SBI International Money Transfers: Charges, Alternatives, and More
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SBI, or State Bank of India, is one of the largest and most established multinational banks in the world. Headquartered in Mumbai, India, SBI provides a wide range of banking services, including personal banking, corporate banking, and international money transfers. With a presence in more than 30 countries worldwide, SBI is a popular choice for customers who need to send money abroad securely and quickly.
Nevertheless, international money transfers with SBI come with their own issues. One of the major problems with SBI international money transfers is the high fees associated with the service. You may have to pay a transaction fee based on the transfer amount and a currency conversion fee that is typically higher than the mid-market rate. Additionally, you may also incur additional charges from intermediary banks involved in the transfer process. These fees can add up quickly, making SBI a less cost-effective option for international money transfers.
Fortunately, there is a solution that can help you find the best deals and avoid the high fees associated with SBI international money transfers. Monito's comparison tool allows you to compare the fees and exchange rates offered by different money transfer providers, including SBI, to find the best deal for their needs. Save money and time now by finding the cheapest and fastest alternative with Monito's live comparison engine below. 👇
Find the best international transfer from India now:
Key Facts About SBI International Transfers
|🏦 SBI int'l charges|
5% - 10%
|💸 Int'l fees via Monito|
0.5% - 3%
|⏱ SBI int'l transfer time|
2-7 business days
|⚡Transfer time via Monito|
1-2 business days
|💵 SBI payment method|
|💸 Payment methods via Monito|
SBI International Money Transfers
- 01. What are SBI's international money transfer charges?
- 02. How to transfer money from SBI to an international bank
- 03. How long do SBI international money transfers take?
- 04. Alternatives to SBI for international money transfers
- 05. Is SBI worth it for international transfers?
- 06. FAQ about SBI international transfers
SBI International Money Transfer Charges
According to data from the World Bank, the average cost of sending remittances globally was 6.3% of the transfer amount in Q3 2022. In comparison, SBI international money transfer charges may range from 5% to 20% of the transfer amount, depending on the transfer amount and destination country. While SBI's fees may be on the higher side, they offer a reliable and trusted option if you're looking to send money abroad, with multiple channels available for the transfer process.
According to data from Statista, SBI was one of the leading banks in India in terms of remittance market share in 2020, with a share of around 20%. This highlights the popularity and trust that users have in SBI's international money transfer services, despite the costs.
SBI's international money transfer fees can vary depending on the transfer amount, destination country, and transfer method. SBI charges a commission fee of 0.55% on the transfer amount, with a minimum fee of Rs 299 and a maximum fee of Rs 550. Additionally, SBI charges a flat fee of Rs 194 per transaction, which can add to the overall cost of the transfer. Moreover, SBI also charges a currency conversion fee of 1.5% to 3% based on the exchange rate at the time of transfer, which can also impact the final cost of the transfer.
Let's look at some numbers to understand better. Let us assume that you want to transfer $100 from India to another country. The costs to transfer $100 through SBI international money transfer may vary depending on the destination country and the transfer method. However, here are the generalised estimated costs:
- A 0.55% commission fee, which is a minimum of Rs 299 and a maximum of Rs 550 (approximately $20 to $37)
- A flat fee of Rs 194 (approximately $13)
- A currency conversion fee of 1.5% to 3% based on the exchange rate at the time of transfer (approximately $1.50 to $3)
- Additional charges from intermediary banks involved in the transfer process (variable)
According to information on SBI's website, outward retail remittances for amounts up to $25,000 transactions can be undertaken from any branch of SBI or through Internet Banking.
The commission for outward remittance transactions is $10, 10 euros, CAD 10, AUD 10, SGD 10 and GBP 8 plus applicable GST.
How to Transfer Money From SBI to an International Bank
SBI offers a simple and convenient process for international money transfers, with multiple channels available to users.
The bank provides you with competitive exchange rates and transparent pricing, with all fees and charges clearly displayed before confirming the transaction. You can also track the status of their transfer through SBI's online portal or mobile banking app, ensuring a smooth transfer process. Here is how the process goes:
If you're not an SBI client already, register for an account and provide personal information and banking details.
Transfer money through SBI's online portal, mobile banking app, or by visiting an SBI branch in person.
You will need to provide the following information for the international transfer:
- Beneficiary's name and bank account details,
- SWIFT/BIC code of the beneficiary's bank (from the recipient),
- Purpose of the transfer (e.g., education, medical expenses, etc.),
- Amount and currency of the transfer.
Calculate the costs
Use SBI's international money transfer charges calculator to estimate the total cost of the transfer.
Finalise the transferCompare SBI alternatives
Select the recipient's country and currency, enter the transfer amount, and confirm the transaction.
SBI International Money Transfer Time
SBI international fund transfers generally take between 2 to 7 working days to reflect in the beneficiary’s bank account.
