SBI Forex Rates Explained | How to Save on Transfers

Today, most businesses offer goods and services not only domestically, but also to different countries. As globalization becomes the norm, staying up to date with forex rates is crucial, especially if your business deals with foreign transactions regularly. 

Forex rates have the potential to impact your profits and cash flow significantly. As such, it's always a good idea to look at multiple financial institutions and platforms, and their respective forex rates, comparing them to see which works best for your business. 

In this article, we look at SBI forex rates, their charges, and alternatives to SBI!

The State Bank of India (SBI) is a well-known public company in India. Established in 1955, it has since operated in the banking and financial services industry. It offers multiple services, such as retail and corporate banking, investment banking, loans, insurance, and foreign exchange services. SBI's forex often changes regularly. 

Before diving into SBI forex rates, it's essential to understand what exactly exchange rates are. Exchange rates refer to the value of a country's currency when traded for another. For example, the current exchange rate for US dollars to Indian rupees is 88.20. This means that 1 US dollar can be exchanged for 88.20 Indian rupees. 

The strength or weakness of a nation's currency, in relation to others, can have a significant impact on local businesses, tourism, imports and exports, and much more. Foreign currency can be exchanged using a travel card, online, or in person.

SBI does offer exchange services for the Indian Rupee at some branches. These are usually located in Tier 1 cities. The currencies that SBI usually has on hand at its branches include the following:

• Great British Pounds, or Pound Sterling (￡)
• US Dollars ($)
• Euro (€)

TT buy/sell rates

Typically, when a bank displays forex rates (buy/sell), it also shows the TT (Telegraphic Transfer) buy/sell rates. The TT buy rates are the rates at which the bank is willing to buy foreign exchange from its customers in exchange for the local currency. 

Conversely, the TT sell rates are the rates at which banks will sell foreign currencies to their customers in exchange for local currency. The difference between TT (Telegraphic Transfer) buy/sell rates is called the bid-ask spread. It represents the profit margin at which the bank can process the transaction. This is important and will have an effect on how expensive foreign currencies will be for customers. 

A variety of factors influence the bid-ask spread. These include the current market volatility and conditions, the size of the transaction, and other relevant factors. To make informed decisions regarding foreign exchange and minimize costs, it is crucial to understand SBI forex card rates and SBI bid-ask spread. 

According to SBI's most recent updates, these are the latest exchange rates:

USD/INR: Indicative Sale Rate

Exchange rate for 09/17/2025

GBP/INR Rate:

On 18/09/2025

Indicative Foreign Exchange Rates (up to £25000 or equivalent in other currencies) as of 18th September, 2025 are:

• EUR/INR: 103.6
• USD/INR: 87.65
• GBP/NPR: 188.0

Indicative bid/Offer rate

The SBI determines its own foreign exchange rates for currency conversions, and they change daily.

To conduct a foreign currency exchange with SBI, you typically need to be an account holder with the bank. However, if you are not currently a customer and do not have an account with them, you must bring the necessary documents to open an account with SBI to do a currency exchange. 

If you are an SBI customer with an existing account, you can easily exchange currencies at any of its branches. This is an online system, and therefore available at all SBI branches. It offers 91 different currencies, including  USD, GBP, EUR, AUD, SGD, and CAD.

However, SBI's forex does have its limits. For example, the amount you can send has limits. Customers can only send amounts less than INR 20 lakh or USD 25,000. 

Another option to send money from India online is to use SBI's Retail Online Banking platform. However, it again has its downsides, only offering the following currency exchanges: USD, GBP, EUR, AUD and SGD. Through this system, again, the amount you can send must be less than INR 10 lakh, or USD 25,000.

Real-time forex rates are crucial in today's economy, affecting multiple industries. Changes in these rates can directly impact businesses, since they can increase or decrease supply costs, product costs, and more (if these are purchased from abroad). 

It can also change the demand for foreign exports and domestic imports. When there are significant changes in a country's exchange rates, it can directly impact tourism and investment in the nation as well. 

Real-time forex rates allow companies to manage their foreign exchange risk easily, helping them determine the cost of international transactions. Lastly, real-time forex rates are critical for investors and traders. Those in this industry like to capitalize on the latest market movements and conditions. Real-time forex allows for quick decision-making. 

