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SBI-eRemit international money transfers review

Send money to India with this convenient online service.

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Quick verdict

Good for
  • Sending INR to India
  • Large transfers
  • Ease of use
Not so great for
  • Sending currencies other than INR
  • Alternative payment methods
  • Cash pick-ups

SBI-eRemit exchange rates and fees

SBI-eRemit adds a margin on top of the mid-market exchange rate before selling foreign currency to you. At the time of writing (February 2019), eRemit transactions are free for a limited period. DBS2SBI transactions are charged at S$15 per transaction.

Compare other services that send money to India.

What types of transfers can you make with SBI-eRemit?

SBI-eRemit only offers one transfer type:

  1. Bank transfer. You can send money to a bank account anywhere in India if you have a DBS/POSB/Standard Chartered/UOB/OCBC or Citibank (members of the eNets Bank) account. After depositing funds with SBI-eRemit, they will then be transferred to your recipient’s bank account.

How long does a transfer with SBI-eRemit take?

Transfer times vary depending on the type of bank account you’re remitting to:

  • For transactions to State Bank Group branches: Your beneficiary will receive the funds in 1 working days.
  • For transactions to NEFT enabled bank branches: Your beneficiary will receive the funds in 2 working days.

Which payment methods does SBI-eRemit accept?

You’ll need to pay for your transfer from your bank account through the eNets payment gateway, where you can select the bank of your choice (DBS/POSB/Citibank/Standard Chartered/OCBC and UOB) for payment. To authorise the transfer, you need to use the selected bank’s Internet Banking user ID and password. Once the transfer is completed, you will receive a transaction reference number.

    Is SBI-eRemit safe to use?

    • Security and regulation: Regulated by the Monetary Authority of Singapore (MAS)
    • Established brand: Service offered by India’s largest bank – the State Bank of India
    • Fees: Transparent fee structure

    SBI-eRemit is an online money transfer service operated by the State Bank of India. The SBI-eRemit website says the service is regulated by the Monetary Authority of Singapore (MAS). The service also claims to offer end-to-end encryption and industry-level database protection in order to ensure the security of your personal information.

    How does SBI-eRemit make money?

    SBI-eRemit makes money in two ways:

    • By charging transfer fees (when the fee-free promotion is over).
    • By adding a margin on top of the mid-market exchange rate. The mid-market rate is the “real” exchange rate – the rate you see listed on Google or currency conversion websites like XE.

    How to register an account

    You can register for an SBI-eRemit account at any SBI branches. Bring along your NRIC or passport, as well as your valid work permit (for foreigners). For DBS2SBI transactions, you can apply by scanning and emailing a duly filled online Remittance Application Form to remittance@sbising.com, along with a copy of your NRIC/passport, work permit and your DBS/POSB account statement.

    Upon successful registration, the e-Remit user ID and password will be issued to you through email.

    How do I make an international money transfer with SBI-eRemit?

    You can send an online transfer by completing the following steps:

    1. Visit the SBI-Eremit website and log in to your account.
    2. Click on “Overseas Remittance”.
    3. Enter the details of your transaction, including the amount you wish to send, as well as your recipient’s bank account details.
    4. Review the details of your transaction, including the exchange rate and fee, before sending your transfer request.

    What is SBI-eRemit?

    SBI-eRemit is an online money transfer service designed to allow users to send international money transfers to India. The service is offered by State Bank of India, which can be used by all Singapore citizens/permanent residents and foreigners with a valid employment pass. Users are required to register as SBI-eRemit customers with SBI Singapore before they can use the facility.

    The State Bank of India is India’s largest bank and a Fortune 500 company. Its history can be traced back to the early 1800s and the SBI group has a presence across more than 30 countries.

    In a nutshell

    Pros
    • Sending money to India. This service offers competitive exchange rates and faster processing times when sending money to India (as opposed to sending another currency).
    • Fee-free transfers. At the time of writing (February 2019), SBI-eRemit transactions are free for a limited period.
    • Easy to use. Sending a transfer from the SBI-eRemit online transfer platform is relatively simple and straightforward to use.
    Cons
    • Sending other currencies. You can’t send currencies other than INR with SBI-eRemit at the moment.
    • S$15 fee for DBS2SBI transactions. Transferring via DBS2SBI will cost you S$15 per transaction.
    • Bank transfers only. If you want to pay with cash or credit/debit card, or if you want the convenience of an instant cash or mobile money transfer, you’ll need to consider other transfer providers.

    How does SBI-eRemit compare to other providers?

    If you want to see how the exchange rates, fees and transfer times offered by SBI-eRemit compare to those of other money transfer services, check out the comparison table below.

    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    SGD 5 1 - 2 days SGD 3.00 55.3 INR
    552,838
    Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
    CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
    Go to site Show details
    SGD 0 Same day SGD 4.99 54.989 INR
    549,616
    Special offers like free transfers and better exchange rates available for new customers.
    Remitly has quick, affordable transfers around the world, with both express and economy options.
    Go to site Show details
    SGD 1 1 day SGD 40.00 55.601 INR
    553,782
    Pay no fees on your first two transfers, up to S$3000.
    SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
    Go to site Show details
    SGD 1 1 - 2 days SGD 60.00 55.601 INR
    552,670
    Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
    SGD 250 1 day SGD 0.00 55.378 INR
    553,783
    Send guarantees to match any competitor's exchange rate. T&Cs apply.
    Send has fee-free transfers in 30+ currencies to over 200 countries.
    Go to site Show details
    SGD 1 Same day SGD 3.99 55.35 INR
    553,284
    Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
    WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
    Go to site Show details
    SGD 250 1 day SGD 0.00 55.378 INR
    553,783
    Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
    OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
    Go to site Show details
    SGD 200 2 days SGD 50.00 55.156 INR
    548,801
    Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
    InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
    Go to site Show details

    Compare up to 4 providers

    Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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