How to transfer money to your loved ones residing in India

Sending money to India from abroad seems difficult as one has to wait for the right exchange rates, the transaction/operational costs associated with the money transfer, along with the duration within which the money should reach the recipient. But with the advent of technology, money transfer has now become way more hassle-free and much easier. Now remitting money back home can be done through convenient modes offered by the SBM Bank.


Some of these avenues are:


1. SBM Remittance Services

SBM Bank provides an online transfer facility through SBM Remit, which enables the NRIs to send money to India from Mauritius, Europe, UK, Japan, the United States, and Australia. Moreover, the remitters can also transfer money to their NRE savings account in India. The transactions are fully secure and encrypted and the data is protected by advanced firewalls.


2. Online Transfer

Probably the easiest way to transfer money is through online mode using your local bank’s internet banking facility. However, your bank must have:

● Online third-party funds transfers/payments facility.

● A field for “Remarks” or “Message to Recipient” on the page to enter the reference number generated on SBM Remit.




3. Foreign Currency Cheques/DDs

NRIs can now deposit any currency denomination, cheque, or demand draft to their banks while their family members visit any branch in India to credit the equivalent amount to the beneficiary’s account. Similarly, mailing the cheques/ DDs to the branch in India is also a good way as it is free from volatile exchange rates because the draft is issued at a fixed amount.




4. Wire Transfer

Through wire transfer, you can send a wire instruction from your local bank overseas to the beneficiary residing in India. It ensures safe and secure remittance to your bank account through a simple-to-use and fast way. You can also contact the Regional Manager of your bank to negotiate and get the best rates for their remittances to India.


5. Overseas Branches

The most common way is to visit the subsidiary branch of your bank and instantaneously credit to any account in India of either the same bank or the other bank accounts within 24 hours. SBM Bank offers competitive exchange rates with an easy online tracking facility.


SBM Remit offers an online portal to send money to India securely in an effortless and hassle-free way at lowest service charges, one-day credits, competitive exchange rates, and easy online tracking to the NRIs. 


To sum up, you can remit money to India within no time and in a very safe and secure manner by choosing SBM Remit. It works best if you have an NRE savings account (Non-Resident External) which is made to transfer your foreign earnings to India. You can easily deposit your funds in foreign currency, manage and withdraw in Indian currency. It also gives an excellent option to send your money the fastest way possible across the globe to all the NRE accounts available.

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