SBI international fund transfer

[rezurect]

https://www.onlinesbi.com/personal/international_fund_transfer.html

International Funds Transfer
Scheme Objective & Purpose:
To introduce a product offering to our customers in India with the convenience of remitting funds abroad for gift-designed / sundry remittances' without visiting any of our branches, at competitive cost, within the RBI guidelines.
Customized Internet-banking user-based outward remittance functionality.
International Funds Transfer up-to a value equiv. of USD 2,000 per transaction, Maximum 4 transactions permitted per month i.e. maximum USD 96,000 per calendar year, designated as education, medical treatment abroad and maintenance of close relatives are offered to our retail customers. The scheme envisaged is within the scope of RBI Master Circular No. 01/2012-13/6 - dtd. 02-07-2012) on Misc. Remittances from India-Facilities for Residents
Compliance Requirements:
Remitter / Applicant’s registration of PAN no. in CBS with the Home Branch is mandatory.
Remitter / Applicant has maintained the bank account for a minimum period of One year prior to the remittance. Not available with the new customer for less than One year.
Restriction on initial remittance to overseas beneficiary within 5 days of new Beneficiary activation is equivalent in INR 50,000/
User-ID and Password security is exclusively to the responsibility of the remitter / applicant (INB user) and no claim subsequent to remittance application received shall be accepted by the Bank.
Total amount of foreign exchange purchased / remitted through all sources, in India during this financial year shall not exceed the annual prescribed limit of Reserve Bank of India under Liberalised Remittance Facility for resident individuals, for the said purpose, as prescribed from time to time.
Pricing:
Our charges upto the beneficiary Bank of the customer is USD 10 equiv Fixed (@ TT Selling Card Rate for the day) to be recovered up-front alongwith the application for effecting the remittance.
Platform: - "Online SBI" i.e "www.onlinesbi.com"
This product is delivered through the "Online SBI" platform, through technology interface. Only individual "Per" Segment customers registered in Internet Banking of our Bank and maintaining account with any of our Metro / Urban Branch for minimum period of one year prior to the remittance would be eligible for availing the facility.
Available Currencies for ordering remittances:
In three currencies viz. USD, Euro and GBP.
Available at Geographical locations:
United States of America (USA)
United Kingdom (UK)
Australia
New Zeland
France
Germany
Japan
Canada
Singapore
Hongkong
South Africa
The benefit of the proposed scheme can be summarized as:
Advantage for Customers:
hassle-free forex funds remittance option  from within the comfort of their home / office
e-mail confirmation to Applicant conveying  remittance transaction details
system-driven funds delivery within reasonable time (next working day) at minimum cost
Simplified RBI/ FEMA, etc. regulatory compliance requirement.

Does this solve the exchange a/c funding problem from an INR bank a/c.

[escrow.ms]

Good service but SBI sucks and

Only individual "Per" Segment customers registered in Internet Banking of our Bank and maintaining account with any of our Metro / Urban Branch for minimum period of one year prior to the remittance would be eligible for availing the facility.

[Benson Samuel]

This may solve a problem of getting money to Japan.

[rezurect]

This may solve a problem of getting money to Japan.

i guess a usd to inr transaction From japan requires a gox initiative via a banking partner, nothing we can do abt it.

Good service but SBI sucks and

Only individual "Per" Segment customers registered in Internet Banking of our Bank and maintaining account with any of our Metro / Urban Branch for minimum period of one year prior to the remittance would be eligible for availing the facility.

time period: ok
uran branch : ok
internet banking :ok

This is offered as a Personal  Banking Service, i believe for SB a/c holders also since current a/c is not specified.
Sorry for the ignorance, What's a per segment customer?

[escrow.ms]

Good service but SBI sucks and

Only individual "Per" Segment customers registered in Internet Banking of our Bank and maintaining account with any of our Metro / Urban Branch for minimum period of one year prior to the remittance would be eligible for availing the facility.

time period: ok
uran branch : ok
internet banking :ok

This is offered as a personal service, i believe for SB a/c holders also since current a/c is not specified.
Sorry for the ignorance, What's a per segment customer?

Personal banking is PER i think.

[rezurect]

So is there a problem? i can't see any clause stopping us from using it.

And as a general principle the banking system encourages NRIs and immigrant workers to make inward remittances very easily so we might be able to withdraw from goxs Japan a/c directly via Bank transfer if the Japaneese banks  transfer fees isnt prohibitive.

[escrow.ms]

So is there a problem? i can't see any clause stopping us from using it.

