Head-to-head · Remittance charges
Axis Bank vs ICICI Bank
Side-by-side fee comparison between Axis Bank and ICICI Bank on outward remittance from India. The verdict matrix below shows the cheaper bank at ₹50K, ₹1L, ₹5L across USD, GBP, EUR, AED, with the rupee delta.
Updated 9 Oct 2026
Outward fee components
| Component | Axis Bank | ICICI Bank |
|---|---|---|
| Commission | Remittance Commission Flat ₹1000 | Outward Remittance Commission Flat ₹750 by corridor (USD ₹1000, GBP ₹1000, EUR ₹1000, AUD ₹1000, CAD ₹1000) |
| Correspondent Charge | Correspondent Bank Charge (OUR) Per destination currency, tiered by amount: USD 10–70, EUR 22–40, JPY ₹2500–₹7000, GBP ₹1200, AED ₹1200, AUD ₹1200, CAD ₹1200, CHF ₹1200, DKK ₹1200, HKD ₹1200, NZD ₹1200, SAR ₹1200, SEK ₹1200, SGD ₹1200, THB ₹1200, ZAR ₹1200 | — |
| GST Commission | GST on Commission + Correspondent (18%) 18% on commission, correspondent_charge | GST on Commission (18%) 18% on commission |
| GST Exchange | GST on Amount Exchanged Slab by ACE; 3 bands | GST on Amount Exchanged Slab by ACE; 3 bands |
Exchange rates side-by-side
TT Selling = rate the bank uses when you send money abroad. TT Buying = rate applied when you receive money from abroad. A tighter spread (lower %) means less hidden FX cost.
| Currency | Axis Bank | ICICI Bank | ||||
|---|---|---|---|---|---|---|
| Sell | Buy | Spread | Sell | Buy | Spread | |
| USD | 98.4500 | 95.1600 | 3.46% | 98.1100 | 95.1200 | 3.14% |
| GBP | 131.5500 | 124.8000 | 5.41% | 131.4200 | 124.8300 | 5.28% |
| EUR | 110.7800 | 106.0500 | 4.46% | 110.8900 | 106.0600 | 4.55% |
| AED | 27.1600 | 25.5500 | 6.30% | 27.1600 | 25.5100 | 6.47% |
Verdict matrix
| Send | Currency | Axis Bank | ICICI Bank | Winner | Saving (₹) |
|---|---|---|---|---|---|
| ₹50,000 | USD | ₹3,361 | ₹1,270 | ICICI Bank | ₹2,091 |
| ₹1,00,000 | USD | ₹4,148 | ₹1,360 | ICICI Bank | ₹2,788 |
| ₹5,00,000 | USD | ₹5,205 | ₹1,720 | ICICI Bank | ₹3,485 |
| ₹50,000 | GBP | ₹2,686 | ₹1,270 | ICICI Bank | ₹1,416 |
| ₹1,00,000 | GBP | ₹2,776 | ₹1,360 | ICICI Bank | ₹1,416 |
| ₹5,00,000 | GBP | ₹3,136 | ₹1,720 | ICICI Bank | ₹1,416 |
| ₹50,000 | EUR | ₹4,146 | ₹1,270 | ICICI Bank | ₹2,876 |
| ₹1,00,000 | EUR | ₹4,236 | ₹1,360 | ICICI Bank | ₹2,876 |
| ₹5,00,000 | EUR | ₹4,988 | ₹1,720 | ICICI Bank | ₹3,268 |
| ₹50,000 | AED | ₹2,686 | ₹975 | ICICI Bank | ₹1,711 |
| ₹1,00,000 | AED | ₹2,776 | ₹1,065 | ICICI Bank | ₹1,711 |
| ₹5,00,000 | AED | ₹3,136 | ₹1,425 | ICICI Bank | ₹1,711 |
Axis Bank — Things to know
Applies to:Resident Individual, Send Money Abroad via Internet/Mobile Banking or branch, OUR correspondent option.
