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, banking; you can check your account details 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 these things. Now it’s possible to transfer funds anywhere using internet banking service provided by your bank. Currently, all banks, who have overseas branches, offer outward remittance facility with very minimum fees (approx. USD 10 per transaction). In this tutorial, we’ll be discussing on how to transfer funds from India to abroad using SBI internet banking.
State bank of India has started internet-based Forex Outward Remittance facility for its customers. SBI retail online banking customers can avail this facility to transfer funds internationally. This facility allows you transfer funds to designated geographical locations and you can send up to USD 2000/- per transaction pertaining to mentioned remittance reasons.
- You should have activated SBI net banking facility on your account number with full transaction rights. If you’ve not activated it yet then read this post “How to activate SBI net banking online?”
- 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.
Suggestion: Keep in touch with the beneficiary while transferring funds so if you need any further details then he/she would be available there.
Steps to Transfer Funds from SBI to Overseas Banks:
To transfer funds overseas, you would need to register receiver (person whom you want to send money) as a beneficiary in your e-banking service, thereafter, you can send him/her money. To make it simple, we have divided this funds transfer process into two steps:
- Add an international beneficiary
- Transfer Funds to beneficiary after approval
1. Add an international beneficiary
Note: This is a one-time process, which means you would not need to repeat it every time you transfer money.
- First of all, you would need to add an international beneficiary in your beneficiaries list to transfer funds abroad from your bank account. To do so, login to your internet banking service.
- From internet banking homepage, click on profile tab.
- From the sidebar, click on manage beneficiary.
- In the next step, click on international beneficiary link.
- In the next page, a page will appear on your computer screen. You would need to enter all asked details of the beneficiary.
- After filling out the form, click on register.
- In the next step, you would need to enter high security password to confirm your submission. You will receive it on your registered mobile number.
- Upon entering 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 press on approve now link and then you will be able to see two options for approval: a) branch approval, and b) OTP approval. Branch approval instantly approves beneficiary whereas OTP takes some time say 4 hours or a day (depends 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.
- 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.
2. Transfer Funds to international beneficiary
- Once beneficiary gets approval from your bank (read last step of above section to check status of approval), you can transfer funds to him/her.
- Now to send money, click on payments/transfers and then select international funds transfer (from the side panel).
- In the same way, follow the next steps to complete your funds transfer request.
Note: International fund transfer takes 5-7 days once initiated.