SberBank International Transfers & Exchange Rates

SberBank is a leading Russian bank that provides financial services to individual and corporate clients worldwide. The bank captures a 5% stake in the total remittance industry all across the globe, and in this review we will be assessing the key components of SberBank international transfers, comparing the service to its leading competitors.

About SberBank

SberBank established its headquarters in Moscow, Russia in 1841, expanding its operation into the Central and Eastern parts of Europe over the course of the 19th century. Now, the bank operates in 18 countries with 102.8 million personal clients and over 3 million corporate clients across the globe. The Russian National Wealth Fund (NWF) played a crucial role in the founding of the bank and remains a principal shareholder, with 50% shares of SberBank and one voting share. The rest of SberBank shares are owned by leading financial institutions and retail investors. In 2021, SberBank won multiple “Time for Innovation Awards” in 10 different categories for remarkable financial and technological innovations.

SberBank Exchange Rates and Fees

Transfer fees and exchange rate markups are the two main charges associated with foreign currency transactions. This section will help our readers better understand the cost of SberBank international transfers.

Exchange Rates

Most banks charge a 4 - 6% markup for overseas remittances. Compare this to industry leaders in the remittance industry, like Xe, who offers to match the real mid-market rate for currency conversion.

SberBank customers can review the live exchange rates via the bank’s website. Our research indicates the average markup applied to the major currencies available through SberBank is 1.5 - 5% above the true market value. For this reason, customers will receive better rates by using money transfer providers like Xe.

Transfer Fees

SberBank employs a simple, fixed-fee structure of 1% of each transfer, irrespective of currency or amount, when sending money via the bank’s website or mobile application. If you send money by visiting a bank branch, this fee will range between 1 to 2%.

Additional Charges

Although SberBank does not specify any additional costs, it is worth considering further charges applied by the intermediary and receiving banks. For more information, read our guide on International Bank Transfer Fees.

How Do SberBankTransfer Fees Compare to Using a Money Transfer Provider?

For overseas remittances, SberBank employs an easy to understand, fixed-fee structure of 1% the total remittance value for each online transfer. However, the profit margins applied to foreign currency transfers ranges from 1.5 - 5% which is a substantial variable.In contrast, many specialist service providers in the remittance industry vow to match the mid-market rate and this means both sender and receiver get more for their money.

SWIFT Codes for SberBank

A SWIFT code is the international business identification of any bank branch. These codes are used for money transfers, especially in international and SEPA payments. The headquarter of SberBank is located in Moscow, Russia.

The SWIFT details of Sber bank headquarter is:

SberBank Pros and Cons

How to Send and Receive Money With SberBank?

Customers can send money overseas through the SberBank website, mobile application or a local branch. Here we will provide detailed steps for executing online money transfers:

Sending Money

• Step 1: Open the official SberBank website or mobile app; enter your consumer ID and password to access your account

• Step 2: Select "Payments and Transfers" and "Manage Beneficiary"

• Step 3: Choose the Payee option from “Interbank” (transfers sent between two different banks) or “Intrabank” (transfers sent between two SberBank accounts).

• Step 4: Select "Add Beneficiary" from the drop-down menu and fill in all the required information for the recipient, such as full name, account number, bank name, SWIFT or IFSC code

• Step 5: Accept the terms and conditions and select “Confirm” to submit your transfer

Receiving Money

To receive payments into an SberBank account, customers will need to provide the following information:

• Full name

• Residential address

• Contact information (phone or email)

• Full bank name and address

• Account number

What Customer Support Options Are Available?

The following support channels are available for SberBank customers:

• Email: sberbank@sberbank.ru

• Phone: 8 495 500 5550 and 8 800 5555550

• In-app: Freephone service via the app

Summary

SberBank is a leading financial institution globally that provides various financial services to its users. SberBank is a listed entity managed by the Russian national wealth fund, holding 50% of total shares. With a hold on 5% of the total remittance market worldwide, this bank operates from Moscow (Russia) with operations in 18 countries overall. When it comes to affordable and convenient global remittances, however, the bank is not as well-positioned as money transfer providers. There are transfer fees and exchange range markups to consider when using a bank like SberBank, but with operators such as WorldRemit, Wise, XE, Currencyfair, Key Currency, Instarem and TorFX, money can be transferred around the world quickly and cost-effectively.

MoneyTransfers is a comparison platform that strives to help our users save money when sending money overseas. At MoneyTransfers, we are committed to providing you with helpful, up-to-the-minute information about the best way to move money around the globe.

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