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onlineSBI international money transfers review

Send money overseas from India using onlineSBI international money transfers.

  • Great if you want to complete your money transfer online
  • Not so great if you’re looking for a variety of currencies

The State Bank of India (SBI) is the largest bank in India. It’s a government-owned public sector organisation with more than 18,000 branches all over the country. It offers a range of banking services, including foreign exchange. The bank’s onlineSBI portal allows Indian residents to make online international money transfers if they have held a savings account with SBI for more than six months. Using onlineSBI means that you can use a trusted and established provider, but conduct the whole transfer online. There are limitations though, as the maximum amount you can transfer is relatively low and you can only make international remittances in three currencies.

Why should I consider onlineSBI?

  • Established provider. SBI is India’s largest bank with more than 18,000 branches all over the country.
  • Online transfer. Provided the transaction amount is USD2,000 or less, you can process your entire transfer online without having to visit a bank branch.
  • Accessibility. You can access onlineSBI anywhere in India provided you are an Indian resident with a personal savings account with SBI and have transaction rights in your onlineSBI service.

What to be aware of

  • Transfer limits. The maximum amount you can transfer in a single transaction is USD2,000.
  • Limited currency options. You can only make international money transfers in three currencies.
  • Eligibility. You need to be an Indian resident with an SBI account to send money overseas with online SBI.

How much are onlineSBI’s international transfer fees?

For each international remittance through onlineSBI, you will be charged the equivalent of USD10 in Indian rupees, rounded off to the nearest rupee. You will also have to pay the Goods and Services Tax (GST) on the foreign exchange conversion. These costs do not include the beneficiary bank charges, which will be collected from the beneficiary.

How are onlineSBI’s exchange rates?

SBI displays its forex rates on its website. Its rates are updated every working day (Monday to Friday, excluding bank holidays). For international money transfers, the exchange rate will be the prevailing rate when the equivalent INR amount is debited from your SBI account. The rates displayed on SBI’s website don’t include any money transfer charges and applicable taxes.

Keep in mind that banks and money transfer providers usually add a margin on top of the mid-market exchange rate on international transfers. It is best to compare the displayed rate on onlineSBI with the current interbank rate to work out the size of this margin.

Available currencies

SBI has a limited number of available currencies. These include:

  • EUR Euro
  • GBP British pound
  • USD US Dollar

What are the ways I can send money abroad with onlineSBI?

You can make international remittances using a wire transfer (TT Transfer/SWIFT Transfer) through this service.

However, it is worth noting that there are restrictions on the maximum amount you can transfer. According to the onlineSBI website, you can remit a maximum of USD2,000 per transaction, subject to a maximum of 4 such transactions in a calendar month. Within a year, you are limited to a maximum of USD96,000 using this service. Furthermore, within 5 days of activation of a new beneficiary, you can only transfer a maximum of the equivalent of INR50,000.

What payment methods does onlineSBI accept?

You can make the payment for your transfer through your SBI bank account.

How long does an international transfer with onlineSBI take?

Transfer processing times depend on your transfer method and the amount you wish to send. Typically, a wire transfer will usually reach your beneficiary’s bank account in 2 to 7 working days.

Transfers typically takeClock icon for transfer speed

2 days

How to make your first international transfer with onlineSBI

In order to make a transfer, you will need to have held a savings bank account (in an individual capacity) with SBI for a minimum of a year. You should also register for SBI Internet banking with transaction rights.

Registering an account

Making an international money transfer with onlineSBI

If you hold an eligible account, then you can make a transfer by completing the following steps:

  1. Add an international beneficiary after logging into SBI Internet banking by clicking on ‘Manage beneficiary’ and then clicking on ‘International beneficiary’.
  2. Enter your beneficiary’s details including name, address, bank name, SWIFT code etc. Then click on ‘register’.
  3. You will receive a one time password (OTP) on your mobile phone, which you need to enter in the form and click on submit.
  4. Click on the ‘approve now’ link. You will have to choose between one of two options for approval – either OTP approval or branch approval. OTP approval can take between 4 hours and a day. For branch approval, you must visit your bank branch but it could speed up the time it takes for your beneficiary to be approved.
  5. If you opt for OTP approval, then enter the OTP sent to your mobile phone and click on the ‘Approve’ button.
  6. To check the approval status of your beneficiary, log in to your Internet Banking account and check the status under ‘International beneficiary’.
  7. After your beneficiary is approved, log in to your account in onlineSBI and select ‘International funds transfer’ under payments/transfers.
  8. Fill in the remittance application form and complete submission of the funds transfer request.

Is onlineSBI safe to use?

  • Security and regulation: Government regulated.
  • Established: 1955
  • International presence 31 countries

onlineSBI is part of the State Bank of India, the largest bank in India. It is government-owned and is headquartered in Mumbai. It has a network of over 22,000 branches and operates across time zones through 229 offices in 31 foreign countries. It permits outward remittances under RBI/FEMA regulations.

How does onlineSBI compare to other money transfer services?

If you want to see how onlineSBI compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.

1 - 3 of 3
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise)
USD 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Skrill
Skrill
INR 80
1 day
None
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.
Instarem
USD 1
Within minutes
1%
Instarem offers zero transfer fees on all transfers.
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Compare up to 4 providers

Frequently asked questions about onlineSBI

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2 Responses

    Default Gravatar
    rajarshiAugust 1, 2018

    Hi, I have read your article regarding international money transfer. Its very helpful.

    I want to transfer money from india to bangladesh . What is the best option for transferring money .

    Please help me.

    Regards

    Rajarshi Manna

      Avatarfinder Customer Care
      DebabrataAugust 2, 2018Staff

      Hi Rajarshi,

      Thank you for contacting finder.

      We are glad that you liked our article on International Money Transfers.

      Regarding transferring money from India to Bangladesh, there are two options available:
      1) bank to bank transfers
      and
      2) through money transfer services.

      Please do have a look at our article for more information:
      https://www.finder.com/in/international-money-transfers/send-money-to-bangladesh

      Hope this helps.

      Thanks,
      Deb

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