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SBI Express Remit Review – Charges, Transfer Time, Status & Registration

SBI Express Remit Review - Charges, Transfer Time, Status & Registration

What is SBI Express Remit Facility?

State bank of India offers remittances services to NRIs via multiple channels. But in this article, we will cover the SBI Express Worldwide Remit facility which enables NRI to send money to the beneficiaries holding accounts in India.

SBI offers a web-assisted remittance service to send money to their loved ones in India across the world using the CIP (Customer Initiated Payments) mode of money transfer. This facility is available for 39 currencies across the world. This service is referred to SBI Express Worldwide.

Here is the list of acceptable 39 currencies from where you can send the money to the beneficiary account in India:

AEDUnited Arab Emirates DirhamKWDKuwaiti Dinar
AUDAustralian DollarLTLLithuanian Litas
BGNBulgarian LevLVLLatvian Lats
BHDBahraini DinarMADMoroccan Dirham
CHFSwiss FrancMURMauritius Rupee
CZKCzech Republic KorunaMXNMexican Peso
DKKDanish KroneNOKNorwegian Krone
DZDAlgerian DinarNZDNew Zealand Dollar
EEKEstonian KrronOMROmani Rial
EXPEgyptian PoundPLNPolish Zloty
EUREuroQARQatari Rial
GBPGreat Britain PoundRONRomanian Leu
HKDHong Kong DollarSARSaudi Arabian Riyal
HRKCroatian KunaSEKSwedish Krona
HUFHungarian ForintSGDSingaporean Dollar
ILSIsraeli ShekelTHBThai Baht
ISKIcelandic KronaTNDTunisian Dinar
JODJordanian DinarTRYTurkish New Lira
JPYJapanese YenZARSouth African Rand
KESKenyan Shilling
Source: SBI

Apart from these 39 currencies, SBI also offers remittance services to NRIs located in the UK, Canada, Middle East & Gulf countries.

Also Read Sovereign Gold Bond: Best Returns on Gold Investment | 2022 Dates

Charges with Terms and Conditions

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Here are a few conditions which you should be aware of before remitting the money from outside India:

1) In a single transaction, the max you can remit in your local currency is up to USD 10000 to the beneficiary account with SBI.
2) In case your beneficiary is holding an account with other banks, then you can remit in your local currency up to USD 5000 in a single transaction.
3) Minimum amount of remittance in your local currency is capped at USD 50.

Current Charge Applicability

Remittance AmountFee for Direct CreditFee for Credit to other Banks
Up to the equivalent of USD 500No chargesRs. 6
Above equivalent of USD 500No chargesNo charges
Source: SBI

4)These charges are subject to change as per the SBI facility from time to time.

Remittance AmountService Tax Rate (% on the gross amount of currency exchange)Min AmtMax Amt
Up to Rs.1000000.12%Rs.30Rs.120
Between Rs.100000 and Rs.10000000.06%Rs.120Rs.600
Above 10lac0.012%Rs.660Rs.6000

5) Above all, you pay an education cess of 3% on service tax on each transaction.

Also Read SBI Gold FD – Features | Types | Interest Rate | Applying Procedure

Transfer Time

It takes hardly one business day to remit your money in the beneficiary account. Registration of the user on the website. is a onetime activity that requires the user to provide his/ her particulars and set login credentials:

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SBI Express Remit Registration

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To Register yourself for this service follow the simple steps:

  1. Visit the url: https://remit.onlinesbi.com/glsww/
  2. Click on sign up option.
  3. Fill your First and last name, email address, password, confirm your password, capture the Captcha.
  4. Accept their tnc and proceed to next.
  5. Key in your personal details like title, citizenship,occupation and annual income details.
  6. Enter your residential details and verify the same.
  7. Click on next button and identify document details.
  8. Upload your document and verify the contact details.
  9. Registration approval by SBI GLS after proper verifications and validations.
  10. Registration of the beneficiaries on the website post login.
  11. Initiation of funds transfers requests.
  12. Processing of remittance instructions by GLS after due regulatory checks.
  13. Affording credit to the beneficiary either by way of direct credit, RTGS, or NEFT.

Also Read SBI Realty Home Loan : Eligibility, Interest Rate, Features & Benefits

Transfer Status

Post you initiate fund transfer you get a unique transfer reference number that is alphanumeric in nature. This number can be used to track the status of the remittance at any time on the website: https://remit.onlinesbi.com/

Also Read State Bank of India – Gold Coins Scheme | Features | Benefits | FAQs | 2021

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