Indian Overseas Bank · India → Canada
Indian Overseas Bank to Canada: what it actually costs to send CAD from India
At ₹1,00,000, Indian Overseas Bank charges ₹1,065 — the cheapest of 6 banks for CAD (₹295 less than the next-cheapest, HDFC Bank).
Last updated 9 Oct 2026
Fee breakdown
- Commission ₹250
- Swift Charge ₹500
- GST Commission ₹135
- GST Exchange ₹180
- Total at ₹1,00,000₹1,065
CAD rate trend at Indian Overseas Bank
Today Indian Overseas Bank sells CAD at ₹68.3000 (TT Selling) and buys it at ₹67.5500 (TT Buying). The selling rate is +0.6200 (+0.92%) since 2 Oct and −0.4400 (−0.64%) since 1 Sep.
- 30-day TT Selling range: ₹67.6800 – ₹69.5100 across 15 refreshes.
- ₹1,00,000 bought between 1438.64 and 1477.54 CAD over that window, before charges.
What's specific to CAD at Indian Overseas Bank
Indian Overseas Bank's fee lines don't vary by destination currency — the breakdown above applies to every corridor it supports; only the exchange rate changes.
Receiving in Canada
- Canadian accounts use a 5-digit transit number, a 3-digit institution number and the account number; the SWIFT/BIC code routes the wire. Give all three — the wire is rejected or delayed if any is missing.
- A GIC is funded through a designated Canadian bank's program (Scotiabank, CIBC, ICICI Bank Canada, SBI Canada and others); each publishes its own wiring instructions and a fixed CAD amount — wire in CAD so the credited amount matches after fees.
- Canadian banks commonly charge the recipient an incoming wire fee, often around CAD 15–18; check the beneficiary's account tariff.
Canada spans 8.5–13.5 hours behind IST; a morning IST transfer usually reaches the Canadian bank on the same Canadian business day.
How this compares
Indian Overseas Bank is the cheapest of 6 banks for sending CAD — by ₹295 vs the next bank (HDFC Bank).
See the full side-by-side →Indian Overseas Bank — 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.
FAQ — Indian Overseas Bank to Canada
What is Indian Overseas Bank's CAD rate today?
₹68.3000 per CAD is Indian Overseas Bank's TT Selling rate today — the rate applied when you send — and ₹67.5500 is its TT Buying rate for money you receive. The selling rate is +0.6200 (+0.92%) since 2 Oct. The full sheet with a 90-day chart is on the Indian Overseas Bank forex rates page.
How much does Indian Overseas Bank charge to send CAD to Canada?
On a ₹1,00,000 outward remittance, 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 for CAD. The fee breakdown above shows every line item.
Is Indian Overseas Bank the cheapest bank to send CAD to Canada?
Yes — at ₹1,00,000, Indian Overseas Bank is the cheapest of 6 banks in our coverage for CAD, ₹295 less than the next-cheapest (HDFC Bank). Rankings shift when rates refresh, so check the comparison above for today's order.
How long does a Indian Overseas Bank transfer to Canada take?
A standard SWIFT / TT outward remittance from Indian Overseas Bank to a beneficiary in Canada typically settles in 1–3 working days, depending on correspondent-bank routing.
What do I need to send money to Canada with Indian Overseas Bank?
You'll need PAN, a signed A2 form (LRS declaration) with a purpose code, the beneficiary's bank details in Canada, and proof of source of funds for larger amounts. TCS at 20% applies above ₹10 lakh per financial year for most non-education purposes and is claimable in your ITR.
Run your own numbers
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.
Want the full picture?
- Indian Overseas Bank Bank: all remittance charges — every corridor Indian Overseas Bank supports, side by side
- Send money to Canada from India — all 6 banks compared for CAD