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

Indian Overseas Bank	State Bank of India
Outward Remittance Commission (0.075%): 0.075% of ACE (min ₹150) (max ₹4000) Swift Payment Message: Flat ₹500 GST on Commission + Swift (18%): 18% on commission, swift_charge GST on Amount Exchanged: Slab by ACE; 3 bands	Outward Remittance Commission (Individual): Flat ₹250 Swift Charge: Flat ₹500 GST on Commission + Swift (18%): 18% on commission, swift_charge GST on Amount Exchanged: Slab by ACE; 3 bands

TT Selling rates side-by-side

Currency	Indian Overseas Bank	State Bank of India
USD	94.6400	94.8000
GBP	124.9300	125.8700
EUR	108.4300	109.3500
AED	25.8700	26.3500

Verdict matrix

Send	Currency	Indian Overseas Bank	State Bank of India	Winner	Δ
₹50,000	USD	₹857	₹975	Indian Overseas Bank	₹118
₹1,00,000	USD	₹947	₹1,065	Indian Overseas Bank	₹118
₹5,00,000	USD	₹1,573	₹1,425	State Bank of India	₹148
₹50,000	GBP	₹857	₹975	Indian Overseas Bank	₹118
₹1,00,000	GBP	₹947	₹1,065	Indian Overseas Bank	₹118
₹5,00,000	GBP	₹1,573	₹1,425	State Bank of India	₹148
₹50,000	EUR	₹857	₹975	Indian Overseas Bank	₹118
₹1,00,000	EUR	₹947	₹1,065	Indian Overseas Bank	₹118
₹5,00,000	EUR	₹1,573	₹1,425	State Bank of India	₹148
₹50,000	AED	₹857	₹975	Indian Overseas Bank	₹118
₹1,00,000	AED	₹947	₹1,065	Indian Overseas Bank	₹118
₹5,00,000	AED	₹1,573	₹1,425	State Bank of India	₹148

State Bank of India: Rates from SBI Forex Card Rates PDF, TT SELL column (outward), 16 Jun 2026 09:13. Note: published SBI card rates are reference rates for transactions of ₹10L–₹20L; for smaller amounts SBI directs customers to contact the branch for an actual quote. JPY and THB are quoted per 100 units in the source PDF — values shown here are converted to per-1-unit. Commission shown for Resident Individual retail outward (₹250); other customer categories pay ₹500. Out-of-pocket Swift charge ₹500 per message included. Inward commission ₹50 (≤ USD 10k) / ₹100 (> USD 10k). Currencies with no TT-Sell quote on the sheet (CNH, KRW, PLN, BDT, CNY, KES, LKR, MYR, PKR, RUB, TRY) are not supported here. Other scenarios not modelled: FCNR(B)/NRE outward (free), Medical/Education (free), FCDD issuance (tiered ₹200/₹500/₹1000), NRI/Trade/ODI/FDI/ECB charges. TCS on LRS not included. Excludes correspondent-bank charges.

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Exchange rate (INR per 1 USD)

Today's rate from Indian Overseas Bank's published forex sheet.

Outward remittance

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