STATE BANK OF 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 5 banks for CAD. ICICI Bank is ₹1,039 cheaper.
Last updated 17 Jun 2026
Cost at common amounts
| Amount | Total cost | CAD received |
|---|---|---|
| ₹50,000 | ₹2,014 | 727.80 CAD |
| ₹1,00,000 | ₹2,104 | 1455.60 CAD |
| ₹5,00,000 | ₹2,464 | 7278.02 CAD |
Fee breakdown
- Branch Commission ₹687
- Correspondent Charge Remitter ₹1,237
- GST Exchange ₹180
- Total at ₹1,00,000₹2,104
How this compares
ICICI 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: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.
Run your own numbers
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.
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 5 banks compared for CAD