Internet banking based Forex Outward Remittance Scheme FAQ's  

1. What is Online Forex Outward Remittance?

Internet-based Forex Outward Remittancefacility available on www.onlinesbi.com to the individual Personal Banking Segment customers of the Bank, registered as retail internet banking facility users presently having transaction rights.

2. Who can send the remittance under this scheme?

Resident individuals banking with State Bank of India and registered as users of the Retail Internet Banking facility having transaction rights and maintained the bank a/c for a minimum period of one year prior to the remittance. Registration of PAN No. in CBS with the Home Branch of the customer is mandatory

3. What is the remittance application process?

Internet-based Forex Outward Remittance scheme is available in www.onlinesbi.com with FAQ and Help tools.

  • In the Internet banking platform a separate tab (link / URL) is available under "Payments & Transfer" menu (Fund Transfer Section).
  • Go to "International Beneficiary" link to initiate on-line foreign outward remittance request. ...
 
  • Navigation: Payments/Transfers > International Funds Transfer >Apply
  • NOTE: International Beneficiary has to be added prior to submission of Remittance Application Form (RAF)
  • For first time users / logins for International Fund Transfer (Foreign Outward Remittance) and to add beneficiary(ies) the remitter has to go to "International beneficiary" section under profile to add a new beneficiary(s). (Please also refer to item No's 5 & 10)
  • Navigation: Profile > Manage Beneficiary > International Beneficiary >Add

(For 1st time login "add new beneficiary" shortcut link will be available in the payment/transfer section)

 

4. Is the forex outward remittance permitted under RBI / FEMA regulations?

The scheme envisaged is within the scope of RBI Master Circular dated 01.07.2013 (updated as on 17.07.2014) under Liberalized Remittance Facility for Resident Indians, which permits forex outward remittance upto USD 1,25,000/- per calendar year within sub-limits for designated purposes under the scheme, covering both Capital and Current Account transactions.

5. What is the maximum amount of remittance in on line Forex Outward Remittance?

Retail Forex outward remittance,up-to a value equiv. of USD 2,000/- per transaction, max 4 transactions per month, i.e. USD 96,000/- per calendar year, offered to our retail customers. No minimum amount of remittance is stipulated..

Restriction on initial remittance to overseas beneficiary within 5 days of new Beneficiary activation is equivalent in
INR 50,000/-.

 

6. What are the available locations for outward remittance?

Available at Geographical locations:

  • United States of America (USA)
  • United Kingdom (UK) ...
 
  • Australia
  • New Zeland
  • France
  • Germany
  • Japan
  • Canada
  • Singapore
  • Hongkong
  • South Africa

Remittance in forex to Nepal, Bhutan, Pakistan and Mauritius is already restricted under RBI/ FEMA regulations and hence not available for remittance under the aforesaid scheme

 

7. What are the Foreign Currency options available and rate of conversion?

In three currencies viz. USD, Euro and GBP, to be converted at the applicable TT Selling Card Rate on the day of effecting the transaction.

8. What is T.T. Selling Card Rate?

TT Selling Card Rate refers to the Exchange rate for conversion from INR to Foreign Currency for ready transactions upto Rs 5.00 lacs, as outward remittances.

9. What is the fee per remittance?

USD 10 equivalent in INR applicable at Banks T.T. Selling Card Rate for the day (rounded to the nearest Rupee) plus applicable Statutory Service Tax, to be recovered up-front at the time of submission of application form, covering all inclusive cost upto the Bank of the Beneficiary only. All subsequent Beneficiary Bank charges are to the account of the beneficiary.

10. What are the special security features available in the on-line remittance application process?

  • The User will be required to key input is / her PAN number at the time of adding beneficiary. This PAN no. will be validated from CBS.
  • Only one beneficiary can be added in a calendar day. Activation of new beneficiary will be made on the next day. ...
 
  • Prior to making the remittance the user will again have to feed a high security password that will be sent to his registered mobile no. One Time Password (OTP) will be required for al transactions irrespective of the amount of remittance.
  • User cannot send a remittance exceeding Rs 50,000/ in aggregate during first 5 days of activation.
  • Maximum no. of beneficiary a user can add restricted to 7.
 

11. What will the recourse on failed transaction in remXout?

In the event of failed transaction, if any, arising out of technical /commercial reasons, remitter / applicants account will be credited back with the rupee equivalent debited net of USD 10 commission recovered up-front, at the discretion of the bank, treating the submitted Remittance Application (RAF) as cancelled.

12. What are the purposes for which the remittances can be sent?

The objective of online Forex Outward Remittance Scheme is to meet the gift-designed / sundry remittances requirement. Permitted "Purpose" of remittances are as available in the drop-down option of the Remittance Application Form.

13. Is there any limit for remittances under gift-designed/ sundry remittances within the FOR threshold limit for each transaction?

Yes. Total amount of foreign exchange purchased / remitted through all sources, in India during a calendar year not to exceed the annual prescribed limit of Reserve Bank of India, for the said purpose i.e. USD 75,000/- per calendar year, within sub-limits for designated purposes under the scheme covering both Capital and Current Account transactions....

 

Gift remittances per remitter /donor per annum - USD 5000/-

Donations per remitter /donor per annum - USD 5000/-

The remitter applicant will be responsible for adherence and compliance of such limits and stipulations, as applicable.

 

14. What is the regulatory compliance requirement?

It shall be the responsibility on the part of the applicant for full compliance with the extant regulatory requirements of FEMA / RBI, etc. The submitted application shall be deemed to be complete in all respects and that the application is being made after having full knowledge on the extant Rules and Regulations relating to Foreign Exchange Outward Remittances Regulatory requirements, as applicable for Indian residents.

15. How the Form Annexure 3 will be put through against the submitted application?

To be submitted on-line during the submission of remittance application, by invoking/ clicking the "I Accept" Tab

16. Who is responsible for compliance of OFAC /AML / EU requirement of beneficiary/remitter ?

Responsibility for compliance of Know Your Customer (KYC), Anti- Money Laundering (AML) and United States regulatory requirement on Office of Foreign Assets Control (OFAC) or European Union (EU) embargo on all outward remittances favouring the overseas beneficiary shall be to the responsibility of the remitter/ applicant only.

17. What is the responsibility of the Bank on global regulatory compliance requirement?

SBI shall be absolved of the responsibility for all OFAC blocked/ rejected remittances at the foreign centre or centres. The Bank shall not be responsible for refund of any such remittance which is blocked on account of the OFAC check and shall not guarantee refund of such funds, which had already been duly debited to the account of the remitter at their request.

18. Who is the foreign Bank partnering in the outward remittance facility?

Globally reputed Deutsche Bank has been identified for partnering in the project for handling all remittances covering in the three permitted currencies across the identified geographical locations.

19. User/Customer responsibility;

It shall be exclusive responsibility of the applicant customer to submit the remittance application request after having full knowledge in the RBI / FEMA regulations on foreign outward remittances available with the resident individuals under Liberalised Remittance Scheme for Resident Individuals and on the INB security implications and most importantly with meticulous compliance on the INB password security obligations. SBI shall be absolved of any loss ...

 

arising out of cyber crimes / frauds etc. All request hereinafter for outward remittances in foreign currency under the International Fund Transfer facility submitted on-line within my INB rights shall be deemed to have been originated by the remitter applicant strictly within the extant rules and regulations of FEMA /RBI and SBI as will be applicable from time to time.

 

20. What are the advantages for SBI customers?

A hassle-free forex funds remittance option from within the comfort of their home / office (online banking facility) at minimum cost, with simplified RBI / FEMA regulatory compliance requirements.