State Bank of India (SBI) offers reliable currency exchange services designed to cater to the needs of students, travellers, and individuals worldwide. With a presence in 20 countries, including Australia, Japan, South Korea, Belgium, Canada, the UK, the US, China, and Germany, SBI ensures seamless foreign currency exchange for a wide range of currencies. Whether you’re preparing for international travel, education, or business, you can easily exchange foreign currency by visiting your nearest SBI branch or accessing their user-friendly online platform. Experience the convenience and trust of SBI’s global network for all your currency exchange needs.
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SBI Currency Exchange
SBI is one of the most popular banks in India offering quick and convenient services. Primary currencies that can be exchanged at almost every SBI branch are Euros, USD, and GBP. You can send up to 91 currencies, including euros, US dollars, GBP, AUD, CAD, and others.
Existing SBI account holders can avail of SBI currency exchange at nominal prices. However, if you do not have an account, you can bring the required documents to open a student account with SBI which offers exceptional benefits to international students.
SBI Currency Exchange Rates
As of September 20, 2024, the indicative sale rates for USD to INR are as follows:
- Less than USD 2,500: 82.74 INR
- USD 2,500 to less than USD 5,000: 82.79 INR
- USD 5,000 to less than USD 25,000: 83.14 INR
- For amounts over USD 100,000, it is advised to call for specific rates.
Charges on SBI Currency Exchange
State Bank of India (SBI) levies charges for currency exchange services, which vary depending on the amount and type of transaction. For foreign currency exchange, fees are applied to buying or selling currency notes, traveller’s cheques, and forex cards, typically including a fixed fee or a percentage of the transaction value. Additionally, Goods and Services Tax (GST) is charged on these fees. The exact charges can depend on the transaction value slabs, with lower percentages applied to higher amounts exchanged. Customers are advised to check the latest fee structure on SBI’s website or consult their branch for precise details. Check the details in the table below:
| Type of Fee | Amount | Details |
|---|---|---|
| SBI Branch Exchange | Transaction Fee | Differs from branch to branch and the type + amount of currency exchanged |
| Remit SBI Online | Currency Conversion Fee | INR 250 |
| SBI Multi-currency Travel Card | Reloading Fee | INR 100 to start the card, and INR 50 there onwards |
| ATM withdrawal | Withdrawal Fee | USD 1.75/ GBP 1.25/ EUR 1.50/ SGD 2.00/ AUD 2.50/ CAD 2.50/ AED 6.50 |
Also Read: Planning to open a bank account abroad? Check here all about the HSBC International Student Account
How to Exchange Currency with SBI in India?
To exchange foreign currency with SBI, you need to locate the nearest bank branch. Make sure to check the exchange rates before visiting the bank. Also, only SBI account holders can exchange currency with the bank. Follow the steps below to exchange currency with SBI in India-
- Visit the nearest bank branch.
- Carry the documents like passport, visa, and PAN/ Aadhaar for identification.
- Identify the mode of payment. (Please note that transactions above INR 50,000 require a cheque).
- Connect with the bank representative.
- Inform about the currency exchange details. Eg- INR to EUR/ USD to INR
- You may be required to fill out the form and attach the documents mentioned.
- Look out for additional fees before confirming the payment.
- Collect the receipt.
How to Exchange Currency with SBI when I am Abroad?
You can also exchange currency at SBI foreign branches. The bank has a presence in 20 countries. These are Australia, Bangladesh, Belgium, Canada, China, Germany, Hong Kong, Japan, Maldives, Mauritius, Nepa, Oman, Singapore, South Africa, South Korea, Sri Lanka, UAE, UK, USA, and UK subsidiary. Here’s how you can exchange currency with SBI abroad-
- Locate the SBI branch abroad.
- Carry your passport and visa. Confirm the exchange rates and fees.
- Fill out the form and select the mode of payment.
- Pay to complete the transaction and collect the receipt.
Also Read: Ever wondered what is RLLR in interest rates? Check here Full form of RLLR and know its role in determining its importance.
Benefits of SBI Currency Exchange
There are advantages to exchanging currency from the State Bank of India, which are also advantageous for study-abroad aspirants. Some of these advantages include convenient ATM withdrawals, 24/7 customer support, an online banking facility, and an SBI travel card. Check out the benefits below:
SBI Travel Card: You can avail of an SBI travel card that can be loaded in multiple currencies. It is convenient to use at international ATMs. However, the reload limits are subject to FEMA regulations.
Online Banking: With banks offering easy access and a user-friendly interface of online banking platforms, investors can use the services anywhere in the globe.
ATM Withdrawal: Students can not only have their SBI checks cashed but also use the ATM network worldwide to withdraw cash locally without exorbitant penalties.
24/7 Customer Support: Students can be at peace as SBI customer support representatives are available all week to give support to all queries or questions relating to currencies or banking services.
This was all about SBI currency exchange in India and abroad. Check the exchange rates in advance and confirm all the hidden charges and additional fees before making the payment.
FAQs on SBI Currency Exchange
SBI offers currency exchange services for individuals looking to buy or sell foreign currency. This includes the sale of foreign currency notes, traveller’s cheques, and forex cards, catering to travellers heading abroad for tourism, studies, business, or medical treatment.
The SBI Multi-Currency Forex Card allows you to load multiple foreign currencies onto one card. It can be used like a debit card for purchases and ATM withdrawals in foreign countries, offering a safe and convenient way to carry currency.
Currency exchange at SBI branches can be done by visiting an authorized branch with the required documents, such as your passport, visa, and flight ticket. You can exchange Indian Rupees for foreign currency and vice versa, subject to RBI limits.
Basic documents needed include a valid passport, visa, confirmed travel tickets, and a completed A2 form for high-value transactions. Additional identification may be required based on the amount being exchanged.
SBI charges a nominal fee for currency exchange services. Exchange rates and fees may vary based on the currency and the amount being exchanged. For exact charges, customers should consult their nearest SBI branch or the SBI website.
Yes, having an SBI account is not mandatory to use their currency exchange services. Non-account holders can also exchange currency at SBI branches by providing the necessary documents.
The maximum amount varies according to RBI regulations. For personal travel, the limit is typically up to USD 2,50,000 per financial year under the Liberalized Remittance Scheme (LRS). SBI will guide you on limits for specific purposes.
SBI determines exchange rates based on live forex market trends. Rates are updated periodically, reflecting the latest market fluctuations. For accurate rates, customers should contact the bank on the day of the transaction.
Yes, you can reload your SBI Forex card from abroad through online banking or by contacting an SBI branch. Reloading generally requires authorization, and you may need to fill out the necessary forms.
SBI strives to offer competitive exchange rates. While rates may vary slightly compared to other banks, SBI’s extensive network and nominal service charges make it a reliable choice for many.
Currency exchange services are generally available during branch hours. However, the SBI Forex card can be used for transactions and withdrawals 24/7 in countries where Mastercard or Visa is accepted.
SBI’s latest exchange rates can be found on its official website under the forex rates section. Alternatively, you can contact an SBI branch or check through SBI’s mobile banking app for updated rates.
SBI offers exchange services for most major currencies. However, for lesser-known or exotic currencies, availability might be limited. It’s best to confirm currency availability with your branch in advance.
Yes, SBI allows you to sell unused foreign currency notes or traveler’s cheques. The returned currency must comply with RBI regulations, and exchange rates at the time of selling will apply.
There are no specific limits on the frequency of transactions, but the total amount exchanged must comply with the RBI’s LRS limit of USD 2,50,000 annually.
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