Head-to-head · Remittance charges
Indian Overseas Bank vs State Bank of India
Side-by-side fee comparison between Indian Overseas Bank and State Bank of India on outward remittance from India. The verdict matrix below shows the cheaper bank at ₹50K, ₹1L, ₹5L across USD, GBP, EUR, AED, with the rupee delta.
Updated 9 Oct 2026
Outward fee components
| Component | Indian Overseas Bank | State Bank of India |
|---|---|---|
| Commission | Outward Remittance Commission (0.075%) 0.075% of ACE (min ₹250) (max ₹4000) | — |
| Swift Charge | Swift Payment Message Flat ₹500 | — |
| GST Commission | GST on Commission + Swift (18%) 18% on commission, swift_charge | — |
| GST Exchange | GST on Amount Exchanged Slab by ACE; 3 bands | GST on Amount Exchanged Slab by ACE; 3 bands |
| Branch Commission | — | Branch Commission Per-currency flat fee in destination currency: USD 10, GBP 8, EUR 10, AUD 10, CAD 10, SGD 10, NZD 10, AED 25 |
| Correspondent Charge Remitter | — | Correspondent Bank Charge (Remitter mode) Per-currency flat fee in destination currency: USD 0.9, GBP 2, EUR 5, AUD 5, CAD 18, SGD 10, NZD 5, AED 15 |
Exchange rates side-by-side
TT Selling = rate the bank uses when you send money abroad. TT Buying = rate applied when you receive money from abroad. A tighter spread (lower %) means less hidden FX cost.
| Currency | Indian Overseas Bank | State Bank of India | ||||
|---|---|---|---|---|---|---|
| Sell | Buy | Spread | Sell | Buy | Spread | |
| USD | 96.8900 | 96.3100 | 0.60% | 97.0500 | 96.2000 | 0.88% |
| GBP | 128.4900 | 127.2200 | 1.00% | 129.4300 | 126.5600 | 2.27% |
| EUR | 108.9800 | 107.9000 | 1.00% | 109.8500 | 107.1500 | 2.52% |
| AED | 26.4800 | 26.0900 | 1.49% | 26.9700 | 25.6700 | 5.06% |
Verdict matrix
| Send | Currency | Indian Overseas Bank | State Bank of India | Winner | Saving (₹) |
|---|---|---|---|---|---|
| ₹50,000 | USD | ₹975 | ₹1,148 | Indian Overseas Bank | ₹173 |
| ₹1,00,000 | USD | ₹1,065 | ₹1,238 | Indian Overseas Bank | ₹173 |
| ₹5,00,000 | USD | ₹1,573 | ₹1,598 | Indian Overseas Bank | ₹25 |
| ₹50,000 | GBP | ₹975 | ₹1,384 | Indian Overseas Bank | ₹409 |
| ₹1,00,000 | GBP | ₹1,065 | ₹1,474 | Indian Overseas Bank | ₹409 |
| ₹5,00,000 | GBP | ₹1,573 | ₹1,834 | Indian Overseas Bank | ₹262 |
| ₹50,000 | EUR | ₹975 | ₹1,738 | Indian Overseas Bank | ₹763 |
| ₹1,00,000 | EUR | ₹1,065 | ₹1,828 | Indian Overseas Bank | ₹763 |
| ₹5,00,000 | EUR | ₹1,573 | ₹2,188 | Indian Overseas Bank | ₹615 |
| ₹50,000 | AED | ₹975 | ₹1,169 | Indian Overseas Bank | ₹194 |
| ₹1,00,000 | AED | ₹1,065 | ₹1,259 | Indian Overseas Bank | ₹194 |
| ₹5,00,000 | AED | ₹1,573 | ₹1,619 | Indian Overseas Bank | ₹46 |
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.
State Bank of India — Things to know
Applies to:Sending money abroad as an individual retail customer via SBI YONO or Internet Banking (rules effective 1 May 2025). The total shown is the Remitter mode, where the recipient gets the full amount; the mode table compares the Payee and Guaranteed options. Currencies outside YONO's 8-currency set are branch-only and not modelled here.
- SBI's own fee is nil. Since 1 May 2025 SBI charges individuals no commission and waives SWIFT for retail — what you pay is the per-currency Branch Commission and correspondent charge, plus GST.↗
- Three ways to split the fees. At YONO you choose who bears the SWIFT charges: Payee (the recipient absorbs the Branch Commission + correspondent, so USD 1,000 lands as ~USD 989), Remitter (you pay both in INR, recipient gets the full amount), or Guaranteed (USD/EUR/GBP only, full delivery).↗
- Most currencies are branch-only. Only 8 currencies are priced online; the other 13 (CHF, HKD, JPY, THB, SAR, OMR, BHD, KWD, QAR, DKK, NOK, SEK, ZAR) are branch-only and not modelled here.
- 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
- Rates suit larger transfers. SBI's card rates target the ₹10–20 lakh band; smaller amounts may be quoted differently at the branch.↗
Other ways to save
- Pick 'Payee' on big transfers. Choosing Payee lets you skip paying the Branch Commission and correspondent charge in INR — the recipient gets that much less, which stings least on large amounts.
- Medical & education loans are free. SBI waives outward charges for Medical purposes and Education Loan disbursement — declare the purpose if it qualifies.↗
- Send from FCNR/NRE to save. Outward transfers from an FCNR(B) or NRE account skip the out-of-pocket charges — only the correspondent fee applies.
FAQ — Indian Overseas Bank vs State Bank of India
Which bank is cheaper for outward remittance — Indian Overseas Bank or State Bank of India?
Indian Overseas Bank is cheaper in 12 of 12 benchmark scenarios (₹50,000, ₹1,00,000 and ₹5,00,000 across USD, GBP, EUR and AED), with total savings of ₹4,026 across the matrix. Rates and fees refresh regularly — the verdict matrix above always shows today's numbers.
Do Indian Overseas Bank and State Bank of India use the same exchange rate?
No — each bank publishes its own TT Selling rate, and the gap between them is often worth more than the difference in visible fees. The side-by-side rate table on this page compares both banks' TT Selling and TT Buying rates, along with the spread each bank keeps.
What fees should I compare between Indian Overseas Bank and State Bank of India?
Four things decide the real cost: the commission each bank charges, SWIFT / correspondent charges, 18% GST on those fees, and — usually biggest — the TT Selling exchange rate each bank applies. The verdict matrix on this page computes the all-in total for both banks so you don't have to compare line by line.
Try it
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.