Nah there's no problem if you are SBI bank customer.
I was saying their local banking sucks, you can't even deposit cash in bank without waiting 1-2 hours in some places.

[rezurect]

I was saying their local banking sucks, you can't even deposit cash in bank without waiting 1-2 hours in some places.

Lucky our branch has a CDM (cash deposit machine), a/c is credited instantly.

[dashingriddler]

This may solve a problem of getting money to Japan.

If too many people start using this to send USD to mt gox, SBI would start treating this remittances as non personal i guess.

[subvolatil]

https://www.onlinesbi.com/personal/international_fund_transfer.html

International Funds Transfer up-to a value equiv. of USD 2,000 per transaction, Maximum 4 transactions permitted per month i.e. maximum USD 96,000 per calendar year, designated as education, medical treatment abroad and maintenance of close relatives are offered to our retail customers. The scheme envisaged is within the scope of RBI Master Circular No. 01/2012-13/6 - dtd. 02-07-2012) on Misc. Remittances from India-Facilities for Residents

Does this solve the exchange a/c funding problem from an INR bank a/c.

/That's the main  problem ,  if  sbi  Forex department  flags your  transaction  as  something  not  under that  purpose you may  get your  money  frozen.  

[rezurect]

Id love to help maintain my dying relative in Japan, his name is Gox. SBI wouldn't want him dead, would they?

On a serious note: probable. coz the Gox a/c name might be a dead giveaway.
Beneficiary Name (Recipient): MtGox Co Ltd, Shibuya, Tokyo, Japan

[buysellbitcoin]

Id love to help maintain my dying relative in Japan, his name is Gox. SBI wouldn't want him dead, would they?

On a serious note: probable. coz the Gox a/c name might be a dead giveaway.
Beneficiary Name (Recipient): MtGox Co Ltd, Shibuya, Tokyo, Japan

Sorry don't want to demotivate you but you will be asked to provide one of the Purpose code for outward remittance very soon ( Most probably in first transaction only ). In case if it gets flagged, well you may risk your whole account getting blocked.

And if you will search the purpose code list, you will not be able to fit it to any of them.

But its all about getting noticed. Till than its a free run. And with SBI you have minimum chances of getting noticed.

Cheers

[Benson Samuel]

Id love to help maintain my dying relative in Japan, his name is Gox. SBI wouldn't want him dead, would they?

On a serious note: probable. coz the Gox a/c name might be a dead giveaway.
Beneficiary Name (Recipient): MtGox Co Ltd, Shibuya, Tokyo, Japan

Sorry don't want to demotivate you but you will be asked to provide one of the Purpose code for outward remittance very soon ( Most probably in first transaction only ). In case if it gets flagged, well you may risk your whole account getting blocked.

And if you will search the purpose code list, you will not be able to fit it to any of them.

But its all about getting noticed. Till than its a free run. And with SBI you have minimum chances of getting noticed.

Cheers

I agree. With a nationalized bank, there will be a better safety blanket than others.
Atleast until a decentralized exchange shows up.

[rezurect]

mm, i do have a 2nd a/c , sitting there with no purpose or money, might put it to the test, Need to contact a few friends in the bank to see if it might effect my other a/c bank SOP,stuff. Too little time, i might be busy for sometime.

[buysellbitcoin]

mm, i do have a 2nd a/c , sitting there with no purpose or money, might put it to the test, Need to contact a few friends in the bank to see if it might effect my other a/c bank SOP,stuff. Too little time, i might be busy for sometime.

Can I give you a simple way ? But that depends on at what rate you can buy BTC here

Buy BTC here, send it to Gox, sell it and you have USD there converted from your INR. Looks costly, no it is not compared to International wire


Cheers

[daserpent1]

I have tried sending a wire from SBI to gox and I gave up. First of all, they will ask you to go to the LHO, where you will bounced around like a ball person-to-person. Then you will be told to fill out 3 forms detailing why the fuck you wanna send the money OUTSIDE of india.

Well, if you fill out the forms alright, you will be questioned by the officer there, IF he agrees about the reason, he will ask you to get an approval from the branch you have the account in.

Once you have reached the branch, you will be further questioned and the branch manager will try and do whatever he can to stop you from sending the money. In my case, he didn't agree that I was sending the money to my friend for education fees. He asked me get a letter from the institution the friend studies in specifying that he is indeed enrolled there.

