Have you ever needed to send money from your State Bank of India (SBI) account in India to a Chase Bank account in the United States? It can seem like a daunting task with all the regulations and details involved, but fear not! This comprehensive guide will walk you through every step of the process, ensuring your funds reach their destination safely and efficiently.
Transferring money internationally, especially between banks in different countries, requires careful attention to detail. Both SBI and Chase Bank have specific procedures and requirements for international wire transfers. Understanding these beforehand will save you time and prevent potential headaches.
Let's dive in and demystify the process of transferring funds from SBI to Chase Bank!
Step 1: Gather All Necessary Information for Your Transfer
Before you even log into your SBI net banking or visit a branch, the most crucial first step is to collect all the required details for the recipient's Chase Bank account. Any small error can lead to significant delays or even the return of funds, incurring additional charges.
Sub-heading: Recipient's Chase Bank Details
You'll need the following information for the person or entity receiving the money at Chase Bank:
Full Name of the Recipient: This should match exactly as it appears on their Chase Bank account.
Recipient's Full Address: Including street, city, state, and ZIP code.
Chase Bank Account Number: The full account number where the funds will be deposited.
Chase Bank SWIFT/BIC Code: This is a unique international identification code for banks. For Chase Bank in the US, the common SWIFT code is CHASUS33XXX. However, it's always best to confirm this directly with the recipient or their Chase Bank branch, as some branches may have slightly different codes. While "CHASUS33" is generally sufficient for most international transfers to Chase, the "XXX" might refer to specific branch codes. If unsure, CHASUS33 is a widely accepted head office SWIFT code.
Chase Bank Address: The physical address of the Chase Bank branch where the account is held. A common address for Chase Bank's head office is 383 Madison Avenue, New York, NY 10017, USA, but again, confirm with the recipient.
Purpose of Remittance: You will need to specify the reason for the transfer (e.g., family maintenance, gift, education expenses, medical treatment, etc.). This is a mandatory requirement by the Reserve Bank of India (RBI) under the Liberalised Remittance Scheme (LRS).
Recipient's Phone Number (Optional but Recommended): Having this can be helpful in case of any issues with the transfer.
Sub-heading: Your SBI Account Details
While you likely know your own account details, it's good to have them handy:
Your SBI Account Number: The account from which the funds will be debited.
Your PAN (Permanent Account Number): Mandatory for all international remittances from India. Ensure your PAN is registered with your SBI account.
Your Mobile Number Registered with SBI: For OTP (One Time Password) verification.
Step 2: Understand the Rules and Regulations (Liberalised Remittance Scheme - LRS)
Before proceeding, it's essential to be aware of the RBI's Liberalised Remittance Scheme (LRS) which governs outward remittances by resident individuals from India.
Sub-heading: Key LRS Guidelines
The LRS allows resident individuals to remit up to USD 250,000 (or its equivalent in other currencies) per financial year (April 1 to March 31) for various permissible current or capital account transactions.
You will need to declare the purpose of your remittance. SBI will have a dropdown list of permissible purposes.
Ensure your PAN is updated in your SBI bank records. Transfers will not proceed without it.
Sub-heading: Transfer Limits & Fees
SBI International Transfer Limits: Generally, online transfers through SBI Net Banking may have a daily limit of USD 25,000 (or equivalent) per transaction. For higher amounts, up to the LRS limit of USD 250,000, you might need to visit an SBI branch.
SBI Charges: SBI charges fees for international wire transfers. These can vary based on the currency and amount. There may also be an exchange rate markup applied by SBI on the mid-market rate. Additionally, intermediary bank charges might be deducted as the funds pass through the SWIFT network, which can range from ₹1,000 to ₹2,500.
Chase Bank Incoming Wire Fees: Chase Bank typically charges a fee for receiving international wire transfers. As of recent information, this fee is $15 for incoming international transfers, though it might be $0 if sent from another Chase account.
Step 3: Initiate the Transfer via SBI Net Banking (Recommended) or Branch Visit
You have two primary options for initiating the transfer: using SBI's online banking platform or visiting an SBI branch. Online is generally faster and more convenient.
Option 1: Online via SBI Net Banking (Most Common Method)
Step 3.1: Log In to SBI Online Banking
Go to the official SBI Net Banking website:
www.onlinesbi.sbi(orwww.onlinesbi.com).Log in using your username and password.
