other branches where remittance cannot be sent directly (no SWIFT facility), the remittance will be sent as wire transfer to a nearby branch with SWIFT facility.
- US Dollar remittances can also be sent to other Banks in India and other Countries through their Correspondent Banks.
- Other currency: Remittance to the beneficiary account in Euro / Great Britain Pound / Australian Dollar / Canadian Dollar/ Swiss Franc/ Singapore Dollar / Bangladesh Taka/ Sri-Lankan Rupees/ Nepalese Rupees/Japanese Yen can be sent through our correspondents around the world. We can send these remittances to 700+ branches of SBI in India as well, which are authorized to handle foreign exchange. The remittance is sent directly by wire transfer (SWIFT). Value date for such remittances is generally 2 banking days after the date of transmission.
Q 3: What are the ways in which I can pay money to SBI New York branch for remittance?
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You may authorize us to debit your account by using Form RMT 2I/2C for initiating the Remittance transaction. All applications received before 4 p.m. shall be processed on the same business day. Prior to executing of the instruction, the Bank, may at its discretion, and only if it considers necessary, reasonable and practicable, verify the payment order by telephone call to the number registered with the Bank. Applications received by mail shall be processed by the Bank only if it is reasonably satisfied that the instruction is in order.
You can apply for remittance to New York branch only if you are a transactional (Checking or Money Market Deposit account) account holder of New York branch.
You may initiate remittances
- Through online banking (for Indian Rupee Remittances and US Dollar remittances to select SBI branches in India)
- Submitting RMT 2I form in branch along with copy of valid ID proof
- Upload the RMT 2I/ 2C via online banking secure message portal
- Mail the original signed RMT 2I form to branch with a copy of valid ID proof if you are unable to visit us personally.
Prior to executing the instruction, the Bank, may at its discretion, and only if it considers necessary, reasonable and practicable, verify the payment order by telephone call to the number registered with the Bank. Applications received by mail shall be processed by the Bank only if it is reasonably satisfied that the instruction is in order.
Q 4: What are the charges applicable for remittance?
The following charges are applicable for remittance transactions:
*Please note that, there may be additional National Electronic Fund Transfer (NEFT) or beneficiary bank charges for beneficiary accounts.
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Q 5: Will you give me confirmation of credit to beneficiary’s account?
You will receive a confirmation email after your remittance request has been processed from our end. Please note that, SBI New York does not have access to the accounts of branches of State Bank of India or other banks. It is, therefore, not possible for us to inform you whether the account of the beneficiary has been credited or not. We would request you to confirm with the beneficiary within a reasonable time after sending a remittance through us and bring to our notice any non-delivery of wire transfer as soon as possible, but within 180 days of sending the remittance. We will investigate, free of charge, non-delivery as expeditiously as possible. Please note that investigation after 180 days may not be possible or may entail additional costs, which will have to be borne by you.
Q 6: Is there a minimum amount of remittance that I can send through you?
The minimum amount required for initiating remittance transaction is $100. There is no ceiling on the amount of remittance amount. The maximum amount which can be Remitted for Indian Rupee Remittance through Online Banking is $100,000/- per instance.
Q 7: For sending remittance as donation to an organization, are there any other additional requirements?
If you are sending funds to India to an organization which has a definite cultural, economic, educational, religious or social program, that organization must have an FCRA number allotted to it by the Government of India under the Foreign Contribution (Regulation) Act, 1976, and the FCRA number must be quoted on the remittance application.
Q 8: What are the reasons of remittance getting delayed?
The remittance may be delayed –
- If your funds are not immediately available with us
- If beneficiary details provided by you are incomplete & incorrect
- Due to network failures/ technical problems outside the control of the sending / receiving branches.
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