State Bank of India INR Exchange Rate Today: Costs of an international money transfer
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State Bank of India exchange rate for INR transfers
State Bank of India's GBP to INR exchange rate is 122.1768.
Remember, exchange rates change all the time, so before you convert your GBP to INR, take a look on the State Bank of India's website or app to get the live rate. We’ve also got lots of information and tools - including our comparison table - to help you check and compare the State Bank of India exchange rate conveniently. This makes it easier than ever to get the best available deal whether you want to convert currency for a payment, for spending with your card, or for travel.
Does State Bank of India use the mid-market exchange rate?
State Bank of India GBP to INR rate today is 122.1768.
The State Bank of India exchange rate is less favourable than the mid-market rate for this pair. That means that State Bank of India calculates the GBP to INR retail exchange rate by taking the mid-market exchange rate for this pair, and adding a mark-up - a percentage fee.
What is the mid-market rate for GBP - INR today?
If you're about to travel to India, or if you’re planning on sending an international payment to someone there, you’ll need to know the GBP to INR exchange rate.
The live GBP to INR exchange rate is 123.008. This is the mid-market exchange rate, which is the rate used on global wholesale markets. The mid-market exchange rate is not always available to retail customers buying travel money or sending payments. In this case, the provider or bank you use can set their own exchange rate, which may include a fee.
What is the mid-market rate?
The mid-market rate - which is also often called the wholesale rate - is the exchange rate that’s quoted on global markets, and also the rate you’ll usually find when you use a Google search or a currency converter tool.
When banks and money transfer services buy and sell large volumes of currencies, they’ll usually get the mid-market exchange rate for conversion. However, this rate is not often available for retail customers sending a payment overseas or exchanging travel money. Instead, banks and currency exchange services will calculate their own retail exchange rates which include a markup - a fee - added on to the wholesale or mid-market rate.
Exchange rate margins vary depending on the bank or provider, and the currencies in question - but it’s common to find a markup of about 3% being used. You’ll only be able to calculate the markup being added by comparing the exchange rate your bank offers you against the mid-market rate which you can get from Google. That’s a hassle, and means that customers often pay this markup without really knowing about or noticing it. If you’re converting a large amount of money or sending a high value payment, the markup can end up being the highest of all the costs involved - even if you don’t realise you’re paying it.
How to check the State Bank of India exchange rate for INR money transfers
Get the State Bank of India exchange rate on the State Bank of India's website, or by downloading the State Bank of India app. If you’re considering converting money with State Bank of India it’s worth registering an account online or in app, which lets you see all the details of costs, delivery times and more.
What is the State Bank of India currency conversion fee for GBP to INR?
If you want to convert GBP to INR with State Bank of India, you’ll pay a conversion fee of 13.49 GBP. Currency conversion fees do vary based on factors like the amount you’re exchanging, and market conditions. Keep an eye on the latest costs and exchange rates available from State Bank of India, so you will know what to expect.
How much does a INR transfer cost with State Bank of India?
A transfer of £2000 GBP to India costs £13.49 GBP with State Bank of India.
This fee represents the markup within State Bank of India's exchange rate. We calculate this by taking the difference between their exchange rate, 122.1768, and the mid-market exchange rate, 123.008, and multiplying it by the amount sent, £2000.
How does the State Bank of India Indian Rupee rate compare with other providers?
When you convert your Pound Sterling to INR with State Bank of India, the rate you get - along with any applicable fees - will dictate the overall cost of your conversion or transfer. Comparing the rate you’re offered by State Bank of India with some other services is a good way to make sure you’re getting a good deal on your currency conversion.
Before you pick the right bank or provider for your currency conversion needs, you’ll also want to consider how long your payment will take to be processed, and the security measures in place to keep your money safe throughout.
How to send money to India with State Bank of India?
You can send money to India with State Bank of India online or in the State Bank of India app. Here’s what you’ll need to do:
Log into your account with State Bank of India, or register if you’re a new customer
Online or in the State Bank of India app, navigate to the Send Money pages
Enter the amount in GBP you want to send, or the amount in INR that the recipient should get in the end
Add the recipient details and follow the prompts to fund the payment - your money will be sent and deposited in your recipient’s account directly
Is State Bank of India safe?
Yes. It is safe to transfer money with State Bank of India.
It’s important to use a properly licensed and regulated provider when you send money or make a currency exchange. Here at Exiap we only review reliable, safe and licensed services, which are properly regulated both here and internationally.
Frequently asked questions State Bank of India INR rate
What exchange rate State Bank of India uses to send GBP to IN?
State Bank of India's exchange rate is 122.1768. Their effective fee for sending £2000 GBP to India from the United Kingdom is £13.49 GBP.
How long does it take to send money with State Bank of India?
The amount of time it takes to send money with State Bank of India will depend on various factors like the payment value and specific service you use. You'll often be able to see an estimate of delivery time before you confirm your transfer, and can track your payment by logging into your account.
What is the mid-market rate?
The mid-market exchange rate is the rate that banks and providers use when they buy and sell currencies on wholesale markets. This exchange rate is sometimes passed on to retail customers, although some providers calculate their retail exchange rate by adding a markup to the mid-market rate, which is an extra fee.