State Bank of India International Transfers & Exchange Rates
State Bank of India (SBI) is the country’s most reliable and oldest bank, with 191 offices across 36 countries. The bank has the most prominent presence in international markets among Indian banks. In this review, we will be assessing the validity of this bank's money transfer services compared to key competitors in the global remittance industry.
About State Bank Of India
Founded in 1806 as the former Bank of Calcutta, State Bank of India is officially the oldest commercial bank in India. Since its inception more than 200 years ago, the bank has grown exponentially, becoming India's largest commercial bank in terms of total customers, assets, deposits, branches, and employees.
Headquartered in Mumbai, SBI is a government-owned, multi-national, public sector banking and financial services company. In collaboration with its subsidiaries and joint ventures outside of the banking world, SBI offers a broad spectrum of products and services catering to personal finance, small-to-medium sized enterprises (SME) and corporate banking, wealth management services, insurance, merchant banking, mutual funds, credit cards, and securities trading. The bank reported total deposits amounting to nearly 37 trillion INR (487 billion USD) in 2021.
Can I Make International Bank Transfers With the State Bank of India?
Yes, one can make international bank transfers with SBI. Once you activate the beneficiary account, funds can be transferred online to anywhere in the world. To do so, follow the below steps:
Open the SBI website or app and log into your account
Under the payments/transfers tab, select “International Funds Transfer”
Request a transfer by completing the remittance application form and submitting it to SBI
State Bank of India Exchange Rates and Fees
Like any other bank, SBI also generates a profit from applying a margin to the true mid-marketvalue. As a result, banks are often the more expensive way to send money to other parts of the world.
Exchange Rates
SBI applies its own foreign exchange rates for international currency, and the average profit margins applied ranges between 1 - 3%. This is on the lower end of the scale when it comes to bank charges, but for customers sending large amounts abroad, these margins will have a detrimental effect on the total value of a transfer.
Transfer Fees
The following transfer fees apply to international payments:
Foreign currency outward remittances from NRO account through SWIFT/ Wire transfer: 100 INR (1.31 USD)
Outward remittances in INR: 0.125% of the total amount with a minimum of 125 INR (1.64 USD)
Additional Fees
The additional costs solely include the taxes that are changed on every transaction. The tax rates are as follows:
| Up to 1,000,000 INR (13,171 USD) | 1% of the gross amount of currency exchanged for an Rs.1,000,000 sum, subject to a minimum of $250,000. |
| 1,000,001 to 10,000,000 INR (131,717 USD) | 1000 INR + 0.5 percent of the gross amount of cash traded for rupees surpassing 1,00,000 but not exceeding 10,00,000. |
| Above 10,000,000 INR | 5,000 plus 0.10 percent of the gross amount of currency exchanged for rupees exceeding 10,00,000 rupees, subject to a maximum of 60,000 rupees. |
How Do State Bank Transfer Fees Compare to Using a Money Transfer Provider?
Some of the traditional banking institutions offer outdated methods of international transfers and do not have access to the the latest technologies, and are one of the most expensive ways of transferring money internationally. On the other hand, Wise, for example, uses safe, innovative technology to link bank accounts worldwide and move money more quickly and cheaply. They provide mid-market rates and a low, set cost that is explicitly stated. Thus, making money transfers more convenient and cheap. Learn more in our guide on The Cheapest Way to Send Money.
There is no such thing as a free transaction. However, comparing the transaction fees charged by new innovative applications like Wise are not in excess of the market rates, whereas the ones offered by banks are pretty expensive. One can compare Wise's exchange rates to those of other providers at any time and can be confident that what they see on their screen is what they’ll get; there are no hidden fees.
Take Me to WiseSWIFT Codes for State Bank of India
SBININBBXXX is the general SWIFT/BIC code format for STATE BANK OF INDIA, where XXX represents branch code. On the other hand, the State Bank of India (SBI) employs several SWIFT/BIC numbers for the various financial services it provides. Check with your recipient or the bank directly if you're unconfident about which code to use.
SWIFT CODE of some cities are mentioned below:
| Kolkata(Park Street) | SBININBBJ46 |
| Mumbai | SBININBB110 |
| Delhi | SBININBB104 |
| Chennai | SBININBB462 |
State Bank of India Pros and Cons
Pros
Cons
How to Send and Receive Money With the State Bank of India
Sending Money Online
To send money abroad with SBI, you must have been a client for at least one year, and your account must be Know Your Customer (KYC) compliant, with your Permanent Account Number (PAN number) updated. Customers will also need to enable transaction permissions.
Only once these steps have been taken, can a customer send money to a recipient following the next steps:
Step 1: Log into your SBI account online via website or mobile app
Step 2: Select “International money transfer” on the payments/transfers page
Step 3: Complete the remittance application form for fund transfer requests
Step 4: Review all information in full
Step 5: Submit the form and await a confirmation notification from the bank
Express Remit
SBI Express Remit is a simple way to send small to medium sized amounts of money to India, either to your own account or to the account of a family, a friend, or any other individual in India. Neither the sender nor the receiver must have an SBI bank account for foreign transactions made using Express Remit. Transfers to non-individual accounts are not possible using Express Remit.
Demand Draft
DDs can be made in any currency, including foreign currencies and Indian rupees. The DD can be obtained in your name or the name of any other recipient. The DD must then be placed in either your or the beneficiary's Indian bank account. If the DD is issued in a foreign currency, currency translation fees may apply. SBI uses the current currency rates and levies collection fees. These fees are also subject to any relevant service taxes.
SWIFT Network
You may transmit money from your overseas bank account to your Indian beneficiary's account through the SWIFT network.
Check Out Our Guide to SWIFT CodesWhat Are Customer Support Options Available?
Customers can phone the bank on 1800 1234 (toll-free), 1800 11 2211 (toll-free), 1800 425 3800 (toll-free), as well as reaching an agent via the 24/7 hotline via 080-26599990.
Summary
Owned by the Indian government, the State Bank of India (SBI) is the country’s largest bank and the 43rd largest bank globally. Offering a wide variety of banking products through its comprehensive network of offices in India and abroad, SBI has the most extensive banking branch network in India, with over 16,000 locations.
This being said, State Bank of India is not in a position to offer low-cost money transfer services to destinations around the world, due to outdated systems and a complex fee structure. Check out our company reviews to learn more about leading specialist services in the money transfers industry. We strive to provide our readers with the most accurate and up-to-date information about global remittance companies, all of which is factored into our useful money transfer comparison engine.
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Answers to key questions about State Bank of India
In this section we will provide a run through of all the need-to-know information about State Bank of India accounts and transfer services.