The State Bank of India (SBI) is one of India’s largest banks, serving over 50 crore customers with 22,500 branches. SBI offers plenty of financial services, such as receiving funds from abroad and international money transfer. Students who wish to travel abroad or travelers exploring different countries need to know about SBI international money transfer charges.
Whether you’re sending tuition fees abroad or receiving money from overseas, this blog breaks down the charges for international money transfer through SBI, along with costs and other alternatives to help you make a wise decision.
Understanding SBI’s International Money Transfer Services
SBI International money transfer services enable a customer to send or receive money from across the world. The common use cases for SBI’s money transfer services include educational purposes, medical expenses, travel, etc. Moreover, both account holders and walk-in customers can leverage the SBI’s International remittance services.
SBI Inward Remittance – Receiving Funds in India from Abroad
What is Inward Remittance?
Inward Remittance refers to receiving money from abroad that is sent to your bank account. These services are mostly used by individuals receiving salaries and family remittances from overseas.
Methods of Receiving Money from Abroad
SBI Express Remit
SBI Express Remit is a feasible option for sending funds to India from various countries. It enables transfers to personal accounts. Additionally, neither the sender nor the receiver needs to have an SBI account. You can do transfers by simply registering on the SBI Express Remit website.
SBI Wire Transfer
SBI Wire Transfer services allow an individual to send money from overseas to an indian bank account via the SWIFT network. Details like SWIFT code, beneficiary’s bank account number, and IFSC code are needed. However, SBI Wire Transfer services might not be the best option for a lot of people, as they have additional SWIFT fees.
SBI Demand Draft
SBI Demand Draft is another method of Inward Remittance. The Demand Drafts can be issued in either foreign currency or Indian rupees. However, demand drafts typically take much longer to process. Additionally, some extra fees may apply.
SBI Personal Cheque
It is one of the most conventional methods for inward remittance. Here, you can issue a personal cheque from your foreign bank account either in Indian rupees or Foreign currencies. The processing time may vary depending on the bank and the country.
Charges & Fees Involved in Inward Remittance
Let’s understand SBI international money transfer charges specifically for inward remittance. Moreover, SBI charges markup fees/ exchange margin and exchange rate.
| Transfer Method | Charges |
| Express Remit | ₹ 250 |
| Wire Transfer | ₹ 25/- |
| Demand Draft | 0.30% of the amount, with a minimum of ₹ 300/- |
| Personal Cheque | The current TT Buying Rate is applied + exchange margin @ 0.125% + interest @ 15% for a min. period of 10 days+ ₹ 100/- |
Processing Time For Inward Remittance with SBI
SBI international money transfer time can vary upon the method chosen and the currency involved. However, in most cases, the processing time is within 1-7 business days.
SBI Outward Remittance – Sending Funds Overseas from India
What is Outward Remittance?
Outward Remittance refers to sending money from an indian bank account to an overseas bank account. This process is mostly used for paying tuition fees abroad, business transactions, etc.
Methods of Sending Money Abroad
Rupee Outward Remittance
Indian citizens can send money abroad for various expenses under the Liberalized Remittance Scheme (LRS). This process, commonly known as outward remittance, enables individuals to transfer funds internationally for purposes like education, travel, and other such expenses. The remittance limit under the LRS facility is USD 250,000 per year.
NRE or FCNR Accounts
One of the most common methods for outward remittance by NRIs involves transferring funds from NRE or FCNR accounts maintained in India. Moreover, it is said to be the most feasible option for NRIs to send money abroad from India, as SBI doesn’t charge any fees on SBI international money transfers made from these accounts.
NRO Accounts
NRO accounts are used by NRIs to manage their income earned in India. However, additional charges may be incurred for wire transfers made from the NRO account, depending on the bank and the destination country involved.
Charges & Fees Involved in Outward Remittance
Let’s understand SBI international money transfer charges specifically for outward remittance.
| Transfer Method | Charges |
| Rupee Outward Remittance | 0.125% of the remittance amount, with a minimum of ₹125 |
| NRE or FCNR Accounts | Nil |
| NRO Accounts | ₹ 100/- + actual out of pocket expense, i.e., postage, courier & telegram charges |
Processing Time For Outward Remittance with SBI
| Method of Transfer | Transfer Speed |
| Rupee Outward Remittance | 1-3 business days |
| NRE or FCNR Accounts | 1-2 business days |
| NRO Accounts | 3-5 business days |
How to Send Money Abroad Using SBI International Money Transfer Services?
1. Registration
Register for an SBI account if you’re not an account holder. You may need to provide personal information along with banking details for the registration process.
2. Mode of Transfer
SBI offers different modes to transfer funds abroad. You can choose from the SBI online portal, the mobile banking app, or visit in person at any SBI branch.
3. Provide necessary details
For a successful international transfer, you need to provide all the useful details like the beneficiary’s name, SWIFT code, bank account details, with the desired transfer amount and currency
4. Understand SBI International Money Transfer Charges
SBI international money transfer charges may vary depending on the currency and the destination country. Therefore, it is advisable to be aware of these charges to further avoid any discrepancies during the transaction.
Additional Service Charges You Must Know
SBI International Money Transfer may involve intermediary bank charges. The fees range depends on the currency and amount.
Correspondent Bank Charges: Varies by Transaction
Forex Conversion Markup: 1.5% – 3%
GST: 18% on service fee
SBI Debit Card & Credit Card International Transaction Charges
Balance enquiry at ATMs: ₹25 /- + GST
ATM Cash withdrawal transactions: ₹100/- min. + 3.5% of Transaction Amount + GST
Point of Sale (PoS)/ eCommerce transactions: 3% of transaction amount + GST
Best Alternative for International Money Transfer: Supreme Forex
Although SBI International money transfer charges may seem feasible at first sight but along with the fees, they also impose some markups which they usually do not disclose. Additionally, SBI also imposes commission fees along with a minimum fee of Rs 299 and a maximum fee of Rs 500 on the transfer amount. Eventually, all this led to an increased cost in the transaction.
Thus, SBI forex markup processing fees may not be ideal for students or frequent travelers.
When looking for a quick, secure, and an affordable way of International money transfer, choose no other than Supreme Forex, an online reputable forex platform. With great rates and minimal charges, Supreme Forex money transfer services are designed specifically for students for their educational purposes. it’s a smart alternative to conventional money transfer methods.
Conclusion:
While performing an International Money Transfer through SBI may look efficient and an easy option. However, additional charges and forex markup make the transactions costly. Therefore forex platform like Supreme Forex can be a better and more affordable option for you. Supreme Forex offers the best rates in the market, having 28+ years of experience in foreign exchange. It stands as the best choice for people seeking money transfer services.
Source – SBI
