Best TT Buying and Selling Rate for USD in India: 8 Banks Ranked

The best TT buying and selling rate for USD in India comes from 1. Indian Overseas Bank, 2. Union Bank of India, 3. Punjab National Bank, 4. Canara Bank, 5. Central Bank of India, 6. State Bank of India, 7. Bank of Baroda and 8. Bank of Maharashtra.

IOB kept the smallest combined margin, while Bank of Maharashtra's highest TT buying rate averages six days of a dearer dollar.

Xflow skips the bank's TT buying rate altogether: we convert your client's dollars at the live mid-market rate, show the fee before you withdraw, and issue an eFIRA with every payout.

Below, you'll find the full ranking with each bank's average TT buying and selling rates for USD, what the eight charge to receive and send dollars, and what to check on the day you convert.

The TT buying rate is what a bank pays for each dollar you receive, and the TT selling rate is what it charges for each dollar you send.

Both apply to a TT (Telegraphic Transfer), and our guide to how a telegraphic transfer works covers the wire itself.

Which bank gives the best exchange rate in India depends entirely on your transaction type.

Our combined markup vs mid-market adds the gaps on the TT buying rate and TT selling rate, so the bank that keeps the least ranks first.

The markup on USD 1,000 is what the bank keeps, in dollars, if you receive USD 1,000 and send the same USD 1,000 back out through it.

Card rates sit either side of the mid-market rate because each bank keeps a margin in both directions.

That mid-market rate tracks the interbank rate, not the FBIL reference rate, which is the official USD/INR benchmark rather than a rate banks quote to customers.

All eight are public sector banks, and every charge below comes from the bank's own schedule, with GST extra. Their rate samples run from six to 28 days and their schedules date from 2019 to 2026, and several print an amount band for the card rate, so a larger payment may convert at a different rate.

1. Indian Overseas Bank

Indian Overseas Bank (IOB) has the fullest sample of any bank we tracked, 28 published days, and the smallest combined margin of the eight.

• TT buying rate - ₹95.07 per dollar, 0.25% below mid-market, the thinnest buying gap of the eight
• TT selling rate - ₹95.64 per dollar, 0.35% above mid-market
• Receiving charge - 0.10% on trade receipts (₹500 to ₹2,500), plus ₹250 per eFIRC, schedule effective 1 January 2025
• Sending charge - 0.075% (₹250 to ₹4,000), plus SWIFT and correspondent charges
• Today's sheet - our Indian Overseas Bank forex rates page
• Worth knowing - IOB was founded to specialise in foreign exchange and still runs its own branches in Singapore, Hong Kong, Sri Lanka and Thailand, useful if your clients or their banks sit in South-East Asia
• Watch out for - the percentage receiving charge reaches its ₹2,500 cap on larger receipts, so a USD 30,000 invoice costs more here than at a flat-slab bank such as PNB
• Watch out for - forex work runs through designated forex-authorised branches, so check that your home branch is one before you share its SWIFT details with a client

2. Union Bank of India

Union Bank of India kept the thinnest selling gap of the eight.

• TT buying rate - ₹95.06 per dollar, 0.37% below mid-market
• TT selling rate - ₹95.72 per dollar, 0.32% above mid-market
• Amount band - transactions up to USD 5,000, so ask which rate applies above that
• Receiving charge - ₹500 on trade receipts up to USD 10,000, ₹1,500 above, schedule effective 10 December 2022
• Sending charge - 0.10% for businesses (₹750 to ₹5,000), plus SWIFT and out-of-pocket expenses
• Today's sheet - our Union Bank forex rates page
• Worth knowing - a large domestic network, 8,621 branches as of March 2025, but only 132 of them are authorised dealing branches or trade finance centres, so your nearest branch may route forex elsewhere
• Watch out for - the printed rate stops at USD 5,000, the lowest band here alongside Canara, so most B2B invoices need a quoted rate
• Watch out for - the receiving charge triples to ₹1,500 once a receipt passes USD 10,000

3. Punjab National Bank

Punjab National Bank prices export receipts in two flat slabs, split at USD 25,000, rather than as a percentage.