SBI International Money Transfer Alternatives
In India, the Union Budget 2023-24 announced an increase in Tax Collected at Source (TCS) rates from 5% to 20% on overseas tour packages and funds remitted under the Liberalized Remittance Scheme (LRS) for purposes other than education and medical. These revised tax rates are set to be implemented starting from July 1, 2023, giving you all the more reason to compare wisely and choose the best possible platform to transfer money from India to other countries. To that end, Monito’s comparison engine gives you the following few alternatives to SBI international money transfer:
Remitout is an alternative money transfer service most suitable for students. While specific fees and charges may vary, Remitout typically offers competitive exchange rates with low or zero transfer fees for student transfers. They understand the financial constraints students may face and aim to provide affordable and convenient solutions for international money transfers. However, you can only send up to $2,50,000 in a single financial year.
- Costs: Nostro (an account used by banks to hold foreign currencies) charges between $15 – $30 per transaction; GST of 18%; Merchant service charge of about 2% of the transaction amount
- Payment methods: Bank transfers, debit/credit cards, and mobile wallets such as Paytm or Google Pay.
- Time: The time taken for the money to reflect in the recipient’s account is 2 business days (same day if transaction done before 1pm).
Wise, formerly known as TransferWise, is a popular choice for international money transfers. They offer transparent and competitive exchange rates, often closer to the mid-market rate, which is the real exchange rate without any markup.
- Costs: A fixed fee of Rs 127.98; Variable fee of 2.03% is imposed per transfer.
- Payment methods: Bank transfer and credit/debit card payments
- Time: 2 business days
Instarem is another alternative that offers international money transfer services. They advertise low transfer fees and competitive exchange rates. While the exact fees can vary based on factors such as the transfer amount and destination country, Instarem aims to provide cost-effective solutions for cross-border transfers. They have a straightforward fee structure, allowing customers to easily calculate the total cost of their transactions.
- Costs: Transaction fees between 0.25% and 1%; Around 4% including hidden charges such as margins on foreign exchange rates, bank charges, and service charges; Fixed fee of Rs 1,200
- Payment methods: debit/credit card, bank transfers and wire transfers
- Time: 1-2 working days (2-5 business days for the first transfer)
Halo Financial specializes in handling large transfers, such as property purchases or investments. The minimum transaction amount is £2,000, and there are no fees for transactions above £5000. They provide personalized services tailored to individual needs and offer competitive exchange rates. While their fees may be higher compared to other alternatives, they often provide dedicated account managers who can guide customers through the transfer process and help them navigate potential currency risks. By providing expert advice and personalized support, Halo Financial aims to offer value for large international transfers. Exchange rate margins between 0.1% and 1%. You can learn more about the costs, payment methods and transfer times here.
Is SBI Worth It for International Transfers?
When considering whether SBI International money transfer is worth it for international transfers, it is essential to weigh the associated costs and benefits. While SBI is a reputable bank with a wide network and a long-standing presence in the remittance industry, their fees for international money transfers can be relatively high. However, you can take advantage of Monito's real-time comparison engine to assess the cost-effectiveness of SBI's services. Monito allows you to compare SBI's fees, exchange rates, and transfer options with other money transfer providers. By utilizing Monito's services, you can gain insights into alternative options that may offer lower fees, better exchange rates, and faster transfer times.
Moreover, Monito provides transparency by presenting user reviews and ratings for different providers, helping you make informed decisions. By leveraging Monito's comparison engine, you can potentially find more cost-effective options for international transfers, depending on your specific needs and preferences. While SBI International money transfer may offer convenience and reliability, using Monito helps you explore other providers, potentially save on fees, and improve the overall value of their international transfers:
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FAQ About SBI International Transfers
How can I initiate an international money transfer with SBI?
You can initiate an international money transfer with SBI by using their online portal, mobile banking app, or by visiting an SBI branch in person. Simply select the recipient's country and currency, enter the transfer amount, and confirm the transaction.
What fees are associated with SBI international money transfers?
SBI charges a commission fee of 0.55% on the transfer amount, with a minimum fee of Rs 299 and a maximum fee of Rs 550. Additionally, there is a flat fee of Rs 194 per transaction. Currency conversion fees ranging from 1.5% to 3% based on the exchange rate at the time of the transfer are also applicable.
How long does it take for an international money transfer with SBI to reach the recipient?
The time it takes for an international money transfer to reach the recipient's account can vary depending on several factors, including the destination country and the intermediary banks involved in the transfer process. Typically, it may take a few business days for the funds to be credited to the recipient's account.
Can I track the status of my SBI international money transfer?
Yes, SBI provides options to track the status of your international money transfer. You can monitor the progress of your transfer through SBI's online portal or mobile banking app. This feature allows you to stay informed and have visibility into the transfer process.
Are there any limits on the amount of money I can send through SBI international money transfer?
SBI may have certain limits on the amount of money you can send through their international money transfer service. These limits may vary depending on factors such as the purpose of the transfer, the destination country, and your relationship with the bank. It is advisable to check with SBI or refer to their terms and conditions for specific details regarding transfer limits.
Can I cancel or modify an international money transfer initiated through SBI?
Once a transfer is initiated with SBI, the ability to cancel or modify the transaction may depend on various factors, including the stage of the transfer process and the specific terms and conditions of the transfer. It is recommended to contact SBI directly to inquire about cancellation or modification options and any associated fees or limitations.
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