Personal Banking Forex & Remittance
Regardless of whether you are travelling abroad for business or taking an international vacation, exchanging currency is imperative. With the right tools and infrastructure, you can address forex concerns in a hassle-free manner, without having to shell out too much in terms of exchange rates.
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.
Currency Exchange
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.
International Remittance
Whether you are in India or travelling outside the country, we strive to ensure that if you are remitting internationally, you can make the most of our world-class services to expedite your transfers. To that end, we offer a wide range of multi-currency forex remittance platforms from our fintech partners that are as quick as they are secure and reliable.
Eligibility for Forex and Remittance at SBM Bank
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.
FAQs
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.