RemitFee

Head-to-head · Remittance charges

HDFC Bank vs State Bank of India

Side-by-side fee comparison between HDFC 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 9 Oct 2026

Outward fee components

Component HDFC Bank State Bank of India
Commission
Outward Remittance Commission
Tiered by USD amount: ≤500: ₹500, >500: ₹1000
 —
GST Commission
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
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 HDFC Bank State Bank of India
Sell Buy Spread Sell Buy Spread
USD 98.3500 94.9000 3.64% 97.0500 96.2000 0.88%
GBP 131.4700 124.3700 5.71% 129.4300 126.5600 2.27%
EUR 110.7900 106.1300 4.39% 109.8500 107.1500 2.52%
AED 27.1300 25.4900 6.43% 26.9700 25.6700 5.06%

Verdict matrix

Send Currency HDFC Bank State Bank of India Winner Saving (₹)
₹50,000 USD ₹1,270 ₹1,148 State Bank of India ₹122
₹1,00,000 USD ₹1,360 ₹1,238 State Bank of India ₹122
₹5,00,000 USD ₹1,720 ₹1,598 State Bank of India ₹122
₹50,000 GBP ₹1,270 ₹1,384 HDFC Bank ₹114
₹1,00,000 GBP ₹1,360 ₹1,474 HDFC Bank ₹114
₹5,00,000 GBP ₹1,720 ₹1,834 HDFC Bank ₹114
₹50,000 EUR ₹1,270 ₹1,738 HDFC Bank ₹468
₹1,00,000 EUR ₹1,360 ₹1,828 HDFC Bank ₹468
₹5,00,000 EUR ₹1,720 ₹2,188 HDFC Bank ₹468
₹50,000 AED ₹1,270 ₹1,169 State Bank of India ₹101
₹1,00,000 AED ₹1,360 ₹1,259 State Bank of India ₹101
₹5,00,000 AED ₹1,720 ₹1,619 State Bank of India ₹101

HDFC Bank — Things to know

Applies to:Sending money abroad through HDFC as a Resident Individual, online or at a branch. You're charged at the T.T. Selling rate live at the moment of debit.

  • Card-rate cap. Card rates apply up to ₹20 lakh equivalent; above that, your Relationship Manager can often negotiate a better rate.↗
  • GST is charged twice. You pay 18% GST on the commission, plus a separate slab GST on the amount converted (₹45 minimum, ₹10,800 cap).↗
  • The 'Self' option adds a hidden cost. At checkout you pick who pays the correspondent bank: 'Self' bills it to you in INR after the transfer (an extra we can't show — HDFC lists no fixed amount), 'Beneficiary' takes it from the recipient, 'Full Value' waives it. Our total covers HDFC's commission + GST only.↗
  • TCS on large transfers. For general purposes, 20% TCS applies on LRS spending above ₹10 lakh in a financial year — you claim it back as a tax credit when you file your ITR.↗
  • Split to stay in the lower tier. Keep each transfer at or below $500 equivalent to pay the ₹500 commission instead of ₹1,000.↗
▸Show 3 more notes

Other things to know

  • Fees aren't refundable. Once charged, HDFC's commission and fees aren't refunded unless stated otherwise.↗

Other ways to save

  • Lock the rate at the last moment. HDFC updates rates through the day, so refresh right before you confirm — the live card rate is what you'll get.↗
  • Full Value for an exact amount. Need the recipient to get an exact figure? HDFC's Full Value facility absorbs the correspondent fee (USD online; EUR/GBP branch-only). HDFC advertised a 100% waiver until 30 Sep 2026 and hasn't updated the page since — check what Full Value costs at checkout.↗

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 — HDFC Bank vs State Bank of India

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

It's an even split across our benchmark matrix of ₹50,000, ₹1,00,000 and ₹5,00,000 transfers in USD, GBP, EUR and AED — the cheaper bank depends on the exact amount and currency you're sending. Check the verdict matrix above for your scenario.

Do HDFC 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 HDFC 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.