SBI Foreign Exchange Rate Services and Features

SBI offers a wide range of foreign exchange rate services that cater to individual and corporate customers. The bank provides competitive exchange rates and a hassle-free experience.

SBI's online platform allows customers to check the latest foreign exchange rates and place orders 24/7. This feature is available on the bank's website and mobile app.

SBI's foreign exchange services include remittances, bill payments, and currency exchange. The bank has a vast network of branches and ATMs across the country.

SBI also offers a facility for customers to book a foreign exchange order in advance, which can be collected at a later date. This feature is especially useful for customers who need to travel abroad.

Related reading: Sbi Mutual Fund Interest Rate Today

SBI foreign exchange rates are set by the bank itself and change daily. You can find the current rates by Googling "SBI foreign exchange rates" and visiting their daily rates page.

SBI's foreign exchange rate is different from the mid-market exchange rate, which is the most transparent exchange rate and doesn't have a markup. This means SBI can sneak in a small fee on every Rupee converted.

For more insights, see: Sbi Housing Loan Interest Rate

The mid-market exchange rate is what you usually see on Google, and it's what banks use between themselves. To give you an idea of the difference, let's compare exchanging ₹100,000 for US Dollars at the SBI exchange rate and the mid-market exchange rate.

Here's a comparison of the exchange rates:

Just by using the mid-market exchange rate, you can send over $15 USD more than with State Bank of India, in this particular example.

The SBI exchange rate is not the same as the mid-market rate, and that's where the savings come in. The mid-market rate is the most transparent exchange rate, used by banks between themselves.

You can find the SBI foreign exchange rate by Googling 'SBI foreign exchange rates', which will lead you to their daily rates page. The rate changes daily.

The SBI exchange rate is weaker than the mid-market rate, allowing them to sneak in a small fee on every Rupee converted. This fee is not openly disclosed.

Here's a comparison of the SBI exchange rate and the mid-market rate for converting ₹100,000 to US Dollars:

By using the mid-market exchange rate, you can send over $15 USD more than with State Bank of India, in this particular example.

If you're planning to send money to India using SBI Canada Bank's Internet Banking or YONO SBICA, you'll be happy to know that there's no transaction fee involved. Zero Transaction Fee for sending money to India using SBI Canada Bank's Mobile Banking Application – YONO SBICA or Internet Banking facility.

The exchange rates for money transfers made digitally through YONO SBICA or Internet Banking are as follows:

Please note that these rates are applicable only for money transfers made digitally, and exchange rates for branch transactions may differ.

SBI foreign exchange transactions come with various alerts and fees that you should be aware of.

You'll receive a notification when your account balance falls below the required margin for a foreign exchange transaction, which is typically 20% of the transaction amount.

SBI charges a conversion fee, which is a percentage of the transaction amount, for converting your money to a foreign currency.

There's also a service charge, which is a fixed amount per transaction, that SBI levies for facilitating your foreign exchange transaction.

You'll need to pay a margin call fee if you're unable to meet the margin requirements for a foreign exchange transaction.

SBI's foreign exchange fees can be significant, so it's essential to factor them into your overall cost when making a transaction.

You can exchange foreign currency at SBI, either in person, online, or using a travel card, depending on your needs.

SBI has specific branches across the country, primarily in Tier 1 cities, that are foreign exchange approved. These branches typically have limited options for exchanging Indian Rupees into foreign currencies, but they usually have Pound Sterling, US Dollars, and Euros on hand.

To exchange currency in person, you'll need to be an SBI account holder and have the required documents with you. You can also bring documents to open an account with you to the bank.

You can send up to 91 different currencies through Remittance from India, which is an online system available at every SBI branch. The cap for sending money is the lesser of Rs. 20 lacs or $25,000 USD.

If you want to send money online from India, you can use the SBI Retail Online Banking platform, but you'll only be able to send money in USD, GBP, EUR, AUD, and SGD. The cap for online transactions is the lesser of Rs. 10 lacs or $25,000 USD.

You can also use the SBI Multi Currency Travel Mastercard, which allows you to load and spend foreign currency for travel or online shopping. The card can be filled with US Dollars, British Pounds, Euros, Singapore Dollars, Australian Dollars, Canadian Dollars, or UAE Dirham.

Here are the primary currencies typically available at an SBI branch:

And here are the currencies you can send through Remittance from India:

Transaction fees can be a real pain when you're trying to send money abroad. The SBI foreign transaction fee varies depending on the service you use. For example, if you exchange money at an SBI branch, the transaction fee is not specified, but it varies depending on the currency and amount.

Remit SBI Online charges a foreign currency conversion fee of ₹250. On the other hand, using the SBI Multi-Currency Travel Mastercard comes with a reload fee of ₹100 to start, and ₹50 afterwards.

Here's a breakdown of the fees associated with SBI's foreign exchange services:

It's worth noting that SBI's fees can add up quickly, especially if you're making multiple transactions. Be sure to factor these fees into your budget when planning your international money transfers.

The SBI exchange rate is different from the mid-market exchange rate, and it's not always in your favor. SBI sets their own foreign exchange rate for any currency conversions, and it changes daily.

You can find SBI's daily rates by Googling 'SBI foreign exchange rates', which should lead you to their daily rates page.

Their exchange rate is weaker than the mid-market rate, allowing SBI to sneak in a small fee on every Rupee converted.

Here's a comparison of SBI's exchange rate with the mid-market rate for exchanging ₹100,000 for US Dollars:

Just by using the mid-market exchange rate, you can send over $15 USD more than with State Bank of India in this particular example.