State Bank of India · India → Singapore
State Bank of India to Singapore: what it actually costs to send SGD from India
At ₹1,00,000, State Bank of India charges ₹1,709 — the 5th-cheapest of 6 banks for SGD. ICICI Bank is ₹644 cheaper.
Last updated 7 Oct 2026
Fee breakdown
- Branch Commission ₹765
- Correspondent Charge Remitter ₹765
- GST Exchange ₹180
- Total at ₹1,00,000₹1,709
SGD rate trend at State Bank of India
Today State Bank of India sells SGD at ₹76.4600 (TT Selling) and buys it at ₹74.6100 (TT Buying). The selling rate is +0.4800 (+0.63%) since 28 Sep and +0.7400 (+0.98%) since 1 Sep.
- 30-day TT Selling range: ₹75.8200 – ₹76.4600 across 10 refreshes.
- ₹1,00,000 bought between 1307.87 and 1318.91 SGD over that window, before charges.
What's specific to SGD at State Bank of India
- Branch Commission: SGD 10 for SGD (≈ ₹765 at today's rate).
- Correspondent Bank Charge (Remitter mode): SGD 10 for SGD (≈ ₹765 at today's rate).
- Charge modes for SGD: Payee, Remitter. Guaranteed is not offered for SGD.
- In Payee mode, SGD 20 is deducted from what the recipient receives (≈ ₹1,529 at today's rate) instead of being charged in rupees.
Receiving in Singapore
- Singapore accounts are identified by the bank code, branch code and account number; the SWIFT/BIC code routes the wire. Singapore does not use IBANs.
- Singapore banks commonly charge the recipient a small fee for an incoming telegraphic transfer (often SGD 10 or less); DBS/POSB, OCBC and UOB publish the amount in their tariffs.
- PayNow cannot receive a SWIFT wire — you need full bank-account details, not a mobile-number alias. The UPI–PayNow link handles small person-to-person transfers through participating banks; wires remain the route for tuition and larger amounts.
Singapore is 2.5 hours ahead of IST; a transfer sent in the Indian morning often credits the same day, otherwise the next working day.
How this compares
ICICI Bank is ₹644 cheaper than State Bank of India for sending SGD to Singapore.
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 Singapore
What is State Bank of India's SGD rate today?
₹76.4600 per SGD is State Bank of India's TT Selling rate today — the rate applied when you send — and ₹74.6100 is its TT Buying rate for money you receive. The selling rate is +0.4800 (+0.63%) 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 SGD to Singapore?
On a ₹1,00,000 outward remittance, State Bank of India's all-in cost today is ₹1,709 — commission, SWIFT / correspondent charges and 18% GST included, computed at the bank's own TT Selling rate for SGD. The fee breakdown above shows every line item.
Is State Bank of India the cheapest bank to send SGD to Singapore?
No — ICICI Bank is currently ₹644 cheaper than State Bank of India for SGD to Singapore 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 Singapore take?
A standard SWIFT / TT outward remittance from State Bank of India to a beneficiary in Singapore typically settles in 1–3 working days, depending on correspondent-bank routing.
What do I need to send money to Singapore 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 Singapore, 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.
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.
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 × ₹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
$1,000.00 × ₹96.89
Total payable (INR)
₹97,949.40
Indian Overseas Bank
₹97,949.40
Cheapest
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
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
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
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
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
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 Singapore from India — all 6 banks compared for SGD