It is the rate at which we convert Australian dollar to a foreign currency.
We transfer your money at the rate committed when the transaction is submitted. In case of BPAY payment option, AUD should reach us within 48 hours to enable us to hold the exchange rate. Failure to transfer AUD to us within 48 hours may result in cancellation of the transaction and/or change in exchange rate. The rates are also displayed on our website and while making the application.
For transactions above A$25000, we may be able to offer a special rate. Many a times special rates are also published in our portal (post login page) and automatically captured at the transaction level. You can also use our currency calculator to ascertain the applicable exchange rate
There are no other hidden fees charged by SBI Sydney. However, there might be some intermediary/beneficiary bank charges which might be deducted by the participating banks through which the money is transferred. In such case, State Bank of India, Sydney is not responsible for the change in amount as we have no control over such fees.
Fee for Bpay Payment Option for Remittance in INR :
|
Amount |
Fees |
|
0-<A$ 1000 |
A$ 2.00 |
|
A$ 1000-<A$ 10000 |
A$ 4.00 |
|
A$ 10000-<A$ 25000 |
A$ 8.00 |
|
>=A$ 25000 |
NIL |
Fee for Payto and Payid Payment Option for Remittance in INR :
|
Amount |
Fees |
|
0-<A$ 1000 |
A$ 2.00 |
|
A$ 1000-<A$ 10000 |
A$ 4.00 |
|
A$ 10000-<A$ 25000 |
A$ 8.00 |
|
>=A$ 25000 |
NIL |
Fee for Payto, Payid & Bpay Payment Option for Remittance in all other currencies (SGD, USD, EUR, GBP, CAD & NZD)
|
Amount |
Fees |
|
0-<A$ 25000 |
A$ 10 |
|
>=A$ 25000 |
NIL |
Fee for Payto, Payid & Bpay Payment Option for Remittance in AUD-AUD currency is AUD30.00
Note: Please note that the beneficiary may receive a lesser amount in the foreign currency due to the fee levied by intermediary bank and the beneficiary bank for which we have no control. Typically the beneficiary account will be credited with net of other bank fees which varies from $20 to $50.
Remittance fees are subject to change from time to time.
Our revised service charges for below items will be applicable from 1st April 2020 :-
|
Currency |
Existing charges |
New charges |
|
AUD-INR 1- < 1,000.99 |
AUD$ 2 |
Unchanged |
|
AUD-INR 1,001 - < 10,000.99 |
AUD$ 4 |
Unchanged |
|
AUD-INR 10,001- <24,999.99 |
AUD$ 8 |
Unchanged |
|
AUD-INR 25,000.00 and above |
NIL |
Unchanged |
|
AUD to any other multi-currency (USD, GBP, SGD, CAD, EUR, NZD) |
AUD$ 10 |
Unchanged |
|
AUD- AUD |
AUD$ 10 |
AUD$ 30 |
|
Cancelling the TT after it has been requested (in addition to the fee for initially providing the service) for AUD to any other multi-currency (USD, GBP, SGD, CAD, EUR, NZD) |
AU$15.00 + conversion @ TT Buying rate of request date |
AU$15.00 + conversion @ TT Buying rate of request date |
SWIFT/BIC Code: It is a unique identification code for financial and non - financial institutions.
ABA Code: A routing code used in the United States to identify the financial institution in which it was drawn.
IBAN Number: An international system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions.
Sort Codes: The code the British and Irish banking industry use to identify banks when routing money transfers.
BSB Code: Bank State Branch (BSB) code used in Australia and New Zealand to identify a bank’s branch.
CHIPS (Clearing House Inter-Bank Payment System) : Applicable only for USA and Canada
IFSC Code: Applicable only for India. 9 Character Alphanumeric Code to identify the branch of a bank.
We offer two options—Bpay, Payto and Payid.
You will receive a system generated email once your transaction is processed.
It is the individual identification number for each transaction processed by us.
The status will remain "Awaiting Verification" till the transferred funds are received and verified by SBI Sydney.
Transaction Status "Verified" indicates that the application has been processed and funds have been remitted for onward credit to beneficiary's account.
Login to your account and submit a transfer request by clicking "Overseas Remittance". Enter the required information which are self explicit. If you have any enquiries, please contact our Client Services Team via email at remit@sbisyd.com.au or call 02-92415643 during business hours Monday – Friday 9:00a.m. AEST to 4:00p.m.
No, you can submit a remittance request through our online portal. You can contact our customer service team in case of difficulties, if any.
For AUD/INR Transactions
Money will reach the beneficiary account in a maximum of 1-2 working days.
