State Bank of India is one of the finest banks in all of India. It is one of the oldest and one of the most reputed banks out there. They are well-renowned for their wide variety of benefits, offers, and services they provide. One such benefit is the transfer of money and funds internationally to other foreign bank accounts.
SBI provides its customers to send money to their friends, family, or others living abroad. This service has been extremely helpful to a lot of people.
However, transferring money to a foreign bank account via the SBI bank can be done in two ways. One is the most common way that is via online money transfer through the net banking feature.
The other way is the use of an SBI international debit card. This is a new method that not all customers know about but is on the rise. These international debit cards are available for all customers who have a savings account in SBI and want to transfer money internationally.
First, you have to add an international beneficiary in SBI net banking, then you can initiate the international fund transfer to that account.
Steps to Transfer Money Abroad in SBI online
First of all, if you want to transfer money internationally via the net banking feature, you need to first approve your beneficiary. The following are the steps for money transfer online to a foreign bank account.
Step 1: Go to the official SBI website. Log in using your credentials.
Step 2: For State Bank of India wire transfer from India to any other country, click on ‘Payments/Transfers‘. Search for the option ‘International Fund Transfer‘ and click on it.
Step 3: On the next page, under International Funds Transfer you have to choose ‘Foreign Currency Transfer/Remittance New‘ to initiate the process.
Step 4: Now confirm the ongoing process by clicking the term& conditions and click the proceed button. The international beneficiary must be added before using this feature.
Step 5: Enter your desire amount. ( Note: The amount must be less than $2000). Click on the radio button that is next to the account number of your desired beneficiary. You have to enter the amount, pan number, the purpose of remittance, and source of fund. Read all the terms and conditions. After reading, click on, agree.
Click on the proceed button next.
In similar ways, one needs to follow and complete the fund transfer request. And finally, you will receive an OTP to your registered mobile number. Enter the OTP on its designated text box to authorize the international money transfer.
SBI International transfer time
One must keep in mind that the State Bank of India takes around four to five days, excluding holidays, to complete the international fund transfer process. However, this count of four to five days starts instantly after the fund transfer request is initiated.
SBI International transfer limits
SBI bank allows people to use the online SBI money transfer facility to transfer money internationally. But a person can only send a maximum of USD 2,000 abroad in a single transaction. The bank will reject any more than that.
You can do a maximum of four transactions per month and can send up to 96000 USD in 1 year There is a Restriction on initial remittance to the overseas beneficiary within 5 days of new Beneficiary activation is equivalent to INR 50,000.
SBI International Transfer Charges
Rs 250 will be charged as a Foreign Currency Conversion charges.
Up to Rs.1 Lakh: 1% of the gross amount of currency exchanged for an amount of Rs.1 lakh, subject to a minimum of Rs.250/-
From Rs. Above 1 lakh to 10 Lakh: Rs.1000 plus 0.5% of the gross amount of currency exchanged for a number of rupees
exceeding Rs. 1 lakh and up to 10 lakhs
Above Rs. 10 lakhs: Rs. 5,000 Plus 0.10% of the Gross amount of currency exchanged for a number of rupees exceeding 10 lakhs subject to a maximum amount of Rs. 60,000/-
Conclusion
So, it is one of the oldest and most renowned banks across the country. Their customers are extremely satisfied and happy with the bank due to the vast services they provide. One such service is the international fund transfer.
Transferring money to a foreign bank account via an SBI account is simple. One needs to follow some simple steps online and wait for four to five days for the fund transfer to complete.