Today I am going to walk you through SBI international money transfer step by step process. Bank customers can avail State Bank of India Forex Outward Remittance facility to send money to their loved ones who are living aboard.
This era of technology and internet has changed the way we live, spend, and communicate. Technology and internet bring everything at your fingertips for example net banking enables you check your account details, download account statement and send money to loved ones anywhere and anytime from within the comfort of your home or office.
Banking sector has been evolved very rapidly just because of digitization. Now it’s possible to transfer funds globally using SBI international money transfer, which can be accessed through internet banking service provided by your bank or by visiting home bank branch.
Currently, all banks, who have overseas branches, offer Forex Outward Remittance facility with very minimum fees (approx. $10 per transaction).
In this tutorial, we’ll be discussing on how to transfer money from SBI to international bank using SBI internet banking.
State Bank of India has started internet-based Online Forex Outward Remittance facility, which lets customers transfer money to international banks or overseas branches, for its customers.
SBI retail online banking users can avail SBI international money transfer facility to send money internationally. This facility allows you transfer fund to designated geographical locations. Users can transfer up to $2000 per transaction and $8000 per month, $96000 per year.
Under the guidelines of Reserve Bank of India’s Liberalized Remittance Scheme, bank allows its customers send money abroad for the mentioned reasons in the FEMA.
Who can avail SBI international money transfer facility?
Individuals residing in India having State Bank of India bank account along with retail banking facility can SBI international money transfer facility to send money nationally or internationally. Here are the requirements:
- Individual should be a resident of India.
- He/she should hold an account with the bank.
- Retail internet banking facility should be activated on the account having transaction rights and maintained the bank a/c for a minimum period of one year prior. – Not activated SBI net banking? Then read this post, “SBI online banking registration” to activate the service.
- Permanent Account Number (PAN) should be linked to customer’s bank account.
Limitations, charges and process
- In terms to transfer money from SBI to international bank, the user will be required to add international payee as a beneficiary to his bank account. And wait for beneficiary approval from the bank which takes up to 4 hours on working days.
- During the first 5 days of beneficiary approval, users are not allowed to send more than remittance of ₹50000 (Indian rupees) for security reasons. Thereafter, up to $2000 can be sent for per transaction and $8000 per month.
- The objective of online Forex Outward Remittance should be according to RBI’s guidelines and customer will be responsible for global regulatory compliance such as FEMA, RBI, and the like.
- You should have following details of beneficiary: Name, bank account number, phone number, address, email id, DOB, place of birth, and an identity proof’s number etc.
- After adding the beneficiary, in Payments & Transfer section, select International Beneficiary for SBI international money transfer.
- You will also need to obtain SWIFT or Bank Identified Code (BIC) from the beneficiary. It’s just like IFSC code but for international wire transfer.
- As of now following countries are available for Forex Outward Remittance: United States of America (USA), Australia, New Zeland, United Kingdom (UK), Canada, Singapore, France, Germany, Japan, Hongkong, South Africa. Note: Remittance in forex to Nepal, Bhutan, Pakistan and Mauritius is restricted under RBI/ FEMA regulations.
- SBI international money transfer charges are $10 (USD) per remittance.
- Read this SBI FAQ page for more details.
Suggestion: Keep in touch with the beneficiary while transferring funds so if you need any further details then he/she would be available there.
Read, “Is online banking safe?“
Steps for SBI international money transfer
To transfer money from SBI to international bank, you would need to register receiver (person whom you want to send money) as a beneficiary in your State Bank of India net banking service, thereafter, you can send him/her money. To make it simple, I’ve divided this SBI international money transfer process into two steps:
- Add an international beneficiary in SBI
- Initiate Fund Transfer Fund
Add an international beneficiary
Before you send money to someone internationally, it’s mandatory to add payee as a beneficiary and wait for approval. Bank made it mandatory to safeguard your account from fraudsters.
Note: This is a one-time process, which means you would not need to repeat it every time you transfer money.
Login to your internet banking service using your username and login password. From internet banking homepage, click ‘Payments / Transfers’ tab. Or alternatively as shown in below screenshot, click on ‘My Accounts & Profile’.
Click on ‘Add & Manage Beneficiary’. Then enter your SBI profile password and hit Submit.
In the next step, from the list of options, click ‘Foreign Outward Remittance Beneficiary’ or in case of NRE select ‘Outward Remittance Beneficiary for NRE / FCNR (B) Account’.
Next, a page will appear on your computer screen. You would need to enter all asked details of the payee’s bank account including SWIFT wire transfer code.
After filling out SBI international beneficiary add form, click on Register.
In the next step, you would need to enter high security password to confirm your beneficiary request. You will receive it on your registered mobile number.
Upon entering the OTP, you’ll be able to read a successful submission message and at the same page you could see ‘Approve now’ link, underneath the message.
Now click on ‘Approve now’ link and then you will be able to see two options for approval: a) Approve through ATM (IRATA) and b) OTP approval. ATM approval instantly approves beneficiary whereas OTP takes some time say 4 hours or a day (depending upon the time slot). If you’re not in urgency then opt one time password (OTP).
After selecting OTP, a high security password will be sent to your registered mobile number. Once you receive it, just enter it and press ‘Approve’ button.
That’s it. We’ve successfully added an international beneficiary in SBI.
Now wait for approval, which usually takes few hours or a day.
To check beneficiary approval status, go to Profile – Manage Beneficiary – International Beneficiary – click on Approve tab under International Beneficiary section – read the status approved or pending.
Initiate SBI international money transfer
Once beneficiary gets approval from your bank (read last step of above section to check status of approval), you’re ready for SBI international money transfer.
- For SBI wire transfer from India to Canada, click on ‘Payments / Transfers’.
- Then select ‘International Funds Transfer’.
- Enter the amount you want to send.
- Select radio button next to the beneficiary account number.
- Accept terms and conditions and then hit Submit.
- In the same way, follow the next steps to complete your funds transfer request and finally enter the one time password received on your mobile to authorize SBI international money transfer.
Note: State Bank of India international fund transfer takes 5-7 days excluding holidays, once initiated.