Suppose you have to send money to another country or want to receive money from abroad, either for personal or business purposes. SBI makes this process pretty easy and within reach. Like all other services provided by any financial institution, charges do exist and may vary in line with the nature of the transaction, amount transferred, and geographical location. The following guide will detail all that one needs to know about SBI’s international remittance fees, both for inward and outward transfers, so that one remains continuously informed about the best options available for their needs.
1. Receiving Money from Abroad (Inward Remittance)
SBI provides numerous ways of remitting foreign currency where customers can choose to send the money through wire transfers, demand drafts or personal/traveller’s cheques. Below are the typical fees involved:
| Method of Remittance | Charges |
| Express Remit | ₹250 per remittance |
| Demand Draft | 0.30% of the amount, with a minimum of ₹300 |
| Wire Transfer (SWIFT) | Current TT buying rate + exchange margin @0.125% + interest @ 15% |
| Personal Cheque | Current TT buying rate + exchange margin @0.125% + interest @ 15% + ₹100 |
Save big on your every international money transfer!
Send money at the lowest exchange rates & ZERO convenience fees with moneyHOP.
Processing Time:
In most cases it is within the range of 1 to 5 working days, depending on the received method and currency.
2. Sending Money Abroad (Outward Remittance)
SBI facilitates outbound remittances through wire transfers, foreign demand drafts, and transfers from NRE/FCNR accounts. For outward remittances, the amount attracts a different charge structure, namely on the quantum of remittances and by the type of remittance.
| Method of Remittance | Charges |
| Outward remittances from NRE or FCNR (B) account | No charges |
| Foreign currency outward remittances from NRO account (SWIFT/Wire) | ₹100 + actual out-of-pocket expenses (postage, courier, telegram) |
| Rupee outward remittance | 0.125% of remittance amount, with a minimum of ₹125 |
Processing Time
Outward remittances can take 2-4 business days depending on the recipient’s bank and the remittance method.
3. Processing Time for International Transfers
| Method of Transfer | Estimated Time Taken |
| Express Remit | 1 – 3 business days |
| Demand Draft | 7 – 28 days |
| Wire Transfer (SWIFT) | 1 – 2 business days |
| Personal Cheque | 10 – 60 days depending on clearance |
4. Additional Forex-Related Service Charges
SBI’s international transfers may involve intermediary bank charges, which are deducted as the funds pass through the SWIFT network. These fees can range from ₹1,000 to ₹2,500, depending on the recipient bank and the destination country.
5. The Real Cost of International Transactions with SBI
While SBI’s charges for international transactions may appear straightforward, additional costs like exchange rate markups and intermediary bank charges can increase the total cost of sending or receiving money. Depending on the currency and the countries involved, it’s essential to factor in these hidden fees to calculate the true cost of the transaction.
A Transparent and Cost-Effective Alternative: moneyHOP
In choosing between SBI Bank and moneyHOP for international transactions, it would be better to weigh it based on cost and convenience. Although SBI is very reliable with its wide network, the overall fees tend to mark up, with several hidden costs of exchange rate markups and intermediary bank fees. It may take longer, sometimes 2-5 business days.
moneyHOP is transparent and proud of that, with much lower fees, so you should always know precisely how much you are paying. With moneyHOP, there would be near mid-market exchange rates, low and most significantly minimal fees, coupled with a quicker rate of transfer-the greater part taking between 12-48 hours. For hassle-free and inexpensive international remittance, moneyHOP works to ensure your transfers go through at the fastest and most affordable rates possible so that your money reaches their destination without hidden deductions.
With moneyHOP, you are going to save a great deal on fees and, simultaneously, get much quicker and more transparent service.
Why pay more for international money transfers when moneyHOP is here?
- NO hidden fees
- ZERO convenience fees
- Real-time updates
- Lowest exchange rates
Conclusion: Choosing the Right Option
The right choice of service for international transactions does bring a significant change to both your peace of mind and your wallet. While SBI Bank serves up a platform that is most often familiar and reliable, the hidden costs in the exchange rate and slower times for processing just might hold you back from getting the best value. On the other hand, moneyHOP leads with transparency, lesser fees, and quicker transfers, ensuring your money goes further without any surprises. With moneyHOP, it is designed to make your transfers around the world totally seamless, saving you both in time and money for a smarter, faster, and cost-effective solution.
Leave a Reply