Regardless of whether you are travelling abroad for business or taking an international vacation, exchanging currency is imperative.
At SBM Bank, we aim to provide services that extend beyond just banking, including meeting your forex requirements when you travel outside the country. We offer an array of forex services that allow you to continue your sojourn without taking on the stress of currency exchange and cross-border fund transfers.
If expenses incurred while exchanging currency seem unreasonable, then we have just the solution for your concerns. We offer forex rates that are not only feasible but also backed by globally accredited currency rate providers. Our international partners ensure that you can avail of currency rates that do not put unnecessary strain on your finances as you travel abroad.
Make sure that you get the most out of your currency and international transactions with SBM Bank’s attractive forex rates. Take a look at our exchange rates here.
Inward remittance is an essential service that allows individuals to receive money from family members or associates working abroad. By acting as a source of income, it supports families in areas of household consumption, education, healthcare, etc. Our inward remittance services ensure that funds are transferred securely and efficiently across borders, and. are accompanied by competitive exchange rates, low fees, and various payout options such as direct deposits into bank accounts or cash pick-up services. Additionally, we enable easy tracking and management of the funds. SBM Bank offers secure, fast, and affordable solution to meet the remittance needs of its customers.
Outward remittance refers to transferring money to another country for various purposes, such as supporting education, medical expenses or other needs of family members living abroad, as well as for business payments, investments, gifting or donations. In today’s highly interconnected world, SBM Bank India offers a seamless Outward Remittance solution that allows you to transfer funds across borders securely and efficiently. Count on SBM Bank to meet your international money transfer needs with confidence.
We like to ensure that our personal banking, forex, and remittance services are easily accessible to our clientele. You can make the most of our forex and remittance services without having to meet any eligibility criteria.
Under this Scheme, all resident individuals, including minors, are allowed to freely remit / avail foreign exchange facility up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
All International transactions or Cross Border payments (payments to merchants outside India) initiated using Debit Cards qualify as transactions under the provisions of LRS.
For applicable TCS rates and more details, please refer to FAQs below.
Since a forex remittance transaction goes through various intermediary banks, it may take 3-5 working days to conclude. This may vary from one service provider to another.
At SBM Bank, we levy reasonable forex rates. To get a clearer picture of the exact rates applicable, click here.
Under the Liberalised Remittance Scheme, you can send up to USD 2,50,000 in a financial year. The financial year in India is between April of one year, and March of the year following it. If a minor is remitting the amount in question, then their guardian would need to countersign the LRS declaration form. Any income from investments made overseas can be retained and reinvested. However, any unused income must be repatriated within a period of 180 days along with certain specific conditions established by the RBI. You should also adhere to the conditions as stated under the Overseas Investment Rules and Regulations.