For Other Currency Pair Transactions
Other currency pair transactions may take up to 3-4 working days to reach the beneficiary account depending on the number of correspondent banks involved in the transfer.
When a transaction status is Verified confirms that System has confirmed receipt of funds into our nominated account. Under certain circumstances, SBIS may be compelled "not to release" your transaction for credit to beneficiary account (for instance: when SBIS has sufficient reason to believe that the funds have not been transferred from your own bank account). Under such circumstances, SBIS will contact you over email or phone to seek necessary information. In case SBIS is unable to obtain the required information from you, SBIS will cancel the transaction and initiate a refund to the bank account from where the funds have been received.
Once the application is submitted, we will not be able to cancel the application. For exceptions, please refer to our terms and conditions. Click here to view our T&C.
Our services are available 24x7. However, certain restrictions are in place for transactions submitted after normal business hours.
After hours transaction limits.
AUD – INR – upto A$200,000
All other currency pairs – upto A$ 25,000
There is no Minimum and maximum amount limits fixed by SBIS except after hour transactions limits as discussed above. However, you need to be aware of the transfer limits imposed by your banks.
We will inform/email you the details/reason for failure. If you wish to reprocess the same transaction to a different beneficiary or with amended details of the same beneficiary such as correct account number etc., we can do it manually. If you request for a refund in AUD, the back conversion will be done at the prevailing rates and the exchange losses will be borne by you. Return/Refund processing charges will apply in each case. Click here to view our T&C.
It depends on the circumstances specific to your transaction. Please contact us for more information.
Before the transaction is processed by us -
If your recall/cancellation request is accepted, we shall credit the funds back to your bank account o receipt of funds from the beneficiary bank. Depending on the correspondents, it may take 7-14 days for the funds to appear in your account.
After the transaction is processed by us -
At your specific request, we may be able to place a recall request with the beneficiary bank. Please note, recall of funds is done only on best effort basis. We do not guarantee the refund under any circumstances.
All our transactions are routed through international banks. We are not involved with any third-party intermediaries or money changers.
No, we don’t accept third party transactions.
Yes, if you are one of the account holders.
You can transfer funds through BPay, PayId and PayTo.
Please email us immediately with the details of the amendment required. We may be able to amend/cancel the details only if the transaction is still ‘Pending Verification’.
As the laws governing international money transfers vary in different countries, you might be asked for documents related to your transfer, to satisfy local requirements and the State Bank of India’s compliance requirements under the Australian Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006. For example, some transfers might involve proving your identity, or the source of the funds before we can transfer your money.
To meet our compliance obligations we may from time to time require you to show that your funds for your instructions come from a legitimate source be it from your salary, investments, property sale or inheritance.
We’ll send you a notification whenever we need to see any proof of your Source of Funds documents.
We may exercise our discretion and may require additional documents from you to meet our compliance obligations. However, the below list shows some examples of commonly supplied documents:
If you do not have any of the documents listed in the table you can as there may be other documents that can be accepted by our team as well.
|
Possible sources of funds |
Possible supporting document |
|
Salary |
|
|
Investments/savings |
|
|
Property sale |
|
|
Company sale |
|
|
Inheritance |
|
|
Loan |
|
|
Gift |
|
|
Other |
|
You will get 10000 loyalty points provided:
Maximum of 10000 SBI Loyalty Points can be redeemed in one AUD-INR transaction. So, if you have 30000 SBI Loyalty Points in your account, you will have to redeem them in 3 different transactions.
Please see table below
|
Loyalty points |
Exchange Rate Benefit |
Fees Benefit |
|
|
|
|
|
10000 |
0.05 |
100% |
|
8000 |
0.04 |
75% |
|
6000 |
0.03 |
50% |
|
4000 |
0.02 |
25% |
|
2000 |
0.02 |
0% |
SBI SYDNEY reserves the right to modify the structure at any given point of time, with or without prior notice.
Yes, all the transactions are eligible for Loyalty points except,
SBI Sydney reserves the right to cancel the transaction with or without restoring the redemption of the Loyalty points. In case the Loyalty points are added back, the immediate next AUD-INR transaction is eligible for the benefits of redemption.
No, Loyalty Points once redeemed cannot be un- redeemed. The benefits of the redemption will be available for the next AUD-INR transaction initiated irrespective of the time lapse between redemption and next transaction.
The SBI Loyalty Points do not have an expiry.
No, you can only redeem your SBI Loyalty Points against AUD-INR transactions with us.
No, the SBI Loyalty Points credited to your account can be used only by you.