- Digital waiver removed. The Sep 2026 schedule charges ₹1,000 + GST commission on digital remittances; the earlier online waiver is gone, though many guides and an older Axis PDF still say digital is free.↗
- BEN shifts charges downstream. Choosing BEN removes the correspondent charge from your debit, but correspondent banks deduct their own unpublished charges from what the beneficiary receives.↗
- GST is charged twice. You pay 18% GST on the commission and the correspondent charge, plus a separate slab GST on the amount converted (₹45 minimum, ₹10,800 cap).↗
- TCS on large transfers. For general purposes, 20% TCS applies on LRS spending above ₹10 lakh a year (2% for education and medical) — refundable as a tax credit at ITR time.↗
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Other things to know
- Assured Pay is branch-only. Guaranteed full-value delivery costs USD 15 on top of OUR charges, is USD-only, and — like the SHA option — is available only at a branch.
- Returned transfers cost extra. Correspondent-bank charges on transfers rejected or returned due to incorrect details are recovered from the remitter.
Other ways to save
- NR accounts: OUR is free. Correspondent bank charges under the OUR option are NIL for outward remittances from Non-Resident accounts.↗
ICICI Bank — Things to know
Applies to:Sending money abroad through ICICI NetBanking or iMobile as a Resident Individual. Branch and NRI cases aren't modelled here.
- Home corridors cost ₹1,000 — with guaranteed delivery. Since 1 Apr 2026, USD→USA, GBP→UK, EUR→Eurozone, AUD→Australia and CAD→Canada carry a ₹1,000 commission that ICICI labels 'Full Value Credit (Guaranteed Delivery)': no intermediary deductions, the full amount reaches the beneficiary bank. Every other route is ₹750 and non-guaranteed.↗
- ₹750 routes can lose money in transit. On the ₹750 non-guaranteed routes ICICI's charges don't include intermediary or correspondent bank fees — those banks can deduct their own charges from what the recipient receives, and ICICI publishes no amount for them.↗
- Branch costs more. At a branch the ₹750 routes cost ₹1,000 and USD→USA costs ₹1,500 (vs ₹1,000 online); the other four home corridors are ₹1,000 either way.↗
- GST is charged twice. GST applies to both the commission and the currency conversion (a slab), so your total GST is more than 18% of the commission alone.↗
- TCS on large transfers. For general purposes, 20% TCS applies on LRS spending above ₹10 lakh a year — refundable as a tax credit at ITR time.
- Skip the branch. Use NetBanking or iMobile instead of a branch: ₹250 cheaper on most routes and ₹500 cheaper for USD→USA.
- Compare the ₹1,000 with other banks' OUR totals. On the five home corridors the extra ₹250 buys guaranteed full-value delivery, so weigh it against other banks' commission plus correspondent charge — not their base commission alone.
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Other things to know
- Card-rate cap. Card rates cover up to USD 25,000 per request and are indicative — the rate at debit time is what applies; above the cap, contact the branch or your RM.↗
FAQ — Axis Bank vs ICICI Bank
Which bank is cheaper for outward remittance — Axis Bank or ICICI Bank?
ICICI Bank is cheaper in 12 of 12 benchmark scenarios (₹50,000, ₹1,00,000 and ₹5,00,000 across USD, GBP, EUR and AED), with total savings of ₹26,765 across the matrix. Rates and fees refresh regularly — the verdict matrix above always shows today's numbers.
Do Axis Bank and ICICI Bank use the same exchange rate?
No — each bank publishes its own TT Selling rate, and the gap between them is often worth more than the difference in visible fees. The side-by-side rate table on this page compares both banks' TT Selling and TT Buying rates, along with the spread each bank keeps.
What fees should I compare between Axis Bank and ICICI Bank?
Four things decide the real cost: the commission each bank charges, SWIFT / correspondent charges, 18% GST on those fees, and — usually biggest — the TT Selling exchange rate each bank applies. The verdict matrix on this page computes the all-in total for both banks so you don't have to compare line by line.