If you're a first-time user for international transfers, you might need to activate this service and add an international beneficiary first.
Step 3.2: Add International Beneficiary (If Not Already Added)
Navigate to the "Payments & Transfers" section.
Look for an option like "International Beneficiary" or "International Funds Transfer" under the "Fund Transfer Section."
Select "Add Beneficiary."
You will be asked to enter your PAN number, which will be validated.
Carefully enter all the recipient's Chase Bank details gathered in Step 1:
Beneficiary Name
Beneficiary Address
Beneficiary Account Number
Beneficiary Bank Name (JPMorgan Chase Bank, N.A.)
Beneficiary Bank Address
SWIFT/BIC Code (CHASUS33XXX)
Security Measure: For security reasons, SBI usually allows adding only one beneficiary per calendar day. The newly added beneficiary will often be activated on the next day after you add them. You might also have a limit on the amount you can send to a new beneficiary for the first few days (e.g., ₹50,000 in the first 5 days).
Step 3.3: Initiate the International Fund Transfer
Once the beneficiary is added and activated (if applicable), go back to "Payments & Transfers" > "International Funds Transfer".
Select the beneficiary you just added (the Chase Bank account).
Choose the currency you wish to send (e.g., USD).
Enter the amount you want to transfer.
Select the purpose of remittance from the dropdown menu (e.g., "Maintenance of close relatives," "Education abroad," "Gift," etc.).
Review the exchange rate displayed. Remember, this will include SBI's markup.
The system will show you the equivalent amount in Indian Rupees (INR) that will be debited from your account, along with any applicable fees.
Confirm all details are accurate. Once initiated, wire transfers are generally irreversible.
You will receive an OTP on your registered mobile number. Enter this OTP to authorize the transaction.
Submit the request.
Step 3.4: Save the Transaction Details
After successful submission, you will receive a transaction reference number. Make a note of this number. You might also get a confirmation SMS or email. This will be crucial for tracking your transfer or in case of any issues.
Option 2: Visiting an SBI Branch
While online is preferred, you can also initiate the transfer by visiting your nearest SBI branch.
Step 3.1: Fill Out the Outward Remittance Form
Go to your SBI home branch or any branch offering international remittance services.
Request an "Outward Remittance Application Form" or "Foreign Exchange Transfer Form."
Fill out the form meticulously with all the recipient's Chase Bank details (as gathered in Step 1), your SBI account details, and the purpose of remittance.
Specify the amount and currency.
Step 3.2: Submit Necessary Documents
You will need to submit your PAN card for verification.
Depending on the purpose of remittance and the amount, the bank might request additional supporting documents (e.g., admission letter for education, medical bills, gift declaration, invoice).
Provide your signature as required on the form.
Step 3.3: Pay the Amount and Fees
The bank official will process your request, calculate the INR equivalent, and apply the charges.
The amount will be debited from your SBI account.
You will receive a transaction receipt with a reference number. Keep this safe.
Step 4: Track Your Transfer
Once you've initiated the transfer, you'll want to keep an eye on its progress.
Sub-heading: How to Track Your SBI to Chase Transfer
Online Tracking: If you made the transfer online, SBI Net Banking often has a section to view your "International Fund Transfer History" or "Remittance Status." You can use your transaction reference number to check the status.
Customer Care: If you have concerns or can't track it online, contact SBI customer care. Provide them with your transaction reference number.
Expected Timeframe: International wire transfers typically take 1 to 5 business days to reach the recipient's account. While some may arrive quicker, be prepared for this timeframe. Factors like intermediary banks, public holidays in either country, and cut-off times can affect the processing speed.
Inform the Recipient: It's a good idea to inform the recipient that the transfer has been initiated and provide them with the expected arrival time and the exact amount sent, so they can look out for it in their Chase account.
Step 5: What the Recipient Needs to Do (at Chase Bank)
The recipient at Chase Bank generally doesn't need to do much to receive an incoming wire transfer, provided all details were correct.
Sub-heading: Receiving Funds at Chase Bank
The funds will typically be automatically credited to their Chase Bank account once received and processed.
Chase Bank may notify the recipient via email or mobile banking if they have such alerts set up.
The recipient should check their account statement or online banking portal for the incoming transfer. They will see the amount credited, often with a deduction for Chase's incoming wire fee ($15).
