how to transfer money from india to singapore in sbi
熊猫速汇PandaRemit - 2025-12-31 17:37:01.0 7
To transfer money from India to Singapore in SBI, you must log in to OnlineSBI, navigate to 'International Funds Transfer,' and complete the regulatory Form A2. While SBI provides a traditional banking route, users seeking efficiency often look to modern fintech standards that offer lightning-fast transfers (arriving in as little as 2 minutes) and competitive exchange rates significantly better than traditional bank markups.
Step-by-Step Guide: Using SBI Internet Banking for Outward Remittance
State Bank of India (SBI) allows retail customers to send money abroad under the Liberalised Remittance Scheme (LRS). Follow these 3 steps to initiate a transfer:
1. Add the Singapore Beneficiary
Log in to your OnlineSBI retail account. Navigate to Payments/Transfers > International Funds Transfer > Add/Manage Beneficiary. You will need the recipient's Singapore bank account number and the bank's SWIFT/BIC code. Approval typically takes 1 business day.
2. Initiate the Remittance
Once the beneficiary is active, go to the Remittance Application tab. Select the beneficiary and enter the amount in SGD (Singapore Dollars). You must specify the 'Purpose of Remittance' (e.g., 'Maintenance of close relatives' or 'Education') to comply with RBI regulations.
3. Verify and Submit
Review the exchange rate applied by SBI. Note that banks often add a markup of 2% to 5% above the mid-market rate. Authenticate the transaction using the OTP sent to your registered mobile number. Funds typically take 3 to 5 working days to reach the Singapore account.
Comparison: Traditional Banks vs. Modern Remittance Solutions
When moving funds across borders, understanding the difference between traditional banks like SBI and modern fintech solutions like Panda Remit is crucial for saving costs. Below is a comparison of key features for Singapore-based global transactions.
| Feature | Panda Remit | SBI (Traditional Bank) | Wise (Singapore) | DBS Remit |
|---|---|---|---|---|
| Transfer Speed | As fast as 2 minutes (24/7 Real-time) | 3 - 5 Business Days | Minutes to Hours | Same Day (Cut-off times apply) |
| Exchange Rates | Competitive Rates (Close to mid-market) | High Markup (2% - 5%) | Mid-market rate | Bank Rate (Variable spread) |
| Fees | Zero hidden fees (Offers for new users) | Processing fees + GST | Variable percentage fee | $0 (But cost hidden in rate) |
| Regulation | MAS Regulated (Major Payment Institution) | RBI Regulated | MAS Regulated | MAS Regulated |
Why Security and Regulation Matter
Whether you are transferring money via SBI or a fintech platform, security is non-negotiable. Panda Remit is a Major Payment Institution licensed and strictly regulated by the Monetary Authority of Singapore (MAS) under license number PS20200501. This ensures that while you enjoy the speed of digital transfers, your funds are protected by bank-grade SSL encryption and multi-layered anti-fraud protocols, similar to the security standards maintained by top-tier banks.
Explore More on Singapore Remittance
If you are managing finances between India and Singapore, you might also find these resources helpful:
- What is the SBI Singapore remittance limit per day?
- Best apps for instant money transfer from Singapore to India
For a seamless, secure, and high-speed remittance experience, visit the Panda Remit Singapore Registration Page to learn more.
Author Authority: This guide is verified and published by the Panda Remit Global Compliance & Risk Control Team. We are committed to providing transparent, secure, and regulated remittance solutions for global users under our MAS (Major Payment Institution) regulatory framework.
