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Indian Overseas Bank · India → UK

Indian Overseas Bank to UK: what it actually costs to send GBP from India

At ₹1,00,000, Indian Overseas Bank charges ₹1,065 — the cheapest of 6 banks for GBP (₹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

GBP rate trend at Indian Overseas Bank

Today Indian Overseas Bank sells GBP at ₹128.4900 (TT Selling) and buys it at ₹127.2200 (TT Buying). The selling rate is +0.7000 (+0.55%) since 2 Oct and −0.6000 (−0.46%) since 1 Sep.

  • 30-day TT Selling range: ₹127.4800 – ₹129.9200 across 15 refreshes.
  • ₹1,00,000 bought between 769.70 and 784.44 GBP over that window, before charges.
Indian Overseas Bank GBP TT selling and TT buying rates, last 90 days16 Jul: TT Selling ₹130.9400 · TT Buying ₹129.640020 Jul: TT Selling ₹130.5200 · TT Buying ₹129.230029 Jul: TT Selling ₹128.0200 · TT Buying ₹126.750031 Jul: TT Selling ₹128.8400 · TT Buying ₹127.56001 Aug: TT Selling ₹128.8400 · TT Buying ₹127.56004 Aug: TT Selling ₹128.5700 · TT Buying ₹127.29007 Aug: TT Selling ₹128.6700 · TT Buying ₹127.390024 Aug: TT Selling ₹131.2700 · TT Buying ₹129.96001 Sep: TT Selling ₹129.0900 · TT Buying ₹127.810011 Sep: TT Selling ₹129.8700 · TT Buying ₹128.570014 Sep: TT Selling ₹129.9200 · TT Buying ₹128.630021 Sep: TT Selling ₹128.6000 · TT Buying ₹127.320023 Sep: TT Selling ₹127.9800 · TT Buying ₹126.710024 Sep: TT Selling ₹127.9800 · TT Buying ₹126.710028 Sep: TT Selling ₹127.7200 · TT Buying ₹126.450029 Sep: TT Selling ₹127.7200 · TT Buying ₹126.450030 Sep: TT Selling ₹127.4800 · TT Buying ₹126.21001 Oct: TT Selling ₹127.7900 · TT Buying ₹126.52002 Oct: TT Selling ₹127.7900 · TT Buying ₹126.52005 Oct: TT Selling ₹127.7600 · TT Buying ₹126.49006 Oct: TT Selling ₹128.0500 · TT Buying ₹126.77007 Oct: TT Selling ₹128.3200 · TT Buying ₹127.05008 Oct: TT Selling ₹128.3200 · TT Buying ₹127.05009 Oct: TT Selling ₹128.4900 · TT Buying ₹127.2200131.27126.2116 Jul9 Oct
TT Selling (when you send)TT Buying (when you receive)24 refreshes · INR per 1 GBP · hover a point for its values

All Indian Overseas Bank forex rates today →

What's specific to GBP 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 UK

  • UK accounts are identified by a 6-digit sort code and an 8-digit account number; the SWIFT/BIC code (UK banks also publish an IBAN) routes the international leg.
  • Some UK banks charge a small fee for receiving an international payment; check the beneficiary's tariff. Send in GBP rather than USD so the receiving bank does not convert a second time at its own rate.
  • Universities and student-housing providers often accept card or platform payments (Flywire, Convera); a bank wire is usually cheaper for a full year's tuition, but compare the platform's quoted rate with the TT Selling rates above.

The UK is 4.5 hours behind IST in summer (5.5 in winter); GBP wires sent before the Indian bank's cut-off often credit the same working day in the UK, otherwise the next.

How this compares

Indian Overseas Bank is the cheapest of 6 banks for sending GBP — 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 UK

What is Indian Overseas Bank's GBP rate today?

₹128.4900 per GBP is Indian Overseas Bank's TT Selling rate today — the rate applied when you send — and ₹127.2200 is its TT Buying rate for money you receive. The selling rate is +0.7000 (+0.55%) 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 GBP to UK?

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 GBP. The fee breakdown above shows every line item.

Is Indian Overseas Bank the cheapest bank to send GBP to UK?

Yes — at ₹1,00,000, Indian Overseas Bank is the cheapest of 6 banks in our coverage for GBP, ₹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 UK take?

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

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

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

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