Forex outward remittance is a process of transferring money from an Indian bank account to a foreign bank account. SBI (State Bank of India) is one of the leading banks in India that offers a wide range of forex services to its customers. Adding an account for forex outward remittance in SBI is a simple and straightforward process. In this article, we will discuss the steps involved in adding an account for forex outward remittance in SBI.
Step 1: Log in to your SBI net banking account
To add an account for forex outward remittance in SBI, the first step is to log in to your SBI net banking account. If you do not have a net banking account, you can register for one by visiting the SBI website and following the registration process.
Step 2: Go to the ‘e-Remittance’ section
Once you have logged in to your SBI net banking account, go to the ‘e-Remittance’ section. This section is available under the ‘Payments/ Transfers’ tab on the left-hand side of the screen.
Step 3: Select the ‘Forex Outward Remittance’ option
In the ‘e-Remittance’ section, select the ‘Forex Outward Remittance’ option. You will be directed to a new page where you can initiate the process of adding an account for forex outward remittance.
Step 4: Select the ‘Add a New Beneficiary’ option
On the ‘Forex Outward Remittance’ page, select the ‘Add a New Beneficiary’ option. This option will allow you to add a new foreign bank account to which you want to transfer money.
Step 5: Fill in the beneficiary details
After selecting the ‘Add a New Beneficiary’ option, you will be prompted to fill in the beneficiary details. This includes the beneficiary’s name, address, bank account number, SWIFT code, and other relevant information. Make sure to double-check all the details before submitting the form.
Step 6: Verify the beneficiary details
Once you have filled in all the beneficiary details, you will be asked to verify them. Verify all the details carefully to ensure that there are no errors or mistakes.
Step 7: Add a transaction password
After verifying the beneficiary details, you will be asked to add a transaction password. This password is required to authorize any outward remittance transactions from your account. Make sure to choose a strong password that is easy for you to remember but difficult for others to guess.
Step 8: Submit the request
After adding the transaction password, submit the request to add a new beneficiary for forex outward remittance. You will receive a confirmation message on the screen and an email confirmation from SBI.
Step 9: Activate the beneficiary account
After submitting the request to add a new beneficiary for forex outward remittance, you need to activate the account. For this, you need to visit your nearest SBI branch and submit the necessary documents for activation. These documents include a copy of your PAN card, passport, and address proof. Once the account is activated, you can start transferring money to the foreign bank account.
Conclusion:
Adding an account for forex outward remittance in SBI is a simple and straightforward process. Follow the above steps carefully to add a new beneficiary account and start transferring money to foreign bank accounts. Remember to double-check all the beneficiary details and choose a strong transaction password to ensure the safety and security of your transactions.
