SBI Currency Exchange: Process, Charges and Benefits

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SBI is one of the most popular banks in India offering quick and convenient services. The bank also has branches worldwide in 20 countries including, Australia, Japan, South Korea, Belgium, Canada, the UK, the US, China, Germany, and many others. All international students travelling abroad can access SBI currency exchange services easily.

You can visit the nearest bank branch or exchange currency online. Based on your needs, one can also avail of an SBI travel card for easy money management. Let’s take you through the details of SBI Currency Exchange.

SBI Currency Exchange

SBI offers currency exchange services in India as well as abroad. 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.

  • Primary currencies that can be exchanged at almost every SBI branch are Euros, USD, and GBP.

Charges

SBI charge a nominal fee for making any transaction Charges in SBI currency exchange services differ from branch to branch and the location. It also depends on the amount and type of currency exchanged. 

Type of FeeAmount
SBI Branch ExchangeTransaction FeeDiffers from branch to branch and the type + amount of currency exchanged
Remit SBI OnlineCurrency Conversion FeeINR 250
SBI Multi-currency Travel CardReloading FeeINR 100 to start the card, and INR 50 there onwards
ATM withdrawalWithdrawal FeeUSD 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.

To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

FAQs

Can I exchange currency with SBI?

Yes, one can avail of currency exchange services with SBI and exchange currency in India as well as abroad. The bank has a presence in 20 countries including, Australia, Japan, South Korea, Belgium, Canada, the UK, the US, China, Germany, and many others.

What are the documents required for SBI currency exchange?

One must carry documents related to identification like PAN Card or Aadhaar Card. Also, you need to carry a passport and visa.

How can I exchange currency with SBI India?

You can visit the nearest bank branch and connect with the bank representative. Tell details about the currency you want to exchange and confirm the exchange rates and other related charges. Fill out the form and attach the documents (passport, visa, and aadhaar card). Initiate the transaction for currency exchange.

How long does it take for an international transfer with SBI currency exchange?

International transfers through SBI currency exchange services usually take between 2 to 4 days on average, depending on the destination and transfer method.

What are the important guidelines to follow when exchanging currency at SBI?

It is important to check currency exchange rates before transactions, know about the fees and negotiate if you can, and avoid frequent exchanges. One should also be mindful of rate fluctuations and planning ahead for currency needs to optimise value and convenience.

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About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

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