• TT buying rate - ₹95.05 per dollar, 0.32% below mid-market, the thinnest buying gap after IOB
• TT selling rate - ₹95.75 per dollar, 0.42% above mid-market
• Receiving charge - ₹500 per export receipt up to USD 25,000, ₹1,000 above (undated schedule)
• Sending charge - ₹500 for businesses up to USD 50,000, plus SWIFT
• Today's sheet - our Punjab National Bank forex rates page
• Worth knowing - the flat slabs make PNB one of the cheaper banks on large single receipts, and it offers pre- and post-shipment export finance in foreign currency and rupees
• Watch out for - its online outward remittance through PNB One covers only seven purposes, so business payments abroad often still need a branch visit
• Watch out for - the fee schedule carries no effective date, so confirm the charges with your branch

4. Canara Bank

Canara Bank's fee schedule, effective 2 February 2026, is the most recently dated of the eight.

• TT buying rate - ₹95.02 per dollar, 0.40% below mid-market
• TT selling rate - ₹95.78 per dollar, 0.40% above mid-market
• Amount band - card rates apply up to USD 5,000 or equivalent, according to its rate page
• Receiving charge - ₹300 per remittance for businesses, Nil on export advances up to ₹50,000, and ₹500 per FIRC or e-FIRC
• Sending charge - ₹2,000 flat for businesses, plus ₹500 per SWIFT message
• Today's sheet - our Canara Bank forex rates page
• Worth knowing - it says it processes inward remittances up to USD 10,000 immediately unless otherwise specified
• Watch out for - ₹500 per e-FIRC is the highest certificate charge among the schedules we read, and it adds up if you receive many small client payments
• Watch out for - the ₹2,000 flat sending charge is steep on small outward payments

5. Central Bank of India

Nine published days sit behind Central Bank of India's average, so its place is less certain than the banks around it.

• TT buying rate - ₹94.98 per dollar, 0.44% below mid-market
• TT selling rate - ₹95.78 per dollar, 0.40% above mid-market
• Amount band - transactions up to USD 10,000 equivalent
• Receiving charge - ₹750 per export bill up to USD 25,000, ₹1,000 above, and ₹1,000 on an advance receipt up to USD 25,000 (undated schedule)
• Sending charge - 0.25% for businesses (minimum ₹500), plus SWIFT
• Today's sheet - our Central Bank of India forex rates page
• Watch out for - ₹1,000 on even a small advance receipt is more than most banks here charge, and it matters because freelancers and service exporters are usually paid in advance or on invoice rather than against export bills

6. State Bank of India

State Bank of India prints its card rate for the INR 10 lakh to 20 lakh slab, roughly USD 10,500 to USD 21,000, and your fees depend on whether you hold an SBI export credit facility.

• TT buying rate - ₹94.94 per dollar, 0.42% below mid-market
• TT selling rate - ₹95.79 per dollar, 0.47% above mid-market
• Receiving charge - Nil with export credit, ₹500 otherwise, and e-FIRC Nil or ₹200, schedule effective 1 May 2025
• Sending charge - 0.10% for businesses (₹1,000 to ₹10,000), plus out-of-pocket expenses and ₹500 per SWIFT message
• Today's sheet - our SBI forex rates page
• Worth knowing - export credit customers pay nothing to receive and nothing for the e-FIRC
• Worth knowing - eligible customers can dispose of inward remittances, choosing the purpose, through internet banking instead of at the branch
• Watch out for - its printed slab starts around USD 10,500, so small freelance payments may not convert at the card rate shown

7. Bank of Baroda

Bank of Baroda had the second-widest buying gap of the eight, after Bank of Maharashtra, but some of the smallest export-receipt charges.

• TT buying rate - ₹94.84 per dollar, 0.55% below mid-market
• TT selling rate - ₹95.79 per dollar, 0.46% above mid-market
• Receiving charge - ₹200 per export advance and ₹100 per export certificate, Nil on other credits to your own account, schedule effective 10 December 2022
• Sending charge - 0.10% for businesses (₹500 to ₹5,000) where the bank earns the exchange margin, otherwise 0.25% (₹1,000 to ₹10,000), plus ₹500 per SWIFT message, so ask your branch which applies
• Today's sheet - our Bank of Baroda forex rates page
• Worth knowing - it handles export collections through more than 200 authorised dealer branches in India
• Watch out for - the rate gap usually outweighs the low fees: on USD 10,000 received, its buying gap costs about ₹2,850 more than IOB's, far more than the fee saving

8. Bank of Maharashtra

Bank of Maharashtra's average buying rate is the highest in our data, but all six of its published days fell between 11 and 21 September, when the dollar was dearer.

On each of those days it paid less per dollar than every other top-eight bank that published, which is why it ranks eighth on same-day markup.

