Note: International Money Transfer Customers are required to complete Identity Verification Procedure once to be able to send Money overseas (International Remmittances).

State Bank of India, Sydney has commenced e-Remit facility for Indian Rupee by which Registered Customers (Customers who have completed their Identity Verification Procedure) can submit their International Money Transfer Request online. Overseas Remittance requests using the eRemit facility will usually be processed much faster than the manual method below.

State Bank of India is India’s largest commercial bank and the world’s largest player in the Indian rupee foreign exchange market. This unique position enables State Bank to offer the most competitive quote for Indian Rupees. So when you remit money to India through State Bank of India, Sydney you can be assured that you have received the most Indian Rupees for your AUD. Further, the entire transfer is arranged for a small service fee of AUD 15.00, irrespective of the amount to be transferred.

Remittance Method.

Our remittance products are unique and customized to suit the needs of NRIs wishing to send money home, quickly and safely. The remittance could be sent to over 15,000 branches of State Bank of India & its 6 Associate Banks directly through Straight Through Process (STP) method. The remittance amount is converted into Indian Rupees(INR) at our end itself at the prevailing market rate of INR vis-à-vis AUD and the INR amount hits the account of beneficiary within 3 minutes of our releasing the remittance. The Remittance, however, is released by us only after we get clear funds in our account.
We also offer quick transfer facility to more than 40000 other major Bank branches at various locations in India (click here for list/IFSC code). Remittance to any other Bank is also done through STP Process in a very cost effective manner. The converted rupee amount would be credited to the beneficiary’s account with other banks in India on the day of remittance itself or the latest the next day. The beneficiary's account is credited either through the NEFT(National Electronic Funds Transfer) /RTGS(Real Time Gross Settlement)as applicable.

The main advantages of STP remittance are :

a) Remittance in INR at predetermined rate of exchange prevailing on the date of processing of remittance. You would know the exact amount being credited in India.
b) Minimum Remittance charges as no intermediary bank charges involved. Remittance is sent directly in INR to Account with any branches of SBI Group.
c) End to End credit ensured within the same day in case of SBI Group banks and on the same/next day in case of other banks.

The process to be followed for effecting your International money transfer is also very simple. Please download and complete the International Money Transfer(hyper link) form available in our website www.sbisyd.com.au. The completed IMT form maybe delivered to us across our counter or faxed( no (02) 9247-0536) or emailed (info@sbisyd.com.au) to us along with the other documentation required depending on the method of payment of the amount. The application received through Email or Fax will be accepted only if your ID check has already been completed. For revised procedure for verification of ID, please refer to "Revised ID Verification Page". The payment methods(hyperlink) and the documentation required is given below

Your International Money Transfer application would be processed on the date of receipt of the application at our end. All applications received on a day will be handled at the exchange rate shown in our website. Application against personal cheque, however, would be processed only after the cheque has been cleared. The exchange rate for all currencies is updated by us on a daily basis at 10.00 am EST Time Australia The rate once locked in for the transaction for the day cannot be changed under any circumstances. If the application reaches us after 4.00pm Sydney time, your request will be processed only on the following business day, with the following day's rates.

The funds in Indian Rupees would be credited to you account once we receive clear funds in our account. We also offer International Money transfers in all the major currencies. Check our forex rate section to know the current rates.

Payment Methods

You have the following options to make available funds to us for effecting your International Money Transfer
1) Payment in cash
2) Payment by Cheque
3) Payment by Direct Debit
4) Payment by Direct Internet Deposit (Internet Banking)

All appllication received upto 4 PM will be processed the same day and would enjoy the rate for the day. Applications received after 4 Pm will be processed only on the following working day and the exchange rate applicable for that day.

Paying in Cash

SBI, Sydney do not accept cash directly. All cash deposit for international money transfers needs to be deposited by the remitter directly at National Australia Bank(BSB no.082 001) for credit of our account no. 56875 8201. NAB recovers a cash Handling Fee of 0.25% of the total AUD amount for all cash depost. This cash handling fee will be recovered from you. Please therefore add a further 0.25% of the total AUD amount (remittance amount + $15.00 IMT service fee) . In case you omit this, we shall deduct this cash handling fee from the remittance amount.

Documents required:
1) Completed International Money Transfer Form.
2) Current photo ID, either Passport or Australian Driver License (License no., signature & D.O.B should be legible)

Persons tendering cash for IMT must come to the branch personally for identification when doing for the first time.

Payment by Cheque

We accept your personal cheque issued from your own bank account in Australia. The cheque can also be sent to us by post. The cheque should be made payable to State Bank of India, Remittances A/c. It takes 3 working days to clear the cheque, and the International Money Transfer will be done after we get clear funds in our account. We offer exchange rate applicable as on the date of receipt of the cheque subject to your giving the undertaking that in case the cheque is returned unpaid you would compensate the Bank for any loss. Otherwise, the exchange rate on the day we get clear funds will be considered as default rate for the transaction.

Documents required:
1) Completed International Money Transfer Form.
2) Current photo ID, either Passport or Australian Driver License (License no., signature & D.O.B should be legible)

Payment by Direct Debit

You can authorize us to do a direct debit on your account with any bank in Australia for your International Money Transfer. Your application would be processed by us on the date of receipt if received before 4 PM and the exchange rate would be locked in on that day itself. However, the remittance would be effected by us only on the third working day which is the date on which we get the clear funds.

Documents required:
1) Completed International Money Transfer Form
2) Direct Debit Form
3) Current photo ID, either Passport or Australian Driver License (License no., signature & D.O.B should be legible)
4) Bank statement (not later than 3 months old) that shows your name (name of the account holder) and account number of the account to which you have completed in the Direct Debit (DD) form.

There are further requirement for identification when you request for Direct Debit to a joint account, that is an account with more than one signatory:
1) Bank statement (not later than 3 months old) that shows the names of the all the joint account holders and account number of the account to which the Direct Debit form refers to.
2) Current photo ID of all the joint account holders either Passport or Australian Driver License (License no., signature & D.O.B should be legible).
3) Signatures of all the signatories to the joint account in the Direct Debit form

OR

1) Bank statement (not later than 3 months old) that shows your name (name of the account holder) and account number of the account to which the Direct Debit form refers to.
2) Current photo ID, either Passport or Australian Driver License (License no., signature & D.O.B should be legible).
3) Bank letter explaining the signing condition of the account.

Payment through Internet Banking
You may also utilise your Australia Bank Internet Banking for money transfer. You can transfer funds in AUD from your bank account held with any Bank in Australia, through internet Banking. This facility is free of cost with most of the Australian Banks. You are required to transfer funds to us in Sydney using the following bank details :

Bank: National Australia Bank

BSB: 082 001

Account Number: 56875 8201

Account Name: State Bank of India, Sydney Branch

Documents required
1) Completed International Money Transfer Form
2) Current photo ID, either Passport or Australian Driver License (License no., signature & D.O.B should be legible)
3) Copy of the bank receipt for the internet transfer

Charges
Current remittance charges (subject to change from time to time based on bank’s directives) :