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SBI-Eremit Sydney international money transfers review

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SBI-Eremit

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Summary

Send money to India and in five other major currencies with this convenient online service.

In this guide

  • Review
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Product Name SBI-Eremit
Pay By BPAY
Receiving Options Bank account
Customer Service Phone, Email
Maximum Transfer Amount Unlimited

Quick verdict

Good for
  • Sending INR to India
  • Large transfers
  • Ease of use
Not so great for
  • Fees when sending currencies other than INR
  • Alternative payment methods
  • Cash pick-ups

SBI-Eremit exchange rates and fees

SBI-Eremit adds a margin on top of the mid-market exchange rate before selling foreign currency to you. When we checked, this margin was approximately 0.7% for AUD/INR transfers and approximately 1.2–2% on all other supported currencies. It's also worth pointing out that if you're sending $25,000 or more, you may be able to access a better exchange rate.

Transfers in most currencies attract a flat fee, but the fee for INR transfers depends on the amount you send. And if you send $25,000 or more to any currency, no fee applies.

Compare other services that send money to India.

Available currencies

SBI-Eremit allows you to send AUD to the following global currencies:

  • INR Indian rupees
  • USD US dollars
  • GBP British pounds
  • CAD Canadian dollars
  • EUR Euros
  • NZD New Zealand dollars
  • NPR Nepalese rupee
  • SGD Singapore dollar

What types of transfers can you make with SBI-Eremit?

SBI-Eremit only offers one transfer type:

  1. Bank transfer. You can send money to a bank account anywhere in the world using the eight currencies listed above. After depositing funds with SBI-Eremit, they will then be transferred to your recipient's bank account.

How long does a transfer with SBI-Eremit take?

Transfer times vary depending on the currency you're sending:

  • For AUD/INR transactions: Your beneficiary will receive the funds in 1–2 working days.
  • For other currency pairs: Your beneficiary will receive the funds in up to 3–4 working days (depending on how many banks are involved in completing your transfer).

Which payment methods does SBI-Eremit accept?

You'll need to pay for your transfer from your bank account by using one of the following options:

  • BPAY

Is SBI-Eremit safe to use?

  • Security and regulation: Regulated by ASIC
  • Established brand: Service offered by India's largest bank – the State Bank of India
  • Fees: Transparent fee structure

SBI-Eremit is an online money transfer service operated by the State Bank of India Sydney. The SBI-Eremit website says the service is regulated by the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC). The service also claims to offer end-to-end encryption and industry-level database protection in order to ensure the security of your personal information.

How does SBI-Eremit make money?

SBI-Eremit makes money in two ways:

  • By charging fees on most international money transfers.
  • By adding a margin on top of the mid-market exchange rate. The mid-market rate is the "real" exchange rate – the rate you see listed on Google or currency conversion websites like Xe.

How to register an account

You can register for an SBI-Eremit account by completing the following process.

How do I make an international money transfer with SBI-Eremit?

You can send an online transfer by completing the following steps:

  1. Visit the SBI-Eremit website and log in to your account.
  2. Click on "Overseas Remittance".
  3. Enter the details of your transaction, including the amount and currency you wish to send, as well as your recipient's bank account details.
  4. Review the details of your transaction, including the exchange rate and fee, before sending your transfer request.

What is SBI-Eremit?

SBI-Eremit is an online money transfer service designed to allow users to send international money transfers to India and in seven other currencies. The service is offered by State Bank of India Sydney, which is based in George Street in the Sydney CBD.

The State Bank of India is India's largest bank and a Fortune 500 company. Its history can be traced back to the early 1800s and the SBI group has a presence across more than 30 countries.

In a nutshell

Pros
  • Sending money to India. This service offers competitive exchange rates and faster processing times when sending money to India (as opposed to sending another currency).
  • Fee-free transfers on large amounts. SBI-Eremit waives fees on transfers of $25,000 or more.
  • Easy to use. From sign-up through to sending a transfer, the SBI-Eremit online transfer platform is relatively simple and straightforward to use.
Cons
  • Sending other currencies. If you want to send USD, EUR, GBP, CAD or NZD, you'll need to settle for higher fees and a larger exchange rate margin than if you send INR.
  • Limited range of currencies supported. SBI-Eremit only allows you to transfer eight currencies, so if you're planning on sending funds in multiple currencies then you may prefer other services.
  • Bank transfers only. If you want to pay with cash or credit/debit card, or if you want the convenience of an instant cash or mobile money transfer, you'll need to consider other transfer providers.

How does SBI-Eremit compare to other providers?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 23 of 23
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Earn up to 100,000 bonus Qantas Points on your first currency conversion by 31 July 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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FAQs

Sources
  1. SBI-Eremit official website, accessed March 2022

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