SBI-Eremit Sydney international money transfers review
Summary
Send money to India and in five other major currencies with this convenient online service.
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
Learn more about SBI-Eremit:
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:
- 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:
- 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 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?
FAQs
- SBI-Eremit official website, accessed March 2022
Your reviews
Tim Finder
Writer
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