What are overseas remittances?

Hey SBM folks, I was wondering if this is your offering to current customers in today’s digital age and technology at foot step…How would you harass the new ones joining this Bank?

One unhappy customer feedback and all the good work done by your team and marketing folks would come down to new lows in today’s new Banking age…Food for thought?


SBM bank, my son was telling about this bank who is Living overseas. After reading all the comments above one thing I understood that I am not going to open my account with this bank. These guys are not even responding, shocking!!! Also noticed customer Olga only doing all R&D n providing inputs to customer care…such immature bank can’t survive for long!!!

Olga, bring this to Twitter and Facebook…seems like some scam going on

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Hi All,

Let me tell you the entire story, how its all started, first 2days they keep on saying wait for 24hours but nothing happened, finally i start searching their community post and found one international remittance form which i showed to bank chat executive Nidhi. Seems she was not aware about bank processes so She asked me to wait and after sometime she came n said yes I need to fill this form. I was shocked to the core that how come bank executives don’t know about their processes. After this I asked what all n how to fill this form, one giy finally called and told me about a code as per my requirement which i filled and submitted. Thos afternoon I got a mail again after my followup only that code is wrong so fill the correct code, i mean previous code was told by bank executive only. Also this afternoon they send a form which was some dispute form, when i asked why dispute form??? Executive sent me then correct form!!! This entire bank is mess sorry to say, i am just waiting for my money to transfer!!! Here sending some screenshots about entire incident!!!

Seems they are not interested in responding to you back, seriously shameful… Never trust such bank

SBM Bank, in this digital and Social media age, don’t think that you will have an escape route. Why r you holding your customer’s money?

What’s the issue with the transaction?

This is clearly a case of harrassment. They are asking to fill out a dispute form for their own mistake. It seems like a lot of their customers are facing similar issues which is not acceptable. @Olga_Ilina don’t hesitate to file an FIR against them. Take this issue over to Twitter and reach out to @sbmbankindia and @theniyo and hopefully someone will pay attention to your concern.

Now it’s clear they don’t want to pay any attention over your issue, seems your money is stuck with this fraud bank, better raise a complaint over RBI portal and also highlight over twitter, in the meantime i am checking with my media friends who can bring this bank in news!!!


Hi @Olga_Ilina, thank you for sparing your valuable time on the call.

As discussed, I’m personally following this up with the Bank on your behalf and we will try to process the amount to your account as soon as possible.

Once again, I’d like to apologize for the delay & the misses, and extend my sincere thanks for your kind understanding in the matter. LK

Hi @Olga_Ilina, thank you for your time on call & for confirming that you have received the funds in your account. Feel free to reach out to us in case you need any further assistance.

Cheers! LK

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Hi lucky,

Help me to understand , my employer transfered 535usd which is approx 40,200/- however I received only 38658/- now after that also 300/- and 56- deducted by your bank. I mean how is the calculation being done??


Waiting for your response

Hey @Olga_Ilina! For international inward remittance, the fund transfer charges are completely handled by the bank. The deductions that have happened are for INWARD CHARGES AGAINST your transaction.

The actual exchange rate may differ from the exchange rate on Google.

What exactly are the rates shown on XE or Google? The rates provided in XE’s free information services are mid-market rates from global currency markets. Likewise, the data for Google’s currency converter is provided by Morningstar, a US-based global provider of financial data. The company aggregates real-time data from worldwide sources, covering major trading venues.

These rates are known as wholesale exchange rates. Wholesale exchange rates are the rates used by banks, governments, investment funds, and large corporates to exchange currencies with one another. You may also have come across the term interbank exchange rates, which narrows the participants to banks."


@Olga_Ilina Did you finally closed your account or still using their services ?
Can you give an update regarding afterwards services feedback?