SBI International Money Transfer: Benefits, Charges, Time

SBI International Money Transfer

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. 

  1. 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. 
  1. 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. 
  1. 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: 

  1. Log in to SBI Online Banking 
  2. Look for “Payments and Transfer”
  3. Click on the same 
  4. Select International Beneficiary
  5. Fill in the Remittance Application Form
  6. 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. 

  1. Full Name of the beneficiary
  2. The full account number of the person you are transferring money to 
  3. The beneficiary’s bank’s name and address
  4. Reason for transfer
  5. 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 FCNRNo 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 remitINR 250
Demand Draft0.30% of the amount 
Wire TransferTelegraphic transfer current buying rate + exchange margin + interest rate 
Personal ChequeTelegraphic 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. 

MethodDuration 
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

How long does it take for an international transfer from SBI?

Through a SWIFT wire transfer, an SBI international transfer can take from 2 to 5 business days. 

What is the minimum amount for SBI international money transfers?

There is no set minimum limit for SBI international money transfers. 

Is international money transfer taxable?

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. 

About Sanya Chhabra

A hermit who prefers to stand true to her values of kindness, inclusivity; and reflects the same in her writing. With a degree in literature and multimedia journalism, she's on a forever pursuit to improve. Additionally, she's open to inputs that are not unsolicited. Welcome to her professional writing space about finance, hope you enjoy your time.

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