Indian Overseas Bank vs State Bank of India — Remittance Charges Compared
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.
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 | 95.4400 | 94.8700 | 0.60% | 95.5700 | 94.7200 | 0.90% |
| GBP | 128.6700 | 127.3900 | 1.00% | 129.5100 | 126.7000 | 2.22% |
| EUR | 110.4000 | 109.3000 | 1.01% | 111.2600 | 108.5000 | 2.54% |
| AED | 26.0900 | 25.7000 | 1.52% | 26.5600 | 25.2800 | 5.06% |
Verdict matrix
| Send | Currency | Indian Overseas Bank | State Bank of India | Winner | Saving (₹) |
|---|---|---|---|---|---|
| ₹50,000 | USD | ₹975 | ₹1,132 | Indian Overseas Bank | ₹157 |
| ₹1,00,000 | USD | ₹1,065 | ₹1,222 | Indian Overseas Bank | ₹157 |
| ₹5,00,000 | USD | ₹1,573 | ₹1,582 | Indian Overseas Bank | ₹9 |
| ₹50,000 | GBP | ₹975 | ₹1,385 | Indian Overseas Bank | ₹410 |
| ₹1,00,000 | GBP | ₹1,065 | ₹1,475 | Indian Overseas Bank | ₹410 |
| ₹5,00,000 | GBP | ₹1,573 | ₹1,835 | Indian Overseas Bank | ₹263 |
| ₹50,000 | EUR | ₹975 | ₹1,759 | Indian Overseas Bank | ₹784 |
| ₹1,00,000 | EUR | ₹1,065 | ₹1,849 | Indian Overseas Bank | ₹784 |
| ₹5,00,000 | EUR | ₹1,573 | ₹2,209 | Indian Overseas Bank | ₹636 |
| ₹50,000 | AED | ₹975 | ₹1,152 | Indian Overseas Bank | ₹177 |
| ₹1,00,000 | AED | ₹1,065 | ₹1,242 | Indian Overseas Bank | ₹177 |
| ₹5,00,000 | AED | ₹1,573 | ₹1,602 | Indian Overseas Bank | ₹30 |
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.
State Bank of India — Things to know
Applies to:Outward remittance, Resident Individual (P-Segment) retail via SBI YONO / Internet Banking, w.e.f. 01.05.2025. Total reflects Remitter (full-delivery) SWIFT mode; the side-by-side mode table on the bank page shows Payee and Guaranteed alternatives. Branch-only routes (currencies outside the YONO 8-currency retail set) are not modelled.
- From 1 May 2025 SBI's commission is Nil for individuals; SWIFT waived for P-Segment. Per-currency Branch Commission and Correspondent Charge are out-of-pocket fees per SBI's FX-Out FAQ.↗
- Three SWIFT charge-bearer modes at YONO: Payee (recipient absorbs Branch Commission in FCY), Remitter (sender pays in INR, recipient gets full), Guaranteed (USD/EUR/GBP only, full delivery).↗
- For the 13 currencies outside YONO's 8-currency retail set (CHF/HKD/JPY/THB/SAR/OMR/BHD/KWD/QAR/DKK/NOK/SEK/ZAR), pricing is branch-only and not modelled here.
- 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
- Card rates apply to transactions in the ₹10–20 lakh band; smaller amounts may be quoted differently at the branch.↗
Other ways to save
- Pick 'Payee' at checkout to save the Branch Commission in INR — but the recipient receives less in FCY by the same amount. Best for large transfers where the deduction is a smaller % of the total.
- Outward for Medical purpose or Education Loan disbursement is free of charge at SBI — declare the purpose if it qualifies.↗
- Send from an FCNR(B) or NRE account to skip out-of-pocket charges entirely — only the correspondent fee applies.
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 ₹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.