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How To Send Money Abroad From SBI To Foreign Bank Account Online?

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Customers of SBI may send money to friends, relatives, and others who live in other countries. Many people have found this service to be highly beneficial. One of the most popular methods is to use the net banking function to make an online money transfer. The Reserve Bank of India (RBI) regulates money transfers from India to other countries under the Liberalized Remittance Facility for Resident Indians, which allows forex outward remittances of up to USD 250,000 per financial year, subject to certain restrictions.

 

To send money abroad with SBI, you must have been a customer for at least one year and have a KYC-compliant account with your PAN number updated. In addition, your internet banking account should have transaction rights activated.

The State Bank of India has launched an internet-based Online Forex Outward Remittance facility for its customers, which allows them to send money to foreign banks or overseas branches.

How to Add International Beneficiary to Send Money Abroad?

How to Add International Beneficiary to Send Money Abroad?

First and foremost, if you want to use the net banking function to send money internationally, you must first add and authorize your beneficiary.

Step 1: Visit the SBI website and Log in using your credentials

Step 2: Click on 'Payments/Transfers'

Step 3: Or Click on My Accounts & Profile

Step 4: Click on Add & Manage Beneficiary

Step 5: Enter your SBI profile password and hit Submit

Step 6: Select 'Foreign Outward Remittance Beneficiary' or in case of NRE select 'Outward Remittance Beneficiary for NRE / FCNR (B) Account'.

Step 7: Enter International Beneficiary details - Payee's bank account including SWIFT wire transfer code.

Step 8: Click on Register.

To validate your beneficiary order, you will need to enter a high-security password. OTP will be sent to your registered mobile phone number.

You'll see a successful submission message after entering the OTP, as well as a 'Approve now' connection underneath the message on the same page.

How to Approve International Beneficiary for Transfer From SBI to Foreign Account?
 

How to Approve International Beneficiary for Transfer From SBI to Foreign Account?

A high-security password will be sent to your registered mobile number after you select OTP option. Simply enter it and click the 'Approve' button once you've received it. Approval of an OTP can take anything from 4 hours to a day. If you choose this option, an OTP will be sent to the mobile number associated with your SBI account. The beneficiary will be accepted after entering the OTP.

Step 1: Visit SBI net banking login page

Step 2: Tap "Payments/Transfers".

Step 3: Click on "Foreign Outward Remittance Transfer"

Step 4: Select on the "Resident Indian" link.

Step 5: Tick mark the check box and click on "Proceed"

Step 6: Click on "Approve".

Step 7: Enter your profile password and click on "Submit".

How to Send Money from SBI to Foreign Bank Account Online?

How to Send Money from SBI to Foreign Bank Account Online?

Step 1: Visit the SBI website and Log in using your credentials

Step 2: Click on 'Payments/Transfers'

Step 3: Select option 'International Fund Transfer' and click on it

Step 4: Choose 'Foreign Currency Transfer/Remittance New' to initiate the process.

Step 5: Accept the Terms and Conditions and click the proceed button

Step 6: Select the beneficiary

Step 7: Enter the amount

Note: You must enter the amount, the pan number, the remittance intent, and the source of funds. After you've finished reading, press the button that says "I agree."

Step 8: Click on Proceed

Step 9: Authorise the OTP received on your mobile

The wire transfer normally takes 2 to 7 business days to enter the intended recipient's bank account.

SBI International Transfer Charges

SBI International Transfer Charges

  • Foreign Currency Conversion Fees of Rs 250 will be levied.
  • Up to Rs.1 Lakh: 1% of the total amount of currency traded for Rs.1 lakh, subject to a minimum of Rs.250/-
  • Between Rs. 1 lakh and Rs. 10 lakh: Rs. 1000 plus 0.5 percent of the total amount of currency exchanged for a number of rupees.
  • Above Rs. 10 lakhs: Rs 5000 for amounts greater than ten lakhs rupees Plus 0.10 percent of the gross sum of currency exchanged for a number of rupees greater than ten lakhs, up to a limit of Rs. 60,000/-.

For security purposes, users are not permitted to submit more than a remittance of 50000 (Indian rupees) within the first five days after beneficiary approval. After that, you can send up to $2000 per transaction and $8000 per month. The beneficiary's SWIFT or Bank Identified Code (BIC) will also be needed.

The United States of America (USA), Australia, New Zealand, the United Kingdom (UK), Canada, Singapore, France, Germany, Japan, Hong Kong, and South Africa are currently eligible for Forex Outward Remittance.

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