Looking for reliable SBI Currency Exchange services? State Bank of India (SBI) offers seamless foreign currency exchange for travelers, students, and businesses across 20 countries, including Australia, Japan, the UK, and the US. With competitive rates and a user-friendly online platform, SBI ensures your currency exchange needs are met with ease and trust.
Whether you’re preparing for international travel, education, or business, you can easily exchange currency through SBI Currency Exchange by visiting your nearest SBI branch or using their user-friendly online platform. This blog delves into everything you need to know about SBI Currency Exchange in detail.
Table of contents
Why Choose SBI Currency Exchange Services?
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
Understanding the latest SBI Currency Exchange rates is key to making informed decisions for your travel, education, or business needs. State Bank of India (SBI) offers competitive rates for a wide range of currencies, updated regularly to reflect market trends. Here’s a breakdown of what you can expect when exchanging currency with SBI.
- Less than USD 2,500: 85.15 INR
- USD 2,500 to less than USD 5,000: 85.20 INR
- USD 5,000 to less than USD 25,000: 85.25 INR
- USD 25,000 to less than USD 100,000: 85.30 INR
- USD 100,000 and above: Call 212-521-3318 for custom rates.
SBI’s UK operations provide tailored GBP-to-INR rates, with enhanced rates for Net Banking or YONO SBI UK app users:
- GBP 0 – GBP 249.99: 108.35 INR (109.40 INR via Net Banking/YONO)
- GBP 250 – GBP 499.99: 109.35 INR (109.90 INR via Net Banking/YONO)
- GBP 500 – GBP 4,999.99: 110.25 INR (110.40 INR via Net Banking/YONO)
- GBP 5,000 – GBP 25,000: 110.35 INR (Net Banking/YONO only)
- Above GBP 25,000: Visit an SBI branch for custom quotes.
SBI also facilitates exchanges into currencies across its global network. Here are indicative sale rates:
- Euro (EUR): 1 EUR = 1.1245 USD
- British Pound (GBP): 1 GBP = 1.3424 USD
- Bangladeshi Taka (BDT): 1 USD = 117.61 BDT
- Nepalese Rupee (NPR): 1 USD = 134.17 NPR
- Sri Lankan Rupee (LKR): 1 USD = 291.91 LKR
- Mauritian Rupee (MUR): 1 USD = 41.91 MUR
What are the Charges on SBI Currency Exchange?
The cost of using SBI currency exchange depends on the type of transaction and amount exchanged. SBI applies fees for buying or selling currency notes, traveler’s cheques, and forex cards. These fees typically include a fixed charge or a percentage of the transaction value, plus applicable Goods and Services Tax (GST).
The SBI currency exchange fee structure varies by transaction slab—higher amounts often attract lower percentage rates. 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 these steps to complete your SBI currency exchange transaction in India:
- Locate a Branch: Visit the nearest SBI branch offering forex services.
- Check Rates: Confirm the latest exchange rates for your desired currency (e.g., INR to EUR or USD to INR).
- Gather Documents: Bring your passport, visa, and PAN/Aadhaar for identification.
- Choose Payment Mode: For transactions above INR 50,000, payment must be made via cheque.
- Consult a Representative: Share your currency exchange details with the bank staff.
- Complete the Form: Fill out the required form and attach your documents.
- Review Fees: Double-check additional charges before finalizing the payment.
- Collect Receipt: Keep the receipt for your records.
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.
SBI currency exchange is a convenient option for travelers and expatriates. Here’s how it works:
- Find an SBI Branch: Locate an SBI branch in your country (e.g., SBI UK or SBI USA).
- Bring Documents: Carry your passport and visa for verification.
- Confirm Details: Check exchange rates and applicable fees with the branch.
- Complete the Transaction: Fill out the form, select your payment method, and pay.
- Get Your Receipt: Retain the receipt for reference.
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
Why opt for SBI Currency Exchange? From competitive rates to robust customer support, SBI offers several advantages, especially for students and travelers:
- 24/7 Support: Get round-the-clock assistance for all your currency exchange queries.
- SBI Travel Card: Load multiple currencies onto a single card, usable at international ATMs (subject to FEMA limits).
- Online Banking: Manage your SBI Currency Exchange needs anytime, anywhere with SBI’s user-friendly online platform.
- Global ATM Access: Withdraw cash worldwide at affordable rates, avoiding excessive fees.
Tips to Maximize Your SBI Currency Exchange Experience
Navigating SBI Currency Exchange can be even more rewarding with a few smart strategies. Whether you’re a frequent traveler, a student studying abroad, or simply exchanging currency for personal use, these practical tips will help you save money, avoid hidden fees, and make the most of SBI’s forex services.
- Compare Rates: Check SBI’s rates against competitors to ensure you’re getting the best deal.
- Plan Ahead: Exchange larger amounts to benefit from lower percentage fees.
- Use Digital Tools: Leverage SBI’s online banking or travel card for convenience and savings.
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 provides a variety of SBI Currency Exchange services for individuals needing 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.
To use SBI Currency Exchange, visit an authorized SBI branch with the necessary documents, such as your passport, visa, and flight ticket. You can exchange Indian Rupees for foreign currency and vice versa, subject to RBI regulations.
For currency exchange at SBI, you need a valid passport, visa, confirmed travel tickets, and a completed A2 form for high-value transactions. Additional identification may be required depending on the exchange amount.
SBI charges a nominal service fee for currency exchange. The exchange rates and fees vary based on the currency type and amount being exchanged. For the latest charges, visit your nearest SBI branch or check the SBI Currency Exchange section on the official 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 exchange rates are determined based on live forex market trends and updated periodically. For the most accurate SBI currency exchange rates, visit the SBI website, contact a branch, or use SBI’s mobile banking app.
Yes, you can reload your SBI Forex card from abroad via SBI online banking or by contacting an SBI branch. You may need to submit a request and complete the necessary authorization process.
SBI Currency Exchange provides competitive exchange rates, ensuring affordability. While rates may slightly differ from other banks, SBI’s extensive network and minimal service charges make it a reliable choice for currency exchange.
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 Currency Exchange supports most major international currencies. However, availability of lesser-known or exotic currencies may be limited. It’s recommended to check with your SBI branch in advance.
Yes, SBI allows you to sell unused foreign currency notes or travellers cheques. The returned currency must comply with RBI regulations, and exchange rates at the time of selling will apply.
There are no restrictions on how often you can use SBI’s currency exchange services. However, the total amount exchanged must comply with the RBI’s LRS limit of USD 2,50,000 annually.
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