Normally funds can be transferred
electronically through undernoted channels
1.
General
Transfer > Fund Transfer within the Bank
2.
RTGS /
NEFT > Fund Transfer within the country between Bank
3.
SWIFT
> Fund transfer in all over world
SWIFT is one of the oldest and
trusted mode of fund transfer between Banks of different countries some
features of SWIFT is;
i.
Transfer
takes normally 2 to 7 days
ii.
Most legal
way for international fund transfer
iii.
This is
the only way through which funds can be send to any country
iv.
Transfer
cost is comparatively high ( normally $15 to $75)
Fund transfer diagram
Remitters account > remitters
Banks account in same country > remitters banks account in receiving country
> remitters correspondents bank account in receiving country > receivers
bank account in receiving country > receivers account in receiving country
How transfer takes place
Remitters Bank initiates coded
financial message for receivers Bank via SWIFT and at the same time takes funds
from remitters account and credit the same to Nostro account of receivers Bank,
some time it may happen that the remitting Bank sends Financial message to
receiving Bank but delayed actual credit of funds in nostro account which
result in delay of actual fund transfer
What are the requirements for transfer of funds?
User needs to know the SWIFT Code
of receivers Bank Branch, Receivers Account no. , Name of Receiver as mentioned
in receivers Bank Books and IFSC Code of receivers Bank Branch where receivers
account is being maintained
Users need to visit his Bank and
instruct his Bank to initiate SWIFT Transfer by giving above details; user
should also inform his bank whether funds need to be converted in currency of receiver’s
country or it should be kept as foreign currency
For other details / queries,
drop a mail at prashant.singh@sbi.co.in
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SBI INTERNET BANKING FACILITY
SBI Internet Banking facility provides full access of accounts in a secured way because SBI internet banking provides you number of facilities for which you either require to visit branch or you need to contact your branch through email , phone etc
To make familiar you with Internet banking of SBI, some features of INB are given below
Services offered
Onlinesbi is an alternative channel for our customers and provides most of the services available at branches.
Fund transfer in his own accounts / in others accounts through RTGS/NEFT
Preparation of e-STDR, e-TDR, e-RD
Transaction Inquiry and Account Statement of all the accounts
Financial services such as fund transfers, bill payments, loan part payments, PPF transactions and issue of demand draft
Non-financial services such as viewing account information, request for cheque book, creating standing instructions.
Value Added Services like E-Ticketing , SBI E-Tax, , Donation , State Bank Virtual Card and many more through this platform