SBI Exchange Rate for US Dollar

SBI Exchange Rate is probably the lowest in the current financial market. For example, the State Bank of India offers one USD in India at a price of Rs. 44.59 whereas the conversion rate for the same is relatively more at other banks. This is 44.62 at ICICI and 44.64 at HDFC. The exchange rates are subject to frequent changes and are dependent on a number of factors, which also include major economic changes and the socio-political events in the country of the base currency. In a competitive market like India, which allows banks to quote their own prices, it is common to see a variation in foreign exchange rate at different banks and providers of forex services.

A review of the current SBI Exchange Rate would be pertinent at this juncture. If you are in India and want to convert your US dollars into Indian rupee, the forex rate stands at Rs. 45.46 per dollar for amount between $50 and $2000. The rate increases as the amount to be exchanged increases. For example, the amount between $2001 and $4000 can be exchanged at a rate of Rs. 45.50 per USD. A higher dollar amount can bring you some extra rupees if you intend to exchange dollars for rupees. The reverse of this situation will put you on a losing ground as you need more money in Indian currency to buy US dollars. Check SBI exchange rate today here and use a calculator to estimate how much you may need to buy US dollars.

But why you should worry if you are not traveling abroad, especially to the United States. For those who have relatives in a foreign location that work and send money to India, it is a good idea to remit money in larger amount so as to get the advantage of low exchange rate offered by State Bank of India. Consider this hypothetical situation. If someone abroad sends you $25,001 through an SBI forex branch, you can get an additional Rs. 6250 with the applicable rate of Rs.45.71/USD than the base rate of Rs. 45.46/USD. Moreover, if you use SBI Express Remit for US-originated fund transfer, you are not charged any service fee for amount between $50 and $10,000 per day.

SBI Express Remit works for the USA and the UK only – each having a different set of registration norms and allowable modes of remittance. To avail the service, one needs to register online at the website, remit.onlinesbi.com, where they can select the country that they would like to send money from. The registration process involves setting up your own account as well as an account for the beneficiary in India and creating a link between the two. These accounts can be at any bank and not at SBI only, as remittances are possible to more than 60,000 NEFT-enabled branches of other banks also through State Bank of India Express Remit.

In USA, one can use either direct debit facility (ACH Mechanism) or the regular wire transfers to remit money to India. In UK, the payment must be initiated by the customers through wire transfers. SBI’s New York and Chicago branches are members FDIC, however, you do not need to have an account with either of these branches in US to send money to India through SBI Express Remit. You can have a consumer checking or saving account at any bank in the US that is affiliated to the ACH network.

One more thing, the facility is currently not available at all US locations. Only the residents of Alaska, Arkansas, California, Georgia, Florida, Iowa, Illinois, Kentucky, Louisiana, Montana, Michigan, Maine, New York, Rhode Island, Oregon, South Carolina, Texas, Washington State, Vermont, West Virginia and Wyoming can avail the facility of SBI Express Remit.

It should be noted that the purpose of remittances to India is limited and do not apply to accounts held by institutions, firms or companies. The money transfer is allowed to credit a personal savings account of the sender, or their friends or family members or a registered beneficiary. The purpose must not be anything other than supporting one’s family, making payments or investing in a property or business, and presenting gifts to someone they know.

Besides Express Remit, a number of other remittance options can also be found at SBI. These may include SBI Express Rapid Remittance, Instant Transfer, Speed Remittance and SWIFT. The fund can also be transferred through a draft, cashier’s cheque, international MO, and foreign currency check. The exchange rates may vary depending upon the mode of transfer you choose.