The State Bank of India (SBI) is one of India’s largest and most trusted banks, offering various financial services, including foreign transactions. Whether it is receiving funds from abroad, transferring money overseas, or foreign purchases by using the SBI debit or credit card, having knowledge of SBI charges avoids excessive charges.
Here in this guide, we will provide SBI’s inward and outward remittance charges, forex conversion charges, wire transfer charges, and international card transaction charges.
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SBI Inward Remittance Charges & Process
What is Inward Remittance?
Inward remittance refers to receiving money from a foreign country into your SBI bank account. This process is commonly used by individuals receiving salaries, business payments, or family remittances from overseas.
SBI Charges for Receiving International Funds in India
- Balance Enquiry at International ATMs: ₹25 + GST per enquiry
- Cash Withdrawal at International ATMs: ₹100 minimum + 3.5% of the transaction amount + GST
- Point of Sale (PoS) / e-Commerce Transactions: 3% of the transaction amount + GST
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 |
Processing Time:
In most cases, it is within the range of 1 to 5 working days, depending on the received method and currency.
Steps to Receive an Inward Remittance with SBI
1. Provide the sender with your SBI account details, including your SWIFT code.
2. Ensure all compliance and documentation requirements are met.
3. Track the transaction using SBI’s international banking portal or customer service.
SBI Outward Remittance Charges & Process
What is Outward Remittance?
Outward remittance refers to transferring money from an SBI bank account in India to an overseas bank account. This is commonly used for foreign education payments, medical expenses, and business transactions.
SBI Charges for Sending Money Abroad
- Transfer Charges: ₹1000 to ₹5000 (varies based on the amount and destination)
- SWIFT Processing Fees: ₹500 to ₹2000
- Forex Conversion Charges: 1.5% to 3% of the transaction amount
- GST: 18% on the total service charges
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.
Steps to Send an Outward Remittance with SBI
1. Visit an SBI branch or log in to SBI’s internet banking portal.
2. Provide the beneficiary’s bank details, including the SWIFT code.
3. Submit necessary documents as per RBI guidelines.
4. Authorize the transaction and pay applicable charges.
Comparison of SBI vs. Other Banks for Outward Remittance Costs
| Bank | Transfer Fee | Forex Markup |
|---|---|---|
| SBI | ₹1000 – ₹5000 | 1.5% – 3% |
| HDFC | ₹750 – ₹3500 | 2% – 3% |
| ICICI | ₹1000 – ₹4500 | 2.5% – 4% |
| Axis | ₹500 – ₹2000 | 2% – 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 |
SBI Forex Charges & Currency Conversion Fees
How Does SBI Charge for Forex Conversions?
When converting Indian Rupees (INR) to a foreign currency, SBI applies a forex markup fee. This fee varies based on the currency and transaction type.
Breakdown of SBI Forex Markup Rates
- USD to INR: 2.5% markup
- EUR to INR: 3% markup
- GBP to INR: 2.75% markup
- AUD to INR: 3% markup
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.
- GST on transaction fees: 18%
- Forex spread: 1.5% – 3% (depending on the currency pair)
- Bank Correspondent Fees: Varies by transaction
SBI International Debit & Credit Card Transaction Charges
- Balance Enquiry at International ATMs: ₹25 + GST per enquiry
- Cash Withdrawal at International ATMs: ₹100 + 3.5% + GST
- Point of Sale (PoS) Transactions: 3% of the transaction amount + GST
SBI Credit Card Forex Markup & Additional Transaction Fees
- Forex Markup Fee: 3.5% + GST
- Cash Withdrawal Fee: ₹500 per transaction + 3.5% forex markup
The Real Cost of International Transactions with SBI
Although SBI’s charges for foreign transactions are apparently clear, additional charges in the form of exchange rate margins and intermediary bank charges can be added to the total charge for receiving or sending money. Based on the currency and nations included, it’s important to factor in such hidden charges in order to determine the true cost of the transaction.
A Transparent and Cost-Effective Alternative: HOP Remit
Choosing between SBI Bank and HOP Remit by moneyHOP for international money transfers comes down to cost, speed, and transparency.
SBI Bank
- Reliable with a vast global network
- Higher fees due to exchange rate markups and intermediary bank charges
- Slower transfers, taking 2-5 business days
HOP Remit by moneyHOP
- Low-cost transfers with near mid-market exchange rates
- Transparent pricing—no hidden charges
- Faster processing, typically within 12-48 hours
For a cheaper, quicker, and hassle-free international remittance experience, HOP Remit by moneyHOP ensures that your money reaches its destination with minimal deductions and at the best rates possible.
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Conclusion: Choosing the Right Option
SBI provides various international banking services, including remittances, forex exchange, and SWIFT transfers. However, charges and forex markups can make transactions costly. Before transferring money, compare SBI’s rates with alternative remittance services like HOP Remit by moneyHOP to save on fees and get better forex rates!
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