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SBI-Eremit Sydney international money transfers review

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

Tim Falk
Tim Falk

Updated

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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

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 six 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
  • POLi Payments

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 five 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 six 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?

If you want to see how the exchange rates, fees and transfer times offered by SBI-Eremit compare to those of other money transfer services, check out the comparison table below.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
Azimo International Money Transfers
GBP 0 1 - 2 days AUD 1.99 55.827 INR
279,024
 Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries. Go to site Show details
SendFX International Money Transfers
AUD 2,000 1 day AUD 0.00 55.996 INR
279,979
 SendFX guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries. 		Go to site Show details
OFX (Ozforex) International Money Transfers
AUD 250 1 - 2 days AUD 15.00 55.996 INR
279,139
 $0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies. 		Go to site Show details
SingX International Money Transfers
AUD 1 1 day AUD 22.50 56.221 INR
279,838
 Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world. 		Go to site Show details
Remitly International Money Transfers
AUD 10 Within an hour AUD 2.99 55.602 INR
277,845
 Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options. 		Go to site Show details
WorldRemit International Money Transfers
AUD 1 Same day AUD 3.99 55.546 INR
277,508
 Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups. 		Go to site Show details
CurrencyFair International Money Transfers
AUD 5 1 - 2 days EUR 3.00 55.658 INR
268,905
 Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies. 		Go to site Show details
InstaReM International Money Transfers
AUD 200 1 - 2 days AUD 25.00 56.101 INR
279,100
 Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. 		Go to site Show details
TransferWise International Money Transfers
AUD 1 1 - 2 days AUD 30.00 56.22 INR
279,414
 TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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FAQs

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