The State Bank of India is one of the best banks in India, especially in terms of education loans. But when it comes to SBI International Money Transfer, how does it perform? It allows people to transfer money abroad as well as receive international money transfers from abroad. In both cases, there are certain charges that are applicable. Moreover, what exactly are the benefits of choosing SBI for international money transfers? With this blog, a better understanding is shared about SBI International Money Transfer.
Advantages of SBI International Money Transfer
Why exactly is SBI a preferred bank for international money transfers? That’s because it possesses many advantages in its favor. Let’s learn the same below.
- Easily Accessible Services: For those who are planning to make use of the money transfer, there are easy online and branch services available to them. People are provided with convenience when it comes to SBI’s functions related to the transfer of money.
- It is Reliable: SBI is a bank that has long-standing goodwill and reputation. People know that given its reliability factor, making SBI international money transfer comes with minimized risks. It can be trusted.
- Wide Access to Countries: With SBI, people can make international money transfers to 200 countries with an RBI limit. This allows parents to send money to their children studying abroad in a range of countries.
How to Make SBI International Money Transfer?
Before you try to make a money transfer, you need to check if you have added a beneficiary to your online banking account. If not, look for the “international beneficiary” tab in the online banking profile. Set up the beneficiary and then here’s what you need to do:
- Log in to SBI Online Banking
- Look for “Payments and Transfer”
- Click on the same
- Select International Beneficiary
- Fill in the Remittance Application Form
- Complete all the details along with online prompts
Also Read: SBI Education Loan
Requirements
Now that the basic steps have been shared, it is important to note the information you need to have to make the SBI international money transfer. Check out below.
- Full Name of the beneficiary
- The full account number of the person you are transferring money to
- The beneficiary’s bank’s name and address
- Reason for transfer
- Additional information, as and if required, per the particular foreign country
Charges of SBI International Money Transfer
The charges that are applicable on money transfers include transfer fees, exchange rate markup, and beneficiary bank fees and also depend on whether you are making the transfer to someone abroad, or receiving the same. Let’s look at the distinction below.
Sending Money Abroad
Through SBI, international money transfers can be done in a number of ways that would require their own respective charges.
| Particulars | Charges |
| NRE or FCNR | No Charge |
| NRO | INR 100 + extra charges |
| Rupee outward remittance | 0.125% of the whole remittance amount |
| Note: In a standard transfer, the transfer fee usually varies depending on the currency and the exchange rate, including any third-party charges. Moreover, additional charges depending on your account type may also be applicable. |
Receiving Money from Abroad
Various charges under this are tabulated below.
| Particulars | Charges |
| Express remit | INR 250 |
| Demand Draft | 0.30% of the amount |
| Wire Transfer | Telegraphic transfer current buying rate + exchange margin + interest rate |
| Personal Cheque | Telegraphic transfer current buying rate + exchange margin + interest rate |
| Western Union | Nil. |
Also Read: Which International Bank Account Student Should Consider in 2023?
Time of SBI International Money Transfer
People engaging in money transfers usually need to keep in mind whether they are receiving the money transfer from abroad or making the transfer abroad.
Sending Money Abroad
The time while sending money abroad takes up to 2 to 5 business days when it comes to SWIFT payments.
Also Read: WHAT IS SWIFT WIRE TRANSFER?
Receiving Money from Abroad
Different times taken for receiving money from abroad through different methods are mentioned below.
| Method | Duration |
| Express Remit | 1-3 business days |
| Wire Transfer | 1-2 business days |
| Demand Draft | 7-28 days |
| Personal Cheque | 10 – 60 days |
| Western Union | 1-2 business days |
Limit of SBI International Money Transfer
Through the SBI branch, the limit per transaction or day is USD 25,000 (INR 20.6 lakh) or equivalent. This is under the overall limit of the Liberalised Remittance Scheme (LRS).
Don’t forget to read about LATEST TCS ON FOREIGN REMITTANCE FOR EDUCATION SECTION per Union Budget 2023-24
FAQs
Through a SWIFT wire transfer, an SBI international transfer can take from 2 to 5 business days.
There is no set minimum limit for SBI international money transfers.
Yes, international transfer money is generally taxable.
That was some of the major insights into SBI International Money Transfer, including its benefits, charges, and time took. For more information related to money transfers concerning education, you can reach out to Fly Finance.
