SBI-Eremit Sydney review: Fees, rates and safety

Updated Feb 20, 2019

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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

Check out our full list of pros and cons below.

Learn more about SBI-Eremit:

Exchange rates and fees
Currencies
Services
Transfer time

Is it safe?
How to register
Alternatives to SBI-Eremit
FAQs

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:

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.

Country	Regulated by
Australia	Australian Securities and Investments Commission (ASIC) and Australian Transaction Reports and Analysis Centre (AUSTRAC)

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:

Visit the SBI-Eremit website and log in to your account.
Click on "Overseas Remittance".
Enter the details of your transaction, including the amount and currency you wish to send, as well as your recipient's bank account details.
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.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
GBP 0	1 - 2 days	AUD 1.99	56.563	INR 282,704	Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply. 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	Compare	Show details	Details Minimum transfer amount GBP 0.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments Customer service Chat, Email Available currencies AED, ALL, AMD, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KZT, LAK, LBP, LKR, MAD, MDL, MGA, MKD, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, SRD, STD, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VND, VUV, WST, XAF, XCD, XOF, XPF, ZAR, ZMW Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	56.734	INR 283,671	Send guarantees to match any competitor’s exchange rate. T&Cs apply. Fee-free transfers in 30+ currencies to over 200 countries.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, KES, KWD, MXN, MYR, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 250	1 - 2 days	AUD 15.00	56.734	INR 282,819	$0 transfer fees for Finder customers. OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, AZN, BGN, BND, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR Go to site Read the full review
AUD 1	1 day	AUD 22.50	56.962	INR 283,528	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	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, CAD, CNY, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, SGD, THB, USD, VND, ZAR Go to site Read the full review
AUD 10	Within an hour	AUD 2.99	56.335	INR 281,508	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	Compare	Show details	Details Minimum transfer amount AUD 10.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, AUD, BDT, BGN, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR Go to site Read the full review
AUD 1	Same day	AUD 3.99	56.278	INR 281,167	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	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, ANG, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UAH, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review
AUD 5	1 - 2 days	EUR 3.00	56.392	INR 272,325	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	Compare	Show details	Details Minimum transfer amount AUD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR Go to site Read the full review
AUD 200	1 - 2 days	AUD 25.00	56.832	INR 282,740	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	Compare	Show details	Details Minimum transfer amount AUD 200.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
AUD 1	1 - 2 days	AUD 30.00	56.961	INR 283,098	Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
AUD 1	Same day	AUD 0.00	56.677	INR 283,386	XE has fast transfers with no fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments, Market orders Customer service Phone, Email Available currencies AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BSD, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR Go to site Read the full review

Compare up to 4 providers

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

FAQs

Thank you for your feedback!

Tim Falk

Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.

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Azimo International Money Transfers

Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

More info

TorFX International Money Transfers

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.

More info

Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

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WorldFirst International Money Transfers

Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.

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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.

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Quick verdict

Good for

Not so great for

Learn more about SBI-Eremit:

SBI-Eremit exchange rates and fees

Available currencies

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

How long does a transfer with SBI-Eremit take?

Which payment methods does SBI-Eremit accept?

Is SBI-Eremit safe to use?

Where is SBI-Eremit regulated?

How does SBI-Eremit make money?

How to register an account

Step 1: Visit the SBI-Eremit website

Step 2: Sign up

Step 3: Enter your personal details

Step 4: Enter your address

Step 5: Provide proof of ID

Step 6: Complete sign-up

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

What is SBI-Eremit?

In a nutshell

Pros

Cons

How does SBI-Eremit compare to other providers?

Compare up to 4 providers

FAQs

Who can use SBI-Eremit?

Are there any other fees I need to be aware of?

Are there any minimum or maximum transfer limits?

Can I pay for my transfer using cash or credit card?

What are SBI Loyalty Points?

Tim Falk

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