HDFC Bank vs Indian Overseas Bank — Remittance Charges Compared

Side-by-side fee comparison between HDFC Bank and Indian Overseas 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.

Outward fee components

Component	HDFC Bank	Indian Overseas Bank
Commission	Outward Remittance Commission Tiered by USD amount: ≤500: ₹500, >500: ₹1000	Outward Remittance Commission (0.075%) 0.075% of ACE (min ₹250) (max ₹4000)
GST Commission	GST on Commission (18%) 18% on commission	GST on Commission + Swift (18%) 18% on commission, swift_charge
GST Exchange	GST on Amount Exchanged Slab by ACE; 3 bands	GST on Amount Exchanged Slab by ACE; 3 bands
Swift Charge	—	Swift Payment Message Flat ₹500

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	HDFC Bank			Indian Overseas Bank
Currency	Sell	Buy	Spread	Sell	Buy	Spread
USD	96.9500	93.5200	3.67%	95.4400	94.8700	0.60%
GBP	131.6500	124.5700	5.68%	128.6700	127.3900	1.00%
EUR	112.1000	107.3600	4.42%	110.4000	109.3000	1.01%
AED	26.7400	25.1200	6.45%	26.0900	25.7000	1.52%

Verdict matrix

Send	Currency	HDFC Bank	Indian Overseas Bank	Winner	Saving (₹)
₹50,000	USD	₹1,270	₹975	Indian Overseas Bank	₹295
₹1,00,000	USD	₹1,360	₹1,065	Indian Overseas Bank	₹295
₹5,00,000	USD	₹1,720	₹1,573	Indian Overseas Bank	₹148
₹50,000	GBP	₹1,270	₹975	Indian Overseas Bank	₹295
₹1,00,000	GBP	₹1,360	₹1,065	Indian Overseas Bank	₹295
₹5,00,000	GBP	₹1,720	₹1,573	Indian Overseas Bank	₹148
₹50,000	EUR	₹1,270	₹975	Indian Overseas Bank	₹295
₹1,00,000	EUR	₹1,360	₹1,065	Indian Overseas Bank	₹295
₹5,00,000	EUR	₹1,720	₹1,573	Indian Overseas Bank	₹148
₹50,000	AED	₹1,270	₹975	Indian Overseas Bank	₹295
₹1,00,000	AED	₹1,360	₹1,065	Indian Overseas Bank	₹295
₹5,00,000	AED	₹1,720	₹1,573	Indian Overseas Bank	₹148

HDFC Bank — Things to know

Applies to:Outward remittance via HDFC, Resident Individual, T.T. Selling rate. The card rate at debit time is the rate actually applied.

Card rates apply up to ₹20 lakh equivalent; above that, your Relationship Manager may negotiate a better rate.↗
GST is charged twice: 18% on the commission, plus a slab-based GST on the foreign amount exchanged (min ₹45, max ₹10,800).↗
TCS at 20% applies on general LRS remittance above ₹10 lakh per financial year (refundable as a tax credit at ITR time).↗

Keep each transfer at or below $500 equivalent to stay in the lower ₹500 commission tier instead of ₹1,000.↗

▸Show 4 more notes

Other things to know

HDFC charges don't include originating or correspondent-bank fees — beneficiary may receive less than the foreign amount shown.↗
All commissions, fees, and charges are non-refundable unless explicitly stated otherwise.↗

Other ways to save

Refresh the rate just before initiating the transfer — HDFC updates rates intraday and the live card rate is what applies.↗
If the beneficiary must receive an exact foreign amount, ask HDFC about their Full Value facility — that mode includes the correspondent-bank fee.↗

Indian Overseas Bank — Things to know

Applies to:Outward remittance, retail. Advance-against-imports, FCY DD issuance, and project-import scenarios are not modelled.

Outward commission is 0.075% with a ₹250 floor and ₹4,000 ceiling — small transfers pay disproportionately more as a percentage.↗
Correspondent bank charges are a pass-through actual — IOB's 2025 schedule says '+ correspondent Bank Charges' on top of commission and SWIFT. Not in our total. Typical range USD 5–25 depending on the corridor; verify on your debit advice.↗
TCS at 20% applies on general LRS remittance above ₹10 lakh per financial year (refundable as a tax credit at ITR time).

▸Show 4 more notes

Other things to know

IOB publishes LKR rates but flags them 'for information purpose only' — Sri Lanka transfers may not be transactable at the displayed rate; verify with branch.↗
Swift charge ₹500 is on top of the commission, and IOB's published charges are exclusive of GST (add 18% on the total).↗
Rates are indicative and subject to market movement; the live treasury rate at debit time is what's actually applied.↗

Other ways to save

IOB's outward commission caps at ₹4,000 — for large remittances the effective percentage is lower than at flat-fee banks.

Try it

TRANSFER

Sending currency

You pay in INR; recipient receives USD.

Amount you're sending (USD)

USD

Purpose of remittance

LRS remitted this FY so far (₹)

Used to determine if this transfer crosses the ₹10L TCS threshold.

Best deal: Indian Overseas Bank. You save ₹1,807.72 vs the most expensive.

Exchange rate

INR / 1 USD

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

BREAKDOWN

Outward remittance

Charge breakdown
Amount being sent $1,000.00 × ₹95.44	₹95,440.00
Outward Remittance Commission (0.075%)	₹250.00
Swift Payment Message	₹500.00
GST on Commission + Swift (18%)	₹135.00
GST on Amount Exchanged	₹171.79
Total charges	₹1,056.79
Total payable (INR)	₹96,496.79

Amount being sent: ₹95,440.00
Outward Remittance Commission (0.075%): ₹250.00
Swift Payment Message: ₹500.00
GST on Commission + Swift (18%): ₹135.00
GST on Amount Exchanged: ₹171.79
Total charges: ₹1,056.79

Total payable (INR)

₹96,496.79

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