RemitFee

State Bank of India · India → New Zealand

State Bank of India to New Zealand: what it actually costs to send NZD from India

At ₹1,00,000, State Bank of India charges ₹1,009 — the cheapest of 6 banks for NZD (₹56 less than the next-cheapest, ICICI Bank).

Last updated 7 Oct 2026

Fee breakdown

  • Branch Commission ₹553
  • Correspondent Charge Remitter ₹276
  • GST Exchange ₹180
  • Total at ₹1,00,000₹1,009

NZD rate trend at State Bank of India

Today State Bank of India sells NZD at ₹55.2600 (TT Selling) and buys it at ₹53.0400 (TT Buying). The selling rate is −0.2500 (−0.45%) since 28 Sep and −2.0400 (−3.56%) since 1 Sep.

  • 30-day TT Selling range: ₹54.9500 – ₹56.7500 across 10 refreshes.
  • ₹1,00,000 bought between 1762.11 and 1819.84 NZD over that window, before charges.
State Bank of India NZD TT selling and TT buying rates, last 90 days9 Jul: TT Selling ₹55.8600 · TT Buying ₹53.650010 Jul: TT Selling ₹56.2700 · TT Buying ₹54.050016 Jul: TT Selling ₹57.4500 · TT Buying ₹55.210020 Jul: TT Selling ₹57.6000 · TT Buying ₹55.350029 Jul: TT Selling ₹56.4500 · TT Buying ₹54.230031 Jul: TT Selling ₹57.2000 · TT Buying ₹54.97001 Aug: TT Selling ₹57.2500 · TT Buying ₹54.96004 Aug: TT Selling ₹57.1000 · TT Buying ₹54.88007 Aug: TT Selling ₹57.1100 · TT Buying ₹54.890024 Aug: TT Selling ₹58.2600 · TT Buying ₹56.02001 Sep: TT Selling ₹57.3000 · TT Buying ₹55.080011 Sep: TT Selling ₹56.7500 · TT Buying ₹54.520014 Sep: TT Selling ₹56.7500 · TT Buying ₹54.520021 Sep: TT Selling ₹56.0200 · TT Buying ₹53.750023 Sep: TT Selling ₹56.0200 · TT Buying ₹53.800024 Sep: TT Selling ₹55.5400 · TT Buying ₹53.320028 Sep: TT Selling ₹55.5100 · TT Buying ₹53.29001 Oct: TT Selling ₹55.0300 · TT Buying ₹52.82005 Oct: TT Selling ₹54.9500 · TT Buying ₹52.73006 Oct: TT Selling ₹55.0700 · TT Buying ₹52.86007 Oct: TT Selling ₹55.2600 · TT Buying ₹53.040058.2652.739 Jul7 Oct
TT Selling (when you send)TT Buying (when you receive)21 refreshes · INR per 1 NZD · hover a point for its values

All State Bank of India forex rates today →

What's specific to NZD at State Bank of India

  • Branch Commission: NZD 10 for NZD (≈ ₹553 at today's rate).
  • Correspondent Bank Charge (Remitter mode): NZD 5 for NZD (≈ ₹276 at today's rate).
  • Charge modes for NZD: Payee, Remitter. Guaranteed is not offered for NZD.
  • In Payee mode, NZD 15 is deducted from what the recipient receives (≈ ₹829 at today's rate) instead of being charged in rupees.

Receiving in New Zealand

  • New Zealand accounts use a 15–16 digit number in the format bank-branch-account-suffix; the SWIFT/BIC code routes the wire. No IBANs.
  • New Zealand banks typically charge the recipient an incoming international payment fee (around NZD 10–15); some waive it for students.
  • Universities publish NZD bank details or a payment portal; wire in NZD to avoid a second conversion on arrival.

New Zealand is 6.5–7.5 hours ahead of IST; transfers sent in the Indian afternoon credit the next New Zealand business day.

How this compares

State Bank of India is the cheapest of 6 banks for sending NZD — by ₹56 vs the next bank (ICICI Bank).

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 New Zealand

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

₹55.2600 per NZD is State Bank of India's TT Selling rate today — the rate applied when you send — and ₹53.0400 is its TT Buying rate for money you receive. The selling rate is −0.2500 (−0.45%) 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 NZD to New Zealand?

On a ₹1,00,000 outward remittance, State Bank of India's all-in cost today is ₹1,009 — commission, SWIFT / correspondent charges and 18% GST included, computed at the bank's own TT Selling rate for NZD. The fee breakdown above shows every line item.

Is State Bank of India the cheapest bank to send NZD to New Zealand?

Yes — at ₹1,00,000, State Bank of India is the cheapest of 6 banks in our coverage for NZD, ₹56 less than the next-cheapest (ICICI Bank). Rankings shift when rates refresh, so check the comparison above for today's order.

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

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

What do I need to send money to New Zealand 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 New Zealand, 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

You pay in INR; recipient receives USD.

USD

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.

INR / 1 USD

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

BREAKDOWN

Outward remittance

Amount being sent
₹96,890.00

$1,000.00 × ₹96.89

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

TCS is refundable when you file your ITR — it's a tax credit, not a fee.

Estimate only. Correspondent-bank charges are included only where the bank publishes them (Kotak, Axis, SBI); elsewhere they are a pass-through not shown here. Exchange rates shown are indicative. Mid-market rates by Exchange Rate API, updated daily.

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