RemitFee

Indian Overseas Bank · India → New Zealand

Indian Overseas Bank to New Zealand: what it actually costs to send NZD from India

At ₹1,00,000, Indian Overseas Bank charges ₹1,065 — the 3rd-cheapest of 6 banks for NZD. State Bank of India is ₹56 cheaper.

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

NZD rate trend at Indian Overseas Bank

Today Indian Overseas Bank sells NZD at ₹54.5100 (TT Selling) and buys it at ₹53.9200 (TT Buying). The selling rate is +0.3700 (+0.68%) since 2 Oct and −1.7700 (−3.14%) since 1 Sep.

  • 30-day TT Selling range: ₹54.0400 – ₹56.0100 across 15 refreshes.
  • ₹1,00,000 bought between 1785.40 and 1850.48 NZD over that window, before charges.
Indian Overseas Bank NZD TT selling and TT buying rates, last 90 days16 Jul: TT Selling ₹56.5500 · TT Buying ₹55.930020 Jul: TT Selling ₹56.7600 · TT Buying ₹56.130029 Jul: TT Selling ₹55.6600 · TT Buying ₹55.060031 Jul: TT Selling ₹56.2000 · TT Buying ₹55.59001 Aug: TT Selling ₹56.2000 · TT Buying ₹55.59004 Aug: TT Selling ₹56.1700 · TT Buying ₹55.55007 Aug: TT Selling ₹56.2800 · TT Buying ₹55.660024 Aug: TT Selling ₹57.3800 · TT Buying ₹56.76001 Sep: TT Selling ₹56.2800 · TT Buying ₹55.660011 Sep: TT Selling ₹56.0100 · TT Buying ₹55.400014 Sep: TT Selling ₹55.6500 · TT Buying ₹55.040021 Sep: TT Selling ₹55.1800 · TT Buying ₹54.580023 Sep: TT Selling ₹54.8400 · TT Buying ₹54.240024 Sep: TT Selling ₹54.8400 · TT Buying ₹54.240028 Sep: TT Selling ₹54.7300 · TT Buying ₹54.130029 Sep: TT Selling ₹54.7300 · TT Buying ₹54.130030 Sep: TT Selling ₹54.3200 · TT Buying ₹53.72001 Oct: TT Selling ₹54.1400 · TT Buying ₹53.54002 Oct: TT Selling ₹54.1400 · TT Buying ₹53.54005 Oct: TT Selling ₹54.0400 · TT Buying ₹53.45006 Oct: TT Selling ₹54.2100 · TT Buying ₹53.62007 Oct: TT Selling ₹54.3000 · TT Buying ₹53.71008 Oct: TT Selling ₹54.4700 · TT Buying ₹53.87009 Oct: TT Selling ₹54.5100 · TT Buying ₹53.920057.3853.4516 Jul9 Oct
TT Selling (when you send)TT Buying (when you receive)24 refreshes · INR per 1 NZD · hover a point for its values

All Indian Overseas Bank forex rates today →

What's specific to NZD 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 New Zealand

  • New Zealand accounts use a 15–16 digit number in the format bank-branch-account-suffix; the SWIFT/BIC code routes the wire. No IBANs.
  • New Zealand banks typically charge the recipient an incoming international payment fee (around NZD 10–15); some waive it for students.
  • Universities publish NZD bank details or a payment portal; wire in NZD to avoid a second conversion on arrival.

New Zealand is 6.5–7.5 hours ahead of IST; transfers sent in the Indian afternoon credit the next New Zealand business day.

How this compares

State Bank of India is ₹56 cheaper than Indian Overseas Bank for sending NZD to New Zealand.

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 New Zealand

What is Indian Overseas Bank's NZD rate today?

₹54.5100 per NZD is Indian Overseas Bank's TT Selling rate today — the rate applied when you send — and ₹53.9200 is its TT Buying rate for money you receive. The selling rate is +0.3700 (+0.68%) 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 NZD to New Zealand?

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 NZD. The fee breakdown above shows every line item.

Is Indian Overseas Bank the cheapest bank to send NZD to New Zealand?

No — State Bank of India is currently ₹56 cheaper than Indian Overseas Bank for NZD to New Zealand at ₹1,00,000. Indian Overseas Bank ranks 3rd of 6 banks in our coverage for this corridor.

How long does a Indian Overseas Bank transfer to New Zealand take?

A standard SWIFT / TT outward remittance from Indian Overseas Bank to a beneficiary in New Zealand typically settles in 1–3 working days, depending on correspondent-bank routing.

What do I need to send money to New Zealand with Indian Overseas Bank?

You'll need PAN, a signed A2 form (LRS declaration) with a purpose code, the beneficiary's bank details in New Zealand, 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.

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.

Want the full picture?