onlineSBI international money transfers review

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

• Step 1: Visit the onlineSBI website

  You will need to visit onlineSBI’s website to download the registration form to apply for the Internet Banking facility.

• Step 2: Complete and submit the form

  Next you will need to complete the form and hand it in to the SBI branch where you hold an account.

• Step 3: Collect your Internet Banking Kit

  The branch officer will guide you through the registration process and issue you with an Internet Banking Kit.

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?

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.

• Where is onlineSBI regulated?

  Country	Regulated by
  India	Reserve Bank of India

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.

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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.	Go to site More Info		loading Fetching your data...
Skrill		INR 80	1 day	None	Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.	Go to site		loading Fetching your data...
Instarem		USD 1	Within minutes	1%	Instarem offers zero transfer fees on all transfers.	Go to site More Info		loading Fetching your data...

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Frequently asked questions about onlineSBI

• Can a non-SBI account holder use this service?

  No. Only Indian residents who have held an SBI savings account for more than a year (with transaction rights in their onlineSBI account) can use this service.

• What is the maximum number of beneficiaries I can transfer money to with onlineSBI?

  The maximum number of beneficiaries you can add to your onlineSBI account is seven.

• Can I add multiple beneficiaries to my onlineSBI account at a time?

  No, you can only add a single beneficiary each day. You will also need to have your beneficiary approved either via OTP approval or branch approval.

• How much does SBI charge for an international money transfer?

  For each international remittance through onlineSBI, you will be charged the equivalent of USD10 in Indian rupees, rounded off to the nearest rupee. Use our comparison table to see how this compares with other money transfer providers.

• What are SBI's FOREX charges?

  SBI's FOREX rates are updated every working day on its website. Keep in mind that banks and money transfer providers usually add a margin on top of the mid-market exchange rate on international transfers.

• How can I transfer money from SBI to an international bank?

  You can use onlineSBI to send money overseas. However, SBI is limited when it comes to what currencies it supports, so you may have to look at other providers if you want to remit money in other currencies.