Important Considerations & Troubleshooting
Exchange Rates: The exchange rate applied will be SBI's "TT Selling Card Rate" on the day the transaction is processed. This rate will likely have a markup over the interbank exchange rate.
Intermediary Banks: Funds often pass through one or more intermediary banks in the SWIFT network, each of which may levy their own charges, further reducing the amount received by the beneficiary.
Double-Check Everything: This cannot be stressed enough. A single incorrect digit in the account number or an incorrect SWIFT code can lead to significant delays, return of funds, and additional fees.
Cut-off Times: Both SBI and intermediary banks have daily cut-off times for processing international transfers. If you initiate a transfer after this time, it will be processed on the next business day.
Cancellation: Generally, once an international wire transfer is submitted and processed, it is irreversible and cannot be cancelled. SBI's terms and conditions explicitly state that submitted online remittance applications are undisputed, irrefutable, binding, and cannot be cancelled.
Rejected Transfers: If a transfer is rejected (e.g., due to incorrect beneficiary details, OFAC compliance issues), the funds may be returned to your SBI account, but charges may still apply, and the process can be lengthy.
By following these steps carefully, you can successfully transfer money from your SBI account in India to a Chase Bank account in the USA.
Frequently Asked Questions (FAQs)
Here are 10 related FAQs to further assist you:
How to find my SBI SWIFT code for international transfer?
The general SWIFT/BIC code for State Bank of India (SBI) is SBININBBXXX. However, individual branches might have slight variations, though for international transfers from SBI, this main code is usually sufficient.
How to find the Chase Bank SWIFT code for receiving money?
The primary SWIFT/BIC code for Chase Bank in the United States is CHASUS33XXX. The "XXX" can refer to specific branch codes, but CHASUS33 is widely accepted for international transfers to Chase accounts. Always confirm with the recipient or their Chase Bank for the most accurate code.
How to know the exact fees for transferring money from SBI to Chase Bank?
SBI's international transfer fees vary based on the currency and amount, and they apply an exchange rate markup. Additionally, intermediary banks may charge fees (typically ₹1,000 to ₹2,500). Chase Bank charges a $15 fee for incoming international wire transfers. You'll see the exact INR amount debited by SBI, including their fees and exchange rate, before confirming the online transfer.
How to track the status of my international money transfer from SBI?
You can track your transfer through SBI Net Banking under the "International Fund Transfer History" or "Remittance Status" section using your transaction reference number. Alternatively, you can contact SBI customer care with the reference number.
How to ensure my transfer doesn't get delayed?
To avoid delays, ensure all beneficiary details (name, account number, SWIFT code, address) are 100% accurate. Also, make sure your PAN is registered with SBI and you have sufficient funds. Initiate transfers during banking hours and before cut-off times.
How to increase my international transfer limit from SBI?
Online transfers through SBI Net Banking are typically limited to USD 25,000 per day. For amounts higher than this (up to the LRS limit of USD 250,000 per financial year), you might need to visit an SBI branch to initiate the transfer.
How to cancel an international wire transfer from SBI?
Generally, once an international wire transfer from SBI is submitted and processed, it is irreversible and cannot be cancelled. Therefore, extreme caution is advised when entering details.
How to enable international transactions for my SBI account online?
While not directly for wire transfers, if you use an SBI Debit Card for international online payments, you typically need to enable international usage through SBI Net Banking, the SBI YONO app, SMS (SWON INTL
How to handle a rejected international transfer from SBI?
If your transfer is rejected, the funds will usually be returned to your SBI account, but this process can take time, and charges may still apply. You will need to ascertain the reason for rejection (e.g., incorrect beneficiary details, compliance issues) and re-initiate the transfer with corrected information if necessary.
How to minimize costs when transferring money internationally?
While direct wire transfers have their fees, to minimize overall costs, consider:
Comparing Exchange Rates: Be aware that banks like SBI apply a markup.
Checking all fees: Understand both SBI's outgoing fees and Chase Bank's incoming fees.
Using Specialist Money Transfer Services: For regular or smaller transfers, dedicated money transfer services (like Wise, Remitly, etc.) often offer more competitive exchange rates and lower fees than traditional banks. However, for large sums, direct bank transfers are often preferred for security reasons.
