Remitly vs State Bank of India: Fees, Rates & Speed Compared
Remitly
4.6Remitly specializes in personal international money transfers with a focus on remittances to developing countries, offering competitive rates and fast delivery.
State Bank of India
3.4State Bank of India offers international remittance services through SBI Remit and its global branch network. India's largest bank by assets.
Remitly and State Bank of India are both popular choices for international money transfers, but they take different approaches. Remitly, founded in 2011 and headquartered in Seattle, USA, is best known for cash pickup and global coverage. State Bank of India, operating since 1955 from Mumbai, India, focuses on international money transfers. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs.
In this comparison
Live comparison: Remitly vs State Bank of India across popular corridors
The table below shows how much the recipient receives when sending through Remitly vs State Bank of India on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Remitly | State Bank of India | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹95,313.15 | — | N/A |
| GBP → EUR(£1,000) | €1,143.45 | — | N/A |
| USD → PHP($500) | ₱31,217.53 | — | N/A |
| USD → MXN($1,000) | MX$17,001.25 | — | N/A |
| GBP → PKR(£500) | ₨188,690.37 | — | N/A |
| USD → NGN($200) | ₦271,092.18 | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between Remitly and State Bank of India
Remitly vs State Bank of India: Feature comparison
| Feature | Remitly | State Bank of India |
|---|---|---|
| Overall rating | 4.6/5 (Excellent) | 3.4/5 (Fair) |
| Fee structure | From $0 to $3.99 per transfer | $5-$25 per wire transfer |
| Exchange rate markup | 0.5% - 2% above mid-market | 1.5% - 3% above mid-market |
| Transfer speed | Minutes to 3-5 days | 1-3 business days |
| Supported countries | 100+ | 20+ |
| Supported currencies | 40+ | 15+ |
| Max transfer | $10,000 | $25,000 |
| Payment methods | Bank Transfer, Debit Card, Credit Card | Bank Transfer |
| Delivery methods | Bank Deposit, Cash Pickup, Mobile Money, Home Delivery | Bank Deposit |
| Regulators | FinCEN, FCA | RBI (India), FinCEN, FCA |
| Founded | 2011 | 1955 |
Pros and cons
Remitly
Pros
- Express transfers arrive in minutes
- Cash pickup available in many countries
- Mobile money delivery option
- First transfer promotions often available
- Home delivery in select countries
Cons
- Rates less competitive for large transfers
- No multi-currency account
- Focused mainly on remittance corridors
State Bank of India
Pros
- Direct credit to any Indian bank account
- India's most trusted bank brand
- Global branch network
Cons
- Higher exchange rate markup than fintechs
- Slower than dedicated transfer services
- Less user-friendly online experience
When to choose Remitly vs State Bank of India
Choose Remitly if:
- You want the real mid-market exchange rate with no hidden markup
- Your recipient needs cash pickup instead of bank deposit
- You want to send to a mobile money wallet (M-Pesa, GCash, etc.)
- You need wider country coverage (100+ vs 20+ countries)
- You want zero transfer fees (From $0 to $3.99 per transfer)
Choose State Bank of India if:
- You want the real mid-market exchange rate with no hidden markup
- You're sending large amounts (State Bank of India supports up to $25,000)
- State Bank of India's strengths (Bank Deposit) match your needs
Verdict: Remitly or State Bank of India?
Cost: Too close to call
Remitly and State Bank of India are closely matched on cost. Across our 6 sample corridors, neither provider consistently delivers more to the recipient. The best choice depends on your specific corridor.
Faster: Remitly
Remitly is generally faster, with transfers arriving in Minutes to 3-5 days, compared to 1-3 business days for State Bank of India.
Wider coverage: Remitly
Remitly has broader coverage with 100+ countries and 40+ currencies. Remitly also offers Bank Deposit, Cash Pickup, Mobile Money, Home Delivery.
Bottom line
Overall, Remitly edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, State Bank of India is the better pick if you need international money transfers.
Frequently asked questions
Is Remitly or State Bank of India cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows Remitly and State Bank of India are closely matched on total cost. Remitly charges From $0 to $3.99 per transfer with a 0.5% - 2% above mid-market exchange rate markup, while State Bank of India charges $5-$25 per wire transfer with a 1.5% - 3% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, Remitly or State Bank of India?
Remitly typically completes transfers in Minutes to 3-5 days, while State Bank of India takes 1-3 business days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are Remitly and State Bank of India safe to use?
Yes, both are regulated money transfer services. Remitly is regulated by FinCEN, FCA and has a 4.6/5 Trustpilot rating. State Bank of India is regulated by RBI (India), FinCEN, FCA with a 3.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for Remitly vs State Bank of India?
Remitly has a maximum transfer of $10,000 (minimum $1), while State Bank of India allows up to $25,000 (minimum $50). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Can I get cash pickup with Remitly or State Bank of India?
Remitly offers Bank Deposit, Cash Pickup, Mobile Money, Home Delivery. State Bank of India offers Bank Deposit. Remitly supports cash pickup, which is useful when recipients don't have a bank account.
Should I use Remitly or State Bank of India to send money internationally?
For most users, Remitly offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, State Bank of India is the better choice if you need international money transfers. The best provider for you depends on your corridor, transfer size, and whether you need features like Home Delivery.