Try it
TRANSFER
You pay in INR; recipient receives USD.
Used to determine if this transfer crosses the ₹10L TCS threshold.
Best deal: Indian Overseas Bank. You save ₹3,948.89 vs the most expensive.
TT Selling rate from Indian Overseas Bank's published forex sheet — edit to model a quoted rate.
BREAKDOWN
Outward remittance
Amount being sent $1,000.00 × ₹96.89 | ₹96,890.00 |
| Outward Remittance Commission (0.075%) | ₹250.00 |
| Swift Payment Message | ₹500.00 |
| GST on Commission + Swift (18%) | ₹135.00 |
| GST on Amount Exchanged | ₹174.40 |
| Total charges | ₹1,059.40 |
| Total payable (INR) | ₹97,949.40 |
- Amount being sent
- ₹96,890.00
- Outward Remittance Commission (0.075%)
- ₹250.00
- Swift Payment Message
- ₹500.00
- GST on Commission + Swift (18%)
- ₹135.00
- GST on Amount Exchanged
- ₹174.40
- Total charges
- ₹1,059.40
$1,000.00 × ₹96.89
Total payable (INR)
₹97,949.40
Indian Overseas Bank
₹97,949.40
Cheapest
TT Selling rate from Indian Overseas Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹96.89
- ₹96,890.00
- Outward Remittance Commission (0.075%)
- ₹250.00
- Swift Payment Message
- ₹500.00
- GST on Commission + Swift (18%)
- ₹135.00
- GST on Amount Exchanged
- ₹174.40
- Total charges
- ₹1,059.40
- Total payable (INR)
- ₹97,949.40
State Bank of India
₹98,282.54
+₹333.14 vs cheapest
TT Selling rate from State Bank of India's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹97.05
- ₹97,050.00
- Branch Commission
- ₹970.50
- Correspondent Bank Charge (Remitter mode)
- ₹87.35
- GST on Amount Exchanged
- ₹174.69
- Total charges
- ₹1,232.54
- Total payable (INR)
- ₹98,282.54
ICICI Bank
₹99,466.60
+₹1,517.20 vs cheapest
TT Selling rate from ICICI Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.11
- ₹98,110.00
- Outward Remittance Commission
- ₹1,000.00
- GST on Commission (18%)
- ₹180.00
- GST on Amount Exchanged
- ₹176.60
- Total charges
- ₹1,356.60
- Total payable (INR)
- ₹99,466.60
Kotak Mahindra Bank
₹99,697.01
+₹1,747.61 vs cheapest
TT Selling rate from Kotak Mahindra Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.34
- ₹98,340.00
- Outward Remittance Commission (Online)
- ₹500.00
- Correspondent Bank Charge
- ₹500.00
- GST on Commission + Correspondent (18%)
- ₹180.00
- GST on Amount Exchanged
- ₹177.01
- Total charges
- ₹1,357.01
- Total payable (INR)
- ₹99,697.01
HDFC Bank
₹99,707.03
+₹1,757.63 vs cheapest
TT Selling rate from HDFC Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.35
- ₹98,350.00
- Outward Remittance Commission
- ₹1,000.00
- GST on Commission (18%)
- ₹180.00
- GST on Amount Exchanged
- ₹177.03
- Total charges
- ₹1,357.03
- Total payable (INR)
- ₹99,707.03
Axis Bank
₹1,01,898.29
+₹3,948.89 vs cheapest
TT Selling rate from Axis Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.45
- ₹98,450.00
- Remittance Commission
- ₹1,000.00
- Correspondent Bank Charge (OUR)
- ₹1,772.10
- GST on Commission + Correspondent (18%)
- ₹498.98
- GST on Amount Exchanged
- ₹177.21
- Total charges
- ₹3,448.29
- Total payable (INR)
- ₹1,01,898.29
TCS is refundable when you file your ITR — it's a tax credit, not a fee.