• TT buying rate - ₹95.14 per dollar, 0.78% below the same day's mid-market, the widest buying gap of the eight
• TT selling rate - ₹96.37 per dollar, 0.51% above mid-market
• Amount band - transactions up to USD 25,000 or equivalent
• Receiving charge - ₹300 per trade credit by SWIFT and ₹200 to ₹250 per FIRC, schedule dated 18 April 2019, so confirm current charges with your branch
• Sending charge - 0.10% on commercial payments (₹500 to ₹2,000), plus SWIFT
• Today's sheet - our Bank of Maharashtra forex rates page
• Worth knowing - its USD 25,000 printed band is the widest of the eight, so more invoices convert at the published card rate
• Watch out for - its branches are concentrated in Maharashtra, and forex runs through a listed set of forex branches and centres
• Watch out for - the fee schedule is the oldest here, from 2019

Xflow (Recommended) for converting client dollars at the mid-market rate

Your client pays into your Xflow receiving account and we convert at the mid-market rate, so you skip the bank's TT buying rate altogether.

• Rate and fee - the mid-market rate with a flat USD 12 up to USD 2,000 (Starter) or USD 20 up to USD 5,000 (Growth). Above those amounts, 0.6% or 0.4% is taken in the rate, and Scale pricing is custom
• Fee shown upfront - you see the fee and the rupees you'll receive before you withdraw, with no charge hidden in a card rate
• Next-business-day settlement - rupees reach your Indian bank account the next business day
• Paperwork - an eFIRA with every withdrawal, at no additional cost
• Accounting sync - payments flow straight into Zoho Books
• Today's fees - our pricing plans page
• Compared with banks - our Xflow vs traditional banks comparison sets out the differences line by line
• Limitations - receiving only, so you can't send dollars abroad through Xflow, and on very large receipts the percentage above the flat-fee band can cost more than IOB, PNB or Union Bank's rate plus fee

Xflow Payments India Pvt Ltd holds final Payment Aggregator Cross Border (PA-CB) authorisation from the Reserve Bank of India (RBI) as of February 2026, the fully approved stage, and we serve more than 20,000 customers.

All eight ranked banks are public sector banks, and they usually keep tighter spreads, meaning a smaller gap between the rate they pay you for a dollar and the rate they charge to sell you one.

Across the 27 banks with both rates in our data, PSU banks averaged a spread of ₹0.94 per dollar against ₹3.37 at private and foreign banks, roughly 0.5% from mid-market each way against about 1.75%.

The four large private banks all sat well outside the top eight:

• HDFC Bank - ₹93.62 buying and ₹97.04 selling, a ₹3.42 spread
• ICICI Bank - ₹93.71 buying and ₹96.71 selling, a ₹3.00 spread
• Axis Bank - ₹93.71 buying and ₹97.00 selling, a ₹3.29 spread
• Kotak Mahindra Bank - ₹93.71 buying and ₹98.07 selling, the widest spread of the four at ₹4.36

If you bank with a private lender, ask your relationship manager whether they'll negotiate a better rate on a large sum before it lands.

Our guide to the best banks for inward remittance compares HDFC Bank, ICICI Bank, Axis Bank and SBI for receiving client payments.

Our ranking averages a month of card rates, but your payment converts at the rate on the day, for your amount, and charges come off on top, whichever way your money moves. Before a large payment, check three things:

• The day's rate - card rates can change during the day, and SBI and Canara Bank both say theirs are indicative, so open your bank's sheet and ask for the rate on your amount if it falls outside the printed band
• GST on currency exchange - 18% on a deemed value of the conversion under CGST Rule 32(2)(b), not the full amount, as our guide to GST on foreign exchange works through
• Bank and correspondent charges - bank charges for foreign remittance vary by bank and route, and an intermediary bank can deduct correspondent bank fees from an incoming SWIFT wire before it converts, as our page on correspondent bank charges explains

Indian Overseas Bank gave the best TT buying and selling rate for USD in our data, with a 0.60% combined markup, about USD 6 kept on every USD 1,000 received and sent back out, on the fullest sample of 28 published days.

Union Bank of India and PNB sat close behind, and all eight ranked banks are public sector banks.

The large private banks, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank, kept spreads of ₹3.00 to ₹4.36 per dollar, several times wider.

Whichever bank you use, its own charge and GST come on top of the rate, and card rates move during the day, so check the day's sheet before a large payment.

If you're a freelancer or ITeS business receiving client dollars, we convert at the mid-market rate with the fee shown upfront, so try Xflow on your next client payment and compare the rupees that land.

Other non-bank routes sit in our roundup of the best inward remittance platforms in India.