But, who studies in Japan anyway. So you will just say "okay i will the letter" and leave. On your way out, you realize that you spent more than 6 hours fighting for a wire transfer to be sent, and out of sheer frustration you WILL give up and go back home, Sit in front of the computer and RANT (like i am doing right now)


But seriously, IT is MY MONEY. I should have all the fucking rights to send it anywhere the hell I want to. Its not like people don't do stock trading in india itself. Its more than a billion dollar market here. So why can't send money to Japan and trade?!

SBI is hopeless!

/RANT

[Benson Samuel]

I have tried sending a wire from SBI to gox and I gave up. First of all, they will ask you to go to the LHO, where you will bounced around like a ball person-to-person. Then you will be told to fill out 3 forms detailing why the fuck you wanna send the money OUTSIDE of india.

Well, if you fill out the forms alright, you will be questioned by the officer there, IF he agrees about the reason, he will ask you to get an approval from the branch you have the account in.

Once you have reached the branch, you will be further questioned and the branch manager will try and do whatever he can to stop you from sending the money. In my case, he didn't agree that I was sending the money to my friend for education fees. He asked me get a letter from the institution the friend studies in specifying that he is indeed enrolled there.

But, who studies in Japan anyway. So you will just say "okay i will the letter" and leave. On your way out, you realize that you spent more than 6 hours fighting for a wire transfer to be sent, and out of sheer frustration you WILL give up and go back home, Sit in front of the computer and RANT (like i am doing right now)


But seriously, IT is MY MONEY. I should have all the fucking rights to send it anywhere the hell I want to. Its not like people don't do stock trading in india itself. Its more than a billion dollar market here. So why can't send money to Japan and trade?!

SBI is hopeless!

/RANT

There is a member of the Bangalore Meetup who is a branch manager at an SBI branch. I will forward your /RANT to her.

[daserpent1]

I have tried sending a wire from SBI to gox and I gave up. First of all, they will ask you to go to the LHO, where you will bounced around like a ball person-to-person. Then you will be told to fill out 3 forms detailing why the fuck you wanna send the money OUTSIDE of india.

Well, if you fill out the forms alright, you will be questioned by the officer there, IF he agrees about the reason, he will ask you to get an approval from the branch you have the account in.

Once you have reached the branch, you will be further questioned and the branch manager will try and do whatever he can to stop you from sending the money. In my case, he didn't agree that I was sending the money to my friend for education fees. He asked me get a letter from the institution the friend studies in specifying that he is indeed enrolled there.

But, who studies in Japan anyway. So you will just say "okay i will the letter" and leave. On your way out, you realize that you spent more than 6 hours fighting for a wire transfer to be sent, and out of sheer frustration you WILL give up and go back home, Sit in front of the computer and RANT (like i am doing right now)


But seriously, IT is MY MONEY. I should have all the fucking rights to send it anywhere the hell I want to. Its not like people don't do stock trading in india itself. Its more than a billion dollar market here. So why can't send money to Japan and trade?!

SBI is hopeless!

/RANT

There is a member of the Bangalore Meetup who is a branch manager at an SBI branch. I will forward your /RANT to her.

Haha please do. Maybe she can take up an initiative to do some changes in this regard.

[escrow.ms]

lol, as i said earlier, SBI sucks. It's a government bank what else you can expect from them.
I can't even receive payments from USA/CA via WU/MG easily due to silly RBI rules.

[subvolatil]

The  problem with money transfer  with banks  abroad is  a  huge  problem  for  normal people.
The  banks, especially the RBI makes  rules and  regulation  to curb  money  laundring, by  putting  such  measures, like  the  one   daserpent1 faced. 

This is the  problem  any  person  will face   when  trying  to send  money  from  any bank  outside  india. The  real funny thing  is that  i can  use a  cred  card on a  foreign site and  do a $500 purchase  but  i  can't wire  money out  worth $500 for a purchase  of  the  same  product.

However,  a  person  can  use  a  Hawala  to  send  as much  cash  abroad, without  any  restriction  but  when  using  a  bank they  have  to be interrogated  like a  criminal.

When a  person  wants  to  send  small amounts  the  banks  treat  them like   criminals.  but  when  you are a   multi millionaire the  banks will  send  people  to your  house  to  puck up  cash and  have  it  sent  to  Swiss banks without  any  questions  asked. 

The banks  are  the true  criminals,  and all they  do is  to  put down the  comma  man. The  faster  the  world  adopts  bitcoins  the  better  it  is  for  every one and   more  freedom  from   the  criminal banks.