No, the redemption of Points cannot be clubbed with any promotion. Also, you do not earn any points for transactions done using the Promo Code or while redeeming Loyalty points.
It is an online IMT (International Money Transfer) service offered by SBI Sydney to its customers for remitting AUD & INR to India and 5 other major currencies to anywhere across the globe.
INR, AUD, USD, EUR, GBP, CAD and NZD.
You can transfer money anywhere in the world in the above mentioned currencies.
No
|
SEND |
RECEIVE |
|
AUD |
INR |
|
AUD |
USD |
|
AUD |
GBP |
|
AUD |
EUR |
|
AUD |
NZD |
|
AUD |
GBP |
|
AUD |
CAD |
It is an authentication code of 4 digits sent to the customer to verify the validity of their contact details.
You can modify/change your Password, Occupation, email id, Security Questions, Address and Phone number in eRemit. Any other modifications can be done only by the Bank.
SBI is the largest bank in India and ranked 45th globally in terms of total asset size. SBI is duly licensed to provide remittance services by ASIC and regulated by AUSTRAC and APRA.
We support bank to bank transfer only.
We encourage you to use Google Chrome, Internet Explorer, Safari or Mozilla Firefox as eRemit website works best with these browsers.
No
We suggest you share your code on your Facebook account, WhatsApp group, twitter, emails.
SBI Loyalty Points are loyalty points that you earn upon joining, upon referrals, and with every successful transaction. However, these can be redeemed only against AUD-INR transactions.
It is a promotion where we give our existing customers a chance to be rewarded with the 10,000 loyalty points for referring a friend to us
Refer a friend promotion is based on a unique promo code that is assigned to each of our existing customers. When a new customer onboards with us while using one such code from an existing customer, the latter is eligible to get 10,000 loyalty points when this new customer completes a transaction worth A$3000 through eRemit.
Any person who is not a customer and is not registered with SBIS for e remit services.
We offer a fully online onboarding solution for anyone to register for eremit services. This can be done by visiting https://www.sbisyd.com.au/eremit, filling up the details and submitting the application. On successful verification, the client will be onboarded.
You can refer as many people you want.
No. You will get one unique promo code and the same code can be given to all your friends.
Yes. At the time of registering for eremit, your friend must mention the promo code in the appropriate field on the first page of registration form.
Yes. Referrals given to relatives or family residing at the same address as the referrer will not be eligible for the benifits under Refer a friend Promotion.
There is no expiry date for the referral code.
Any Australian resident individual can access, use and avail our services subject to successful registration.
As per Australian Regulations, we can provide international money transfer services to individuals registered as our customer.
No. It is free.
If you have all the information required readily available and verifiable by us, then registration can be completed with 10 minutes
Yes. If you wish to save your application, you can select ‘save and edit later’ option which will generate an automated email to your registered email. When you wish to resume the application, you can click on the ‘resume application’ link in the email and you will be required to enter the following details to proceed:
We hold your application on our record for 2 weeks, unless you instruct us to delete your application before that.
Please enter a promo code if you have one or a referral code shared by your friend. If you do not have one currently, please leave the box blank.
To sign for SBI eRemit, you will need to create an online profile with the following details:
Yes. Password length should be between 6 to 10 characters
Generally, no. In certain cases, we may require identity/income documents to be uploaded
As the mobile and email are the primary communication channels, we need to the verify them at the time of registration.
A One Time 4-digit code (OTP) will be sent to you email and mobile which needs to be entered in the dialog box provided against OTP.
Click on the option called Send OTP and also check your spam or junk mail
Yes, you can. You are required to give your name as it appears on your ID documents.
PEP refers to Politically Exposed Personnel. It is someone who has held a position of influence in the government or the public services or is closely related to such person. If you were PEP more than 3 years ago and currently do not hold such position, you do not qualify for a PEP.
If you are unable to find your address from the displayed addresses, then please check the box against ‘Address not found’. The system will allow you to enter the address as it is.
No
Please contact our Client Services Team via email (remit@sbisyd.com.au or 02- 92415643) Please be aware our Client Services Team is available Monday – Friday 9am AEST to 4:00 p.m.
Yes, you information is safe with us. We apply multiple techniques to protect the confidentiality of your personal data such as end to end encryption and industry level database protection.
Please contact our Client Services Team via email (remit@sbisyd.com.au or 02- 92415643) Please be aware our Client Services Team is available Monday – Friday 9am AEST to 4:00 p.m.
Yes. But it will have to be done as per the paper form attached on the website. Non Individual entities cannot be onboarded online.