Indian Overseas Bank · India → Germany
Indian Overseas Bank to Germany: what it actually costs to send EUR from India
At ₹1,00,000, Indian Overseas Bank charges ₹1,065 — the cheapest of 6 banks for EUR (₹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
EUR rate trend at Indian Overseas Bank
Today Indian Overseas Bank sells EUR at ₹108.9800 (TT Selling) and buys it at ₹107.9000 (TT Buying). The selling rate is −0.2100 (−0.19%) since 2 Oct and −1.6200 (−1.46%) since 1 Sep.
- 30-day TT Selling range: ₹108.1200 – ₹111.5900 across 15 refreshes.
- ₹1,00,000 bought between 896.14 and 924.90 EUR over that window, before charges.
What's specific to EUR 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 Germany
- German accounts use a 22-character IBAN starting with DE; the SWIFT/BIC code routes the wire. SEPA is intra-European only — a transfer from India is a SWIFT wire even though the destination is a SEPA account.
- The blocked account must show €11,904 for 2026 (released as €992 a month). Providers such as Expatrio, Fintiba and Coracle need the exact amount to arrive after all deductions — send a buffer above it and choose the OUR charge option so an intermediary bank cannot take its fee out of the credited amount. Verify the current figure with the German mission before sending; it is revised periodically.
- German banks and blocked-account providers generally do not charge for incoming EUR wires, but an intermediary bank in the SWIFT chain can deduct its own fee unless charges are set to OUR.
Germany is 3.5 hours behind IST in summer (4.5 in winter); EUR wires typically credit the next working day.
How this compares
Indian Overseas Bank is the cheapest of 6 banks for sending EUR — 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 Germany
What is Indian Overseas Bank's EUR rate today?
₹108.9800 per EUR is Indian Overseas Bank's TT Selling rate today — the rate applied when you send — and ₹107.9000 is its TT Buying rate for money you receive. The selling rate is −0.2100 (−0.19%) 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 EUR to Germany?
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 EUR. The fee breakdown above shows every line item.
Is Indian Overseas Bank the cheapest bank to send EUR to Germany?
Yes — at ₹1,00,000, Indian Overseas Bank is the cheapest of 6 banks in our coverage for EUR, ₹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 Germany take?
A standard SWIFT / TT outward remittance from Indian Overseas Bank to a beneficiary in Germany typically settles in 1–3 working days, depending on correspondent-bank routing.
What do I need to send money to Germany with Indian Overseas Bank?
You'll need PAN, a signed A2 form (LRS declaration) with a purpose code, the beneficiary's bank details in Germany, 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 Germany from India — all 6 banks compared for EUR