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:
|United Arab Emirates Dirham
|Czech Republic Koruna
|New Zealand Dollar
|Great Britain Pound
|Hong Kong Dollar
|Saudi Arabian Riyal
|Turkish New Lira
|South African Rand
Apart from these 39 currencies, SBI also offers remittance services to NRIs located in the UK, Canada, Middle East & Gulf countries.
Charges with Terms and Conditions
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
|Fee for Direct Credit
|Fee for Credit to other Banks
|Up to the equivalent of USD 500
|Above equivalent of USD 500
4)These charges are subject to change as per the SBI facility from time to time.
|Service Tax Rate (% on the gross amount of currency exchange)
|Up to Rs.100000
|Between Rs.100000 and Rs.1000000
5) Above all, you pay an education cess of 3% on service tax on each transaction.
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
To Register yourself for this service follow the simple steps:
- Visit the url: https://remit.onlinesbi.com/glsww/
- Click on sign up option.
- Fill your First and last name, email address, password, confirm your password, capture the Captcha.
- Accept their tnc and proceed to next.
- Key in your personal details like title, citizenship,occupation and annual income details.
- Enter your residential details and verify the same.
- Click on next button and identify document details.
- Upload your document and verify the contact details.
- Registration approval by SBI GLS after proper verifications and validations.
- Registration of the beneficiaries on the website post login.
- Initiation of funds transfers requests.
- Processing of remittance instructions by GLS after due regulatory checks.
- Affording credit to the beneficiary either by way of direct credit, RTGS, or NEFT.
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/