State Bank of India · India → Canada

State Bank of India to Canada: what it actually costs to send CAD from India

At ₹1,00,000, State Bank of India charges ₹2,104 — the 5th-cheapest of 6 banks for CAD. Indian Overseas Bank is ₹1,039 cheaper.

Last updated 7 Oct 2026

Fee breakdown

Branch Commission ₹687
Correspondent Charge Remitter ₹1,237
GST Exchange ₹180
Total at ₹1,00,000₹2,104

CAD rate trend at State Bank of India

Today State Bank of India sells CAD at ₹68.7000 (TT Selling) and buys it at ₹67.1400 (TT Buying). The selling rate is +0.1300 (+0.19%) since 28 Sep and −0.6800 (−0.98%) since 1 Sep.

30-day TT Selling range: ₹68.1800 – ₹69.9600 across 10 refreshes.
₹1,00,000 bought between 1429.39 and 1466.71 CAD over that window, before charges.

TT Selling (when you send)TT Buying (when you receive)21 refreshes · INR per 1 CAD · hover a point for its values

All State Bank of India forex rates today →

What's specific to CAD at State Bank of India

Branch Commission: CAD 10 for CAD (≈ ₹687 at today's rate).
Correspondent Bank Charge (Remitter mode): CAD 18 for CAD (≈ ₹1,237 at today's rate).
Charge modes for CAD: Payee, Remitter. Guaranteed is not offered for CAD.
In Payee mode, CAD 28 is deducted from what the recipient receives (≈ ₹1,924 at today's rate) instead of being charged in rupees.

Receiving in Canada

Canadian accounts use a 5-digit transit number, a 3-digit institution number and the account number; the SWIFT/BIC code routes the wire. Give all three — the wire is rejected or delayed if any is missing.
A GIC is funded through a designated Canadian bank's program (Scotiabank, CIBC, ICICI Bank Canada, SBI Canada and others); each publishes its own wiring instructions and a fixed CAD amount — wire in CAD so the credited amount matches after fees.
Canadian banks commonly charge the recipient an incoming wire fee, often around CAD 15–18; check the beneficiary's account tariff.

Canada spans 8.5–13.5 hours behind IST; a morning IST transfer usually reaches the Canadian bank on the same Canadian business day.

How this compares

Indian Overseas Bank is ₹1,039 cheaper than State Bank of India for sending CAD to Canada.

See the full side-by-side →

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 — State Bank of India to Canada

What is State Bank of India's CAD rate today?

₹68.7000 per CAD is State Bank of India's TT Selling rate today — the rate applied when you send — and ₹67.1400 is its TT Buying rate for money you receive. The selling rate is +0.1300 (+0.19%) since 28 Sep. The full sheet with a 90-day chart is on the State Bank of India forex rates page.

How much does State Bank of India charge to send CAD to Canada?

On a ₹1,00,000 outward remittance, State Bank of India's all-in cost today is ₹2,104 — commission, SWIFT / correspondent charges and 18% GST included, computed at the bank's own TT Selling rate for CAD. The fee breakdown above shows every line item.

Is State Bank of India the cheapest bank to send CAD to Canada?

No — Indian Overseas Bank is currently ₹1,039 cheaper than State Bank of India for CAD to Canada at ₹1,00,000. State Bank of India ranks 5th of 6 banks in our coverage for this corridor.

How long does a State Bank of India transfer to Canada take?

A standard SWIFT / TT outward remittance from State Bank of India to a beneficiary in Canada typically settles in 1–3 working days, depending on correspondent-bank routing.

What do I need to send money to Canada with State Bank of India?

You'll need PAN, a signed A2 form (LRS declaration) with a purpose code, the beneficiary's bank details in Canada, and proof of source of funds for larger amounts. TCS at 20% applies above ₹10 lakh per financial year for most non-education purposes and is claimable in your ITR.

Run your own numbers

TRANSFER

Sending currency

You pay in INR; recipient receives USD.

Amount you're sending (USD)

USD

Purpose of remittance

LRS remitted this FY so far (₹)

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.

Exchange rate

INR / 1 USD

TT Selling rate from Indian Overseas Bank's published forex sheet — edit to model a quoted rate.

BREAKDOWN

Outward remittance

Charge breakdown
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

Total payable (INR)

₹97,949.40

Indian Overseas Bank

₹97,949.40

Cheapest

Exchange rate

INR / 1 USD

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

Exchange rate

INR / 1 USD

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

Exchange rate

INR / 1 USD

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

Exchange rate

INR / 1 USD

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

Exchange rate

INR / 1 USD

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

Exchange rate

INR / 1 USD

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.

Want the full picture?

State Bank of India Bank: all remittance charges — every corridor State Bank of India supports, side by side
Send money to Canada from India — all 6 banks compared for CAD