Personal Finance Money transfer

SBM Bank India International Money Transfer: How-to, Fees, Alternatives

Aditya Shrivastava

03.08.23 (updated more than 1 year ago)

Read time 2 minutes

SBM Bank India is a relatively new bank in India that started operations in 2018.¹ A subsidiary of State Bank of Mauritius, SBM Bank India now has branches in major cities across India.

Read on to learn more about international remittance services offered by SBM Bank India, and alternatives such as Wise for sending money abroad.

📝 International Transfers with SBM Bank India
Receiving money from abroad to your SBM account Send money to India from abroad with SBM Remit Sending money abroad from India with SBM Bank Meet Wise: an alternative to sending money abroad

Receiving money from abroad to your SBM Bank account in India

SBM Bank is connected to the SWIFT network, which allows account holders to receive international wire transfers directly to their bank account in India.

Swift code details of SBM Bank (India) Limited 👉

SBM Bank fees for inward remittances vary depending on the type of payment, as outlined in the SBM Schedule of Charges. In addition, you will also need to account for charges from the foreign bank abroad for sending an international wire transfer to India.

Transfers are converted to INR based on the Foreign Currency Exchange (Forex) Rates published by the SBM Bank. Note that these rates are higher than the mid-market exchange rates you see on Google.

Send money to India from abroad with SBM Remit

Are you an SBM Bank account holder living abroad? NRIs (Non-Residential Indians) who are members of SBM Wealth Club can use to SBM Remit to send money to India.² SBM Remit is a digital remittance service platform that offers preferential rates for SBM Wealth Club members.³

For joining the SBM Wealth Club and to request preferential customer-level pricing on remittance services, contact SBM Bank via the online form here, and a representative will get back to you with more details.

When transferring money internationally, a significant expense you will need to watch out for is the currency conversion rate. SBM Bank publishes its forex rates here, which are higher than the mid-market rate you see on Google - the one Wise uses for currency conversion.

Sending money abroad from India with SBM Bank

⚠️ SBM Bank (India) is currently restricted from outward remittances under Liberalised Remittance Scheme (LRS) as per the Reserve Bank of India (RBI) directive dated 23 January 2023.⁴

SBM Bank is engaging with RBI to resolve the restriction. But for the time being, SBM Bank account holders will need to look at alternatives if they need to send money abroad.

Meet Wise: an alternative to sending money abroad

Need to send money overseas? SBM Bank account holders can send money abroad with Wise, which uses smart tech to make international transfers safe, secure - and cheap.

Wise can help you save⁵ with a transparent low transfer fee and the mid-market exchange rate, which is the same as the one you see on Google.

And if you're living abroad, check out the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Sources used for this article:

Sources verified on 28 July 2023.
Photo by Alexandr Podvalny on Unsplash.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.