INDIAN OVERSEAS BANK · 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 2nd-cheapest of 5 banks for GBP. ICICI Bank is ₹0 cheaper.
Last updated 17 Jun 2026
Cost at common amounts
| Amount | Total cost | GBP received |
|---|---|---|
| ₹50,000 | ₹975 | 388.59 GBP |
| ₹1,00,000 | ₹1,065 | 777.18 GBP |
| ₹5,00,000 | ₹1,573 | 3885.91 GBP |
Fee breakdown
- Commission ₹250
- Swift Charge ₹500
- GST Commission ₹135
- GST Exchange ₹180
- Total at ₹1,00,000₹1,065
How this compares
ICICI Bank is ₹0 cheaper than Indian Overseas Bank for sending GBP to UK.
See the full side-by-side →Indian Overseas Bank — Things to know
Applies to:Outward remittance, retail. Advance-against-imports, FCY DD issuance, and project-import scenarios are not modelled.
- Outward commission is 0.075% with a ₹250 floor and ₹4,000 ceiling — small transfers pay disproportionately more as a percentage.↗
- Correspondent bank charges are a pass-through actual — IOB's 2025 schedule says '+ correspondent Bank Charges' on top of commission and SWIFT. Not in our total. Typical range USD 5–25 depending on the corridor; verify on your debit advice.↗
- TCS at 20% applies on general LRS remittance above ₹10 lakh per financial year (refundable as a tax credit at ITR time).
▸Show 4 more notes
Other things to know
- IOB publishes LKR rates but flags them 'for information purpose only' — Sri Lanka transfers may not be transactable at the displayed rate; verify with branch.↗
- Swift charge ₹500 is on top of the commission, and IOB's published charges are exclusive of GST (add 18% on the total).↗
- Rates are indicative and subject to market movement; the live treasury rate at debit time is what's actually applied.↗
Other ways to save
- IOB's outward commission caps at ₹4,000 — for large remittances the effective percentage is lower than at flat-fee banks.
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 ₹1,807.72 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 × ₹95.44 | ₹95,440.00 |
| Outward Remittance Commission (0.075%) | ₹250.00 |
| Swift Payment Message | ₹500.00 |
| GST on Commission + Swift (18%) | ₹135.00 |
| GST on Amount Exchanged | ₹171.79 |
| Total charges | ₹1,056.79 |
| Total payable (INR) | ₹96,496.79 |
- Amount being sent
- ₹95,440.00
- Outward Remittance Commission (0.075%)
- ₹250.00
- Swift Payment Message
- ₹500.00
- GST on Commission + Swift (18%)
- ₹135.00
- GST on Amount Exchanged
- ₹171.79
- Total charges
- ₹1,056.79
$1,000.00 × ₹95.44
Total payable (INR)
₹96,496.79
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 UK from India — all 5 banks compared for GBP