RemitFee

Head-to-head · Remittance charges

Axis Bank vs State Bank of India

Side-by-side fee comparison between Axis Bank and State Bank of India 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 7 Oct 2026

Outward fee components

Component Axis Bank State Bank of India
Commission
Remittance Commission
Flat ₹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 Exchange
GST on Amount Exchanged
Slab by ACE; 3 bands
GST on Amount Exchanged
Slab by ACE; 3 bands
Branch Commission —
Branch Commission
Per-currency flat fee in destination currency: USD 10, GBP 8, EUR 10, AUD 10, CAD 10, SGD 10, NZD 10, AED 25
Correspondent Charge Remitter —
Correspondent Bank Charge (Remitter mode)
Per-currency flat fee in destination currency: USD 0.9, GBP 2, EUR 5, AUD 5, CAD 18, SGD 10, NZD 5, AED 15

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 State Bank of India
Sell Buy Spread Sell Buy Spread
USD 98.4500 95.1600 3.46% 97.0500 96.2000 0.88%
GBP 131.5500 124.8000 5.41% 129.4300 126.5600 2.27%
EUR 110.7800 106.0500 4.46% 109.8500 107.1500 2.52%
AED 27.1600 25.5500 6.30% 26.9700 25.6700 5.06%

Verdict matrix

Send Currency Axis Bank State Bank of India Winner Saving (₹)
₹50,000 USD ₹3,361 ₹1,148 State Bank of India ₹2,213
₹1,00,000 USD ₹4,148 ₹1,238 State Bank of India ₹2,910
₹5,00,000 USD ₹5,205 ₹1,598 State Bank of India ₹3,607
₹50,000 GBP ₹2,686 ₹1,384 State Bank of India ₹1,302
₹1,00,000 GBP ₹2,776 ₹1,474 State Bank of India ₹1,302
₹5,00,000 GBP ₹3,136 ₹1,834 State Bank of India ₹1,302
₹50,000 EUR ₹4,146 ₹1,738 State Bank of India ₹2,408
₹1,00,000 EUR ₹4,236 ₹1,828 State Bank of India ₹2,408
₹5,00,000 EUR ₹4,988 ₹2,188 State Bank of India ₹2,800
₹50,000 AED ₹2,686 ₹1,169 State Bank of India ₹1,517
₹1,00,000 AED ₹2,776 ₹1,259 State Bank of India ₹1,517
₹5,00,000 AED ₹3,136 ₹1,619 State Bank of India ₹1,517

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.↗
▸Show 3 more notes

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.↗

State Bank of India — Things to know

Applies to:Sending money abroad as an individual retail customer via SBI YONO or Internet Banking (rules effective 1 May 2025). The total shown is the Remitter mode, where the recipient gets the full amount; the mode table compares the Payee and Guaranteed options. Currencies outside YONO's 8-currency set are branch-only and not modelled here.

  • SBI's own fee is nil. Since 1 May 2025 SBI charges individuals no commission and waives SWIFT for retail — what you pay is the per-currency Branch Commission and correspondent charge, plus GST.↗
  • Three ways to split the fees. At YONO you choose who bears the SWIFT charges: Payee (the recipient absorbs the Branch Commission + correspondent, so USD 1,000 lands as ~USD 989), Remitter (you pay both in INR, recipient gets the full amount), or Guaranteed (USD/EUR/GBP only, full delivery).↗
  • Most currencies are branch-only. Only 8 currencies are priced online; the other 13 (CHF, HKD, JPY, THB, SAR, OMR, BHD, KWD, QAR, DKK, NOK, SEK, ZAR) are branch-only and not modelled here.
  • 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.
▸Show 4 more notes

Other things to know

  • Rates suit larger transfers. SBI's card rates target the ₹10–20 lakh band; smaller amounts may be quoted differently at the branch.↗

Other ways to save

  • Pick 'Payee' on big transfers. Choosing Payee lets you skip paying the Branch Commission and correspondent charge in INR — the recipient gets that much less, which stings least on large amounts.
  • Medical & education loans are free. SBI waives outward charges for Medical purposes and Education Loan disbursement — declare the purpose if it qualifies.↗
  • Send from FCNR/NRE to save. Outward transfers from an FCNR(B) or NRE account skip the out-of-pocket charges — only the correspondent fee applies.

FAQ — Axis Bank vs State Bank of India

Which bank is cheaper for outward remittance — Axis Bank or State Bank of India?

State Bank of India 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 ₹24,804 across the matrix. Rates and fees refresh regularly — the verdict matrix above always shows today's numbers.

Do Axis Bank and State Bank of India 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 State Bank of India?

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.

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.

INR / 1 USD

TT Selling rate from Indian Overseas Bank's published forex sheet — edit to model a quoted rate.

BREAKDOWN

Outward remittance

Amount being sent
₹96,890.00

$1,000.00 × ₹96.89

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

TCS is refundable when you file your ITR — it's a tax credit, not a fee.

Estimate only. Correspondent-bank charges are included only where the bank publishes them (Kotak, Axis, SBI); elsewhere they are a pass-through not shown here. Exchange rates shown are indicative. Mid-market rates by Exchange Rate API, updated daily.