Indian Overseas Bank · Outward remittance
Indian Overseas Bank Remittance Charges
Full per-currency rate sheet, fee-component breakdown, and worked totals at ₹50,000, ₹1,00,000, and ₹5,00,000 across USD, GBP, EUR, AED — all computed against Indian Overseas Bank's own data. Also called international wire transfer, SWIFT or telegraphic transfer (TT) charges.
Today's USD rate
₹96.8900
TT Selling, INR per 1 unit
Commission
0.075%
min ₹250 / max ₹4,000
GST
18%
on Commission + Swift Charge
Swift / correspondent
₹500
flat
01 · Things to know
Things to know
Applies to:Sending money abroad, retail. Advance-against-imports, FCY DD issuance, and project-import cases aren't modelled here.
- Small transfers pay more. The commission is 0.075% with a ₹250 floor and ₹4,000 cap, so on small amounts the percentage you pay is higher.↗
- Correspondent fee isn't in our total. IOB's schedule adds '+ correspondent bank charges' beyond commission and SWIFT — typically USD 5–25 depending on the route. Check your debit advice; we don't include it.↗
- 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
- Sri Lanka rates are indicative. IOB shows LKR rates 'for information only' — Sri Lanka transfers may not go through at the displayed rate, so check with the branch.↗
- GST sits on top. The ₹500 SWIFT charge is on top of the commission, and IOB's published charges exclude GST — add 18% on the total.↗
- Live rate at debit applies. Rates are indicative and move with the market; the treasury rate at the moment of debit is what you actually get.↗
Other ways to save
- Better value on large transfers. Because the commission caps at ₹4,000, big remittances pay a lower effective percentage than at flat-fee banks.
02 · What you'll pay
What you'll pay
Indian Overseas Bank bundles a small set of line items into the final fee. Each is computed from the rules below.
| Component | How it's calculated |
|---|---|
| Outward Remittance Commission (0.075%) | 0.075% of ACE (min ₹250) (max ₹4000) |
| Swift Payment Message | Flat ₹500 |
| GST on Commission + Swift (18%) | 18% on commission, swift_charge |
| GST on Amount Exchanged | Slab by ACE; 3 bands |
03 · Today's rates
Today's rates
TT Selling = rate the bank uses when you send money abroad. TT Buying = rate applied when you receive money from abroad. Spread shows how much wider the sell rate is over the buy rate.
| Currency | TT Selling (outward) | TT Buying (inward) | Spread |
|---|---|---|---|
| USD | 96.8900 | 96.3100 | 0.60% |
| EUR | 108.9800 | 107.9000 | 1.00% |
| GBP | 128.4900 | 127.2200 | 1.00% |
| AUD | 67.7200 | 66.9800 | 1.10% |
| CAD | 68.3000 | 67.5500 | 1.11% |
| CHF | 116.9000 | 115.6200 | 1.11% |
| NZD | 54.5100 | 53.9200 | 1.09% |
| SGD | 75.8800 | 75.0500 | 1.11% |
| HKD | 12.3700 | 12.2400 | 1.06% |
| JPY | 0.6143 | 0.6076 | 1.10% |
| LKR | 0.2943 | 0.2900 | 1.48% |
| AED | 26.4800 | 26.0900 | 1.49% |
| DKK | 14.5800 | 14.4200 | 1.11% |
| NOK | 10.1700 | 10.0500 | 1.19% |
| SEK | 9.7500 | 9.6400 | 1.14% |
04 · Worked examples
Worked examples
Real totals at three benchmark amounts across four currencies, computed against Indian Overseas Bank's own rate sheet.
| Amount | Foreign amount | Total fees |
|---|---|---|
| USD | ||
| ₹50,000 | 516.05 USD | ₹975 |
| ₹1,00,000 | 1032.10 USD | ₹1,065 |
| ₹5,00,000 | 5160.49 USD | ₹1,573 |
| GBP | ||
| ₹50,000 | 389.14 GBP | ₹975 |
| ₹1,00,000 | 778.27 GBP | ₹1,065 |
| ₹5,00,000 | 3891.35 GBP | ₹1,573 |
| EUR | ||
| ₹50,000 | 458.80 EUR | ₹975 |
| ₹1,00,000 | 917.60 EUR | ₹1,065 |
| ₹5,00,000 | 4588.00 EUR | ₹1,573 |
| AED | ||
| ₹50,000 | 1888.22 AED | ₹975 |
| ₹1,00,000 | 3776.44 AED | ₹1,065 |
| ₹5,00,000 | 18882.18 AED | ₹1,573 |
Sending money to specific countries
At ₹1,00,000, Indian Overseas Bank charges the same total on every supported corridor — commission and GST components don't vary by destination currency at this amount.
Supported corridors — click any for the full breakdown
Not supported
FAQ — Indian Overseas Bank remittance charges
How much does Indian Overseas Bank charge for outward remittance from India?
On a ₹1,00,000 transfer in USD, Indian Overseas Bank's all-in cost today is ₹1,065 — commission, SWIFT / correspondent charges and 18% GST included, computed at the bank's own TT Selling rate (rates updated 9 Oct 2026). The worked examples above show totals at other amounts and currencies.
What are Indian Overseas Bank's international wire transfer (SWIFT) charges?
A wire transfer, a SWIFT transfer and a telegraphic transfer (TT) are the same product — an outward remittance. Indian Overseas Bank charges an Outward Remittance Commission (0.075%) of 0.075% of the amount (minimum ₹250, maximum ₹4,000); a Swift Payment Message of ₹500; and 18% GST on those fees, on top of converting your rupees at its TT Selling rate. Every line is itemised in the fee table above.
Is an "international transaction charge" the same as Indian Overseas Bank's remittance charge?
No. An international transaction charge (or forex markup) is what a debit or credit card adds when you pay in a foreign currency — usually a percentage of the purchase plus GST. A SWIFT remittance from Indian Overseas Bank is priced differently: commission, SWIFT / correspondent charges and 18% GST, plus the TT Selling rate. The two never apply to the same transaction.
What exchange rate does Indian Overseas Bank use for international transfers?
Indian Overseas Bank converts your INR at its own published TT Selling rate — currently ₹96.89 per USD (rates updated 9 Oct 2026). This rate already includes the bank's margin over the mid-market rate, typically 1–2% at Indian banks, which is a real cost on top of the visible fees.
Does Indian Overseas Bank charge GST on international money transfers?
Yes — GST at 18% is charged on Indian Overseas Bank's commission (and on SWIFT / correspondent charges where the bank explicitly applies it). GST applies to the bank's fee portion, not to the amount you're sending. Every GST line is shown separately in the fee breakdown on this page.
How long does an international transfer from Indian Overseas Bank take?
A standard SWIFT / TT outward remittance from Indian Overseas Bank typically credits the beneficiary in 1–3 working days, depending on the destination country and correspondent-bank routing.
How much money can I send abroad through Indian Overseas Bank in a year?
Under the RBI's Liberalised Remittance Scheme (LRS), a resident Indian can remit up to USD 250,000 per financial year — the cap applies across all banks and purposes combined, not per bank. TCS at 20% applies above ₹10 lakh per year for most non-education purposes and is claimable in your ITR.
Try it
Run your own numbers
Adjust the amount and currency below to see live totals for Indian Overseas Bank.
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.