Introduction
Are you planning to exchange currencies for international travel, business transactions, or investments? If you are, you need to be aware of the foreign exchange (forex) charges levied by banks. In India, the State Bank of India (SBI) is a leading provider of forex services. Its Schedule of Charges provides detailed information about the fees and charges associated with forex transactions. This article will delve into the SBI Forex Schedule of Charges for 2017, highlighting the essential details you need to know.
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Types of Forex Transactions and Charges
SBI offers a range of forex services, each with its own set of charges. These services include:
1. Forex Demand Draft (DD)
A forex demand draft is a convenient way to transfer funds overseas. SBI charges a flat fee for issuing a forex DD, ranging from INR 250 to INR 500, depending on the amount being transferred.
2. Forex Wire Transfer
A forex wire transfer allows you to send money to an overseas bank account. SBI charges a wire transfer fee, which varies depending on the destination country. For example, a wire transfer to the United States costs around INR 1,500.
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3. Currency Notes
If you prefer to exchange currency notes, you can visit an SBI branch or select authorized currency exchange centers. SBI charges a commission on currency notes, typically ranging from 0.5% to 1.5%.
4. Prepaid Travel Cards
SBI offers prepaid travel cards that can be used for overseas purchases and ATM withdrawals. The bank charges an issuance fee for the travel card, as well as a transaction fee for each use.
Factors Affecting Forex Charges
The applicable forex charges can vary based on several factors, including:
- Transaction Type: Different types of transactions have different fee structures.
- Currency Pair: Exchange rates and charges vary depending on the currency being exchanged.
- Transfer Amount: Larger transaction amounts may attract higher charges.
- Destination Country: Wire transfer fees and currency exchange rates differ between countries.
Additional Charges and Services
In addition to the standard forex charges, SBI may levy additional charges for certain services. These include:
- Cancellation Fee: If you cancel a forex transaction, SBI may charge a cancellation fee.
- Amendment Fee: Changing the details of a forex transaction may also attract an amendment fee.
- Travel Insurance: SBI offers travel insurance policies, which provide coverage for medical emergencies, lost luggage, and other unforeseen events.
Sbi Forex Schedule Of Charges 2017
Conclusion
Understanding the SBI Forex Schedule of Charges is essential for planning your international financial transactions. By being aware of the various charges and services offered, you can make informed decisions and minimize your expenses. It is recommended to compare the charges between different banks and choose the one that best suits your needs. Remember to research the exchange rates and destination country before making any forex transactions to ensure you get the best value for your money.
