SBI bank account holder? These forex charges are levied for carrying financial transactions outside India

State Bank of India, the country's largest public sector lender provides multiple facilities for its customers to enjoy and benefit from. For the ample of services it provides, one of them is the facility of foreign exchange. The Foreign exchange market is one of the most liquid markets in the world wherein various foreign currencies of the world are traded. This market is an over-the-counter market, with no centralized location. Instead, this market exists in an electronic network of banks, brokers, institutions and individual traders. On a daily basis, a number of people have either currency needs or speculate the trajectory the currency will take in trade. Through this network, one can interact with other currencies, other parties all over the world. 

SBI levies an outward remittance charge on its customers who transfer money in foreign currency. Outward Remittance is when a resident of India or an NRI, transfers funds in foreign exchange, to a beneficiary outside the country (except Nepal and Bhutan). 

In the case of On all foreign currency outward remittances not being proceeds of Import bills / ODI, SBI charges an individual Rs 250. For others, it charges Rs 500, plus the actual out of pocket expense i.e. SWIFT charges.

Outward remittances from Foreign Currency Non-Resident (Bank)  Accounts, Non Resident External Account levies an individual no charges. However, one needs to pay the out of pocket expenses i.e. SWIFT charges.

Foreign exchange for medical purposes and educational loan are devoid of any cost.

Issuance of Foreign Currency Demand Draft will cost the customer Rs 200 for up to USD 10,000, Rs 500 for up to USD 1,00,000 and Rs 1,000 above USD 1,00,000. In the case of issuance of duplicate foreign currency demand draft, SBI charges an individual Rs 200. For other parties it levies Rs 500, plus other expenses like postage, courier and SWIFT charges. 

State Bank of India imposes a rupee remittances amount between Rs 125 to Rs 2,500 for individuals. For other parties. it levies a minimum charge of Rs 600 and maximum of Rs 25,000. For the latter, additional charges such as the postage, courier, SWIFT charges and Foreign bank Charges are levied in accordance to respective currencies. 

For Foreign Currency Cheque return, SBI charges Rs 500. It will also have the add-on amount to be paid for postage, courier, SWIFT charges and Foreign bank Charges are levied in accordance to respective currencies.