RemitFee

Head-to-head · Remittance charges

ICICI Bank vs State Bank of India

Side-by-side fee comparison between ICICI 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 ICICI Bank State Bank of India
Commission
Outward Remittance Commission
Flat ₹750 by corridor (USD ₹1000, GBP ₹1000, EUR ₹1000, AUD ₹1000, CAD ₹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 ICICI Bank State Bank of India
Sell Buy Spread Sell Buy Spread
USD 98.1100 95.1200 3.14% 97.0500 96.2000 0.88%
GBP 131.4200 124.8300 5.28% 129.4300 126.5600 2.27%
EUR 110.8900 106.0600 4.55% 109.8500 107.1500 2.52%
AED 27.1600 25.5100 6.47% 26.9700 25.6700 5.06%

Verdict matrix

Send Currency ICICI 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 ICICI Bank ₹114
₹1,00,000 GBP ₹1,360 ₹1,474 ICICI Bank ₹114
₹5,00,000 GBP ₹1,720 ₹1,834 ICICI Bank ₹114
₹50,000 EUR ₹1,270 ₹1,738 ICICI Bank ₹468
₹1,00,000 EUR ₹1,360 ₹1,828 ICICI Bank ₹468
₹5,00,000 EUR ₹1,720 ₹2,188 ICICI Bank ₹468
₹50,000 AED ₹975 ₹1,169 ICICI Bank ₹194
₹1,00,000 AED ₹1,065 ₹1,259 ICICI Bank ₹194
₹5,00,000 AED ₹1,425 ₹1,619 ICICI Bank ₹194

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.
▸Show 1 more note

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.↗

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 — ICICI Bank vs State Bank of India

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

ICICI Bank is cheaper in 9 of 12 benchmark scenarios (₹50,000, ₹1,00,000 and ₹5,00,000 across USD, GBP, EUR and AED), with total savings of ₹2,328 across the matrix. Rates and fees refresh regularly — the verdict matrix above always shows today's numbers.

Do ICICI 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 ICICI 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.