Are you an SBI account holder who is looking to do international remittance from India?
In this article, we’ll show you how to transfer money abroad from SBI online.
You’ll get to know all the required details such as the process, charges, pros/cons of conducting an international transaction via SBI online, and time taken for the transfer etc.
We’ll also suggest an alternative option for you to send money abroad, which is cheaper, more convenient, and faster!
SBI Online International Money Transfer Process
1. Add Details of Beneficiary Abroad
- Login to your SBI Online account – SBI Personal Banking Login
- Under the tab “Payments / Transfers”, choose “Add & Manage Beneficiary”
- Click on “Foreign Outward Remittance Beneficiary”
- Add Beneficiary Details
2. Initiate International Money Transfer
- Choose the option “More” under the “Payments/Transfers” tab
- Select “International Funds Transfer”
- Click on “Foreign Currency Transfer/Remittance”
- Select the Beneficiary, confirm the exchange rate, currency and amount to be transferred
- Select Intermediary/Beneficiary bank charge type, source of funds and destination country.
1. Choose the option “More” under the “Payments/Transfers” tab 
2. Select “International Funds Transfer” 
3. Click on “Foreign Currency Transfer/Remittance” 
4. Select the Beneficiary, confirm the exchange rate, currency and amount to be transferred 
5. Select Intermediary/Beneficiary bank charge type, source of funds and destination country
Note: Before starting this process you need to know the following Beneficiary Details
Required Beneficiary Details For Money Transfer Abroad
1. Beneficiary Bank Account Number / IBAN Number
2. Beneficiary Bank, Branch & Address
3. Beneficiary Bank BIC Code / Routing Number / Sort Code
4. Beneficiary Name (should match both their foreign bank account and passport)
5. Beneficiary Address (as given in their bank abroad)
6. Beneficiary Date of Birth (from their passport)
7. Beneficiary Place of Birth (from their passport)
8. Beneficiary Phone Number
Also Read: What Is IBAN Number and Why You Need It To Transfer Money Abroad?
SBI International Money Transfer Charges
| No. | Charges | Amount |
| 1 | Exchange Rate | 1-3% Markup over interbank rate (Google rate) Ex: 80 paise to 2.5 Rs extra per USD transferred |
| 2 | Intermediary / Beneficiary Bank Charge Intermediary Bank Charge Fully Explained | USD 15-30 Equivalent INR 1000-2500 |
| 3 | Service Fee | INR 299 – 550 |
| 4 | GST | GST Rates on Forex Transactions in India 1. Transfer Amount < INR 1 Lakh: GST INR 45 – 180 2. Transfer Amount between INR 1 – 10 Lakh: GST INR 180 – 990 3. Transfer Amount > INR 10 Lakh: GST INR 990 – 60,000 |
Ex: On a transfer of USD 10,000 (~INR 8,45,000) for study abroad in the USA, these will be the extra charges;
- Exchange Rate: INR 8000-25000
- Intermediary / Beneficiary Bank Charge: INR 1000-2500
- Service Fee: INR 299-500
- GST: INR 850
Total extra charges to be paid = ~INR 10,150 – 28,850 (this is the typical range, the exact amount depends on the exchange rate).
Pros & Cons of Doing an International Transfer From SBI Online
Pros
- Simple Online Process: You can send money abroad without stepping into a branch—everything is done online.
- Global Reach: SBI supports transfers to over 200 countries, giving you plenty of options.
- Reliable and Secure: Dealing with a trusted bank like SBI provides a sense of safety.
Cons
- Costly: SBI adds a markup of 1-3% on the exchange rate, making your transfer more expensive than necessary.
- Slow: Be prepared to wait 2 to 5 working days for your money to reach its destination. This includes time for adding a beneficiary and getting approval.
- Not Available for New Accounts: If your SBI account is less than six months old, forget about transferring money internationally. This option isn’t available immediately for new customers.
- Limited Transfer Amounts: If you need to send more than INR 5 lakhs, SBI online isn’t the best choice. You can only send up to INR 5,00,000 in the first four days after adding a new beneficiary. Even after that, the daily limit is USD 25,000 (around INR 21 lakhs). If you’re sending more, this method won’t work.
- Not for Large Transfers: Given these limitations, if you’re planning to transfer a large amount, look elsewhere.
Think carefully about these points before deciding to use SBI’s online service for your international transfer.
Also Read: 8 Mistakes To Avoid When Transferring Money From India
Why You Should Choose ExTravelMoney For Sending Money Abroad
ExTravelMoney is an online aggregator of banks and RBI-approved money changers in India. At ExTravelMoney.com, we specialise in international money transfers, making it cheaper, convenient and safe for our users.
| SBI | ExTravelMoney | |
| Exchange Rate Margin | 1 to 3% | 0.5 to 1% |
| Speed of Transfer | 2 to 5 working days | 4 to 48 working hours |
| Expert Guidance | Minimal support. You’re on your own for adding beneficiaries and initiating transfers. | Get dedicated expert guidance from our customer support team, ensuring a smooth and error-free transaction. |
| Safety | Safe | Safe – All transactions are facilitated by banks and leading RBI-authorized money changers partnered with ExTravelMoney. |
1. Compare Exchange Rates
Don’t limit yourself to just one provider like SBI. Use ExTravelMoney.com to compare exchange rates from various banks and money transfer services. We have partnerships with leading banks and money changers who offer “Wholesale Exchange Rates”—often cheaper than what you’d get directly from a bank.
2. Transfer Money Fast
With ExTravelMoney, your money reaches its destination faster, typically within 4 to 48 working hours, unlike the 2 to 5 days it might take with traditional banks like SBI.
3. No Need For New Account Creation
There’s no need to open a new account or meet any minimum balance requirements to use our service. Simply use your existing bank account to initiate a transfer.
4. No First-Time or Daily Limits on Transfers
Unlike SBI, which imposes a daily transfer limit and restrictions for new beneficiaries, ExTravelMoney has no such constraints. You can transfer as much as you need within the USD 2,50,000 equivalent RBI LRS limit.
Transferring money abroad using SBI’s online platform is a straightforward option for many, especially if you value the security of dealing with a well-known bank. However, it comes with certain limitations like higher costs, slower processing times, and restrictions on new accounts and large transfers. If you’re looking for a more cost-effective, faster, and more flexible option, ExTravelMoney.com offers a compelling alternative. With lower exchange rate margins, faster transfer speeds, and fewer restrictions, ExTravelMoney can help you save time and money while ensuring a smooth, hassle-free experience.
Frequently Asked Questions
Also Read: How Wire Transfer From India to Abroad Actually Works
Subhash, with over 8 years of experience as a content writer in the finance niche, is the head of content at ExTravelMoney.com. His expertise spans international remittance, currency exchange, RBI regulations, and travel abroad, simplifying complex financial topics, and transforming them into accessible and engaging content.