State Bank of India Inward Remittance Charges — Receiving Money in India
State Bank of India does not charge a separate fee for inward remittance. The breakdown and worked totals for a typical incoming USD transfer at ₹50,000, ₹1,00,000 and ₹5,00,000 follow.
Things to know
Applies to:Inward remittance via TT, MT, or DD with cover received in SBI's Nostro account, w.e.f. 01.05.2025. NRI A/c holder waivers and FCNR / FCRA scenarios are not modelled.
- From 1 May 2025 SBI charges No Inward Commission for retail TT/MT/DD remittances — only out-of-pocket correspondent fees apply.↗
- Ask the sender to use the OUR / Remitter charge-bearer so they pay all in-transit fees and you receive the full converted amount.
▸Show 2 more notes
Other things to know
- If cover isn't received in SBI's Nostro, SBI applies T.T. Buying + 0.125% exchange margin + 10 days OD interest.↗
- Correspondent banks abroad may deduct fees before SBI credits the funds — the net credit can be lower than the foreign amount × buying rate.
Inward fee components
| Component | Definition |
|---|---|
| Inward Remittance (No SBI Charge) | No charge |
Worked examples (incoming USD)
| Amount | Foreign amount | Total fees |
|---|---|---|
| USD | ||
| ₹50,000 | 527.87 USD | ₹0 |
| ₹1,00,000 | 1055.74 USD | ₹0 |
| ₹5,00,000 | 5278.72 USD | ₹0 |
Try it
The calculator below is pre-loaded in inward mode. Enter the foreign-currency amount being sent to you to compare fees across all banks.
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.