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Frequently Asked Questions (FAQ):
Q. Who can send remittances?
A. All Canadian residents can apply for remittances. Applicants are required to provide acceptable proof of identity and current residence. They are also required to disclose the source of funds being remitted as well asBeneficiary's name, bank account number, bank branch and bank name.
Q. Can I send money to India?
A. Yes, you can, whatever be the amount to any part of India. As remitter of the funds you are required to produce your photo identification and proof of residential address at the time of submitting your request for remittance. You should also invariably give the name of the beneficiary, his/her account number, the name of the Bank and the Branch. Requests for issue of drafts or remittances to beneficiary only with out the account details will not be entertained. You will also be required to declare to the Bank the source of funds being remitted by you.
Q. What are different methods of sending money to India?
A. You can send money to India by (i) Drafts (ii) SWIFT transfers to select centres and (iii) Telex transfers
Q. Can I send money to any bank or should it be to State Bank of India only?
A. You may send money to any one with account with any bank in India. We would be issuing a draft or a telegraphic transfer on SBI branch nearest to the beneficiary's bank who can collect funds from SBI branch.
Q. Can I send money by telex/SWIFT transfer to any part of India?
A. Yes , but there are certain constraints. The beneficiary should have an account with one of the Banks/with SBI branch where there is a TELEX OR SWIFT facility. You can enquire about the availability of SWIFT/TELEX at the centre of your interest, at the time of remittance.
Q. How many days would it take to transfer money to India?
A. One/two days in case of SWIFT/Telex transfer, three/four days in case of Cable transfer.
Q. How fast is remittance of funds by Drafts?
A. Depends on how you are sending the drafts to the beneficiary viz: by hand through some one going to India / through regd mail /through ordinary mail/through courier.
Q. How can I make payment for the draft or TT?
A. By certified check, bank draft, money order drawn in the name of State Bank of India (Canada) or Cash. For quicker transactions we would encourage you to bring checks and not cash. If you are bringing in cash and if you are a non customer of the Bank we accept cash only up to C$4,000 or its equivalent in USD.If you are a customer of the Bank maintaining account with us cash will be accepted beyond C$4000 or equivalent subject to your giving a declaration as to the source of funds. Also if you are paying us by way of a draft or Cashier's Check or Money Order these payments should be made in the the name of State Bank of India (Canada) and name of the purchaser of the draft should be available on the face of the instrument. Requests for remittance will be entertained only from the purchaser of the payment instrument as available on the face of the instrument
Q. Does the Bank accept personal checks?
A. Yes we accept. However the draft which is prepared on receipt of your check will be delivered to you only after your check proceeds are cleared .All deposits are subject to a hold period of 5 business days for Canadian funds payable at a Bank within the province and 10 business days for Canadian funds payable outside the province. Hold period for US Dollars funds payable within Canada will be 15 business days and 20 business days if the funds are payable in USA. All funds payable in other currencies are subject to relialization..
Q. What are charges for buying the draft?
Check the Rates section on our website or
Click Here for Rates
Q. Is it necessary to come to the Bank for sending a remittance?
A. No. it is not necessary. You may mail us your check together with service charges along with your instructions.
Q. Do I need to have an account for sending drafts/TTs?
A. It is preferable to have an account with us. However,having an account does not provide for any reduction in service charges.
Q. Any concessions to Seniors?
A. Yes we respect the seniors . The charges will be only $5.00 per draft instead of $7.00.
FOR FURTHER INFORMATION/CLARIFICATIONS PLEASE CALL 1.866 SBIC NOW AND SPEAK WITH OUR CUSTOMER SERVICE REPRESENTATIVE.
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