You may have noticed that SBI's foreign exchange rate is often different from the mid-market exchange rate. The mid-market exchange rates refer to those rates that do not have any markups involved, making them the most transparent exchange rates. 

They are often used by banks in between themselves. This rate is also the one you will see if you search the forex rate for a currency on Google. 

However, many banks, including the SBI, put their own forex rate slightly lower than the mid-market exchange rate. This way, the SBI can include a small fee for every rupee converted, helping to make a profit for the bank. 

An effective exchange rate, or more commonly, the real effective exchange rate (REER), refers to the weighted average of a particular country's currency compared to an index of other major currencies. These are determined by comparing the relative trade balance of the currency against each currency on the index. 

For example, if the Indian rupee weakens against another currency, like the euro, this means exports from India to Europe will become less expensive as well. It will lead European businesses and consumers to purchase more Indian goods, since they become cheaper thanks to the REER. 

Apart from imports and exports, the REER is critical in other areas as well. It is used to measure a particular currency's equilibrium value, identify the factors underlying a country's trade flow, and analyze what impact other factors (like competition or technological advances) could have on a country's currency. 

The SBI's rates change daily. As such, it's good to check their current rates before making a transaction. To do so, you can simply search for "SBI forex rates" on your search engine, which will lead you to their daily rates pages. 

Alternatively, you could visit the official State Bank of India's website and navigate to the forex section to find the specific currency you are interested in. Some of their products, like the Foreign Travel Card, also have the forex rates listed in the terms and conditions. 

For larger transactions, you can contact your nearest SBI branch and ask for the related forex rates. 

If you're looking for a platform for foreign exchange, Xflow is the way to go. Xflow (a fintech alternative) offers multiple benefits that are not available with traditional banks. We provide the following features:

• Locked forex rates: Xflow allows you to lock the current foreign exchange rate for up to 45 days, helping your business avoid market volatility. 

• No hidden fees: With our flat transaction fee model, Xflow does not include any hidden fees or extra charges. We also offer free e-FIRA processing for more streamlined compliance.

• Flexibility: Xflow's payment solutions are more cost-effective and flexible than traditional banks. 

• RBI-Authorized: Our platform partners with RBI-Authorized banks, ensuring your money and data are completely safe when accepting international transfers, as well as compliant with any applicable regulations. 

• Mid-market rates: Unlike SBI, Xflow offers mid-market exchange rates, providing more transparency, reduced risk of currency fluctuations, and improved savings. In fact, you can save up to 50% on FX costs with Xflow. 

• Local payment methods: Your clients can use their local payment methods, such as FedWire or ACH, to settle payments faster. This improves business relations and efficiency. 

• Fast settlements: No delays necessary; Xflow will settle your payments within 1 business day, improving your operational efficiency and cash flow. 

• A 100% digital workflow: With Xflow, you can avoid visiting different branches, thanks to our fully digital workflow. It also reduced manual work, saving 3 to 5 hours on transaction setup. 

• Third-party integration: Xflow can seamlessly connect account systems, like Zoho Books, ensuring smooth transactions across borders. 

Below is a table comparing Xflow's exchange rates with other payment platforms' markup fees:

Since its launch, Xflow has taken a customer-first approach, adapting itself to India's customer needs and regulatory changes. We ensure a seamless and affordable way to secure international payments. Xflow is committed to transparency, ensuring our customers have full visibility of currency conversion rates before their transactions. 

Our digital-first strategy ensures that complex operations, like compliance, are automated. In contrast, most banks rely on outdated legacy systems and brick-and-mortar infrastructure for documentation and compliance reasons. 

Compared to traditional banks, Xflow offers a better and smarter alternative, putting control back in your hands and helping your business scale internationally, without the exorbitant fees and delays. Unlike banks, we do not charge high forex markups or any hidden fees. 

Our competitive exchange rates and transparent pricing are offered to you upfront. We also provide cashback on transactions, reducing your overall costs and helping you save up to 50% on FX costs. Our simple, digital platform ensures your cross-border payments are hassle-free. No more pesky paperwork, compliance complexities, and branch visits!

Are you ready to take your international payments to the next level? Sign up with Xflow now and see the difference!