Indian Bank Forex Rates & Charges Explained (2026)

Introduction

Managing international transactions through Indian Bank often comes with certain fees. While these charges are completely normal, not knowing them beforehand can catch you off guard.

Say, you were to receive USD 100. Going by the mid-market benchmark rate, you would expect to receive around INR 8,800. But the final amount deposited in your account can be a bit lower. The reason? High forex rates, currency conversion markups, and service charges.

In this article, we break down Indian Bank's forex rates and show how you can save on international transfers, so you know exactly what to expect and avoid surprises.

Understanding Indian Bank forex rates

Indian Bank uses different rates for different types of foreign currency transactions. Knowing them helps you understand how much you will get or pay.

TT Buying Rate (TTB): This is used when foreign money comes into India. For example, if a friend sends you USD, the bank converts it to INR using the TTB USD-INR remittance rate. It also applies to inward remittances, export bills, cancellations of outward transfers, and certain foreign currency deposits converted to rupees.

TT Selling Rate (TTS): This is used when sending money out of India. For example, if you send INR to someone abroad, the bank converts it using the TTS rate. It applies to outward remittances, bill payments, refunds, and certain deposit conversions.

Other rates: There are separate buying and selling rates for bills, traveler checks, currency notes, and foreign checks. These rates decide how much you pay or receive in each case.

Indian Bank forex charges

Indian Bank applies different charges depending on the type of foreign exchange transaction. These charges include commissions, minimum and maximum limits, and sometimes additional fees like courier or SWIFT charges. Here's a breakdown:

1. Forex rates for common currencies

Here are the Indian Bank forex exchange rates for transactions up to USD 10,000 or equivalent. Rates are in INR per unit of foreign currency (JPY is per 100 units).

Currency	TT Buying	TT Selling	Bills Buying	Bills Selling	TC Buying	TC Selling	Notes Buying	Notes Selling	Check Buying
USD	88.2	89.24	88.14	89.42	87.17	90.22	86.5	90.89	88.05
EUR	102.99	104.21	102.92	104.42	101.79	105.36	101.01	106.14	102.82
GBP	117.76	119.19	117.68	119.43	116.38	120.5	115.49	121.39	117.56
AUD	57.69	58.41	57.65	58.53	57.02	59.05	56.58	59.49	57.59
CAD	63.28	64.04	63.23	64.17	62.54	64.74	62.06	65.22	63.17
CHF	110.31	111.66	110.23	111.89	109.02	112.89	108.18	113.73	110.12
JPY	58.91	59.62	58.87	59.74	58.22	60.28	57.77	60.72	58.81
SGD	68.22	69.05	68.17	69.19	67.42	69.81	66.9	70.33	68.1
HKD	11.33	11.47	11.33	11.49	11.2	11.6	11.12	11.68	11.32
DKK	13.8	13.96	13.79	13.99	13.64	14.12	13.53	14.22	13.78
SEK	9.33	9.44	9.32	9.46	9.22	9.54	9.15	9.61	9.31
ACU	88.2	89.24	88.14	89.42	87.17	90.22	86.5	90.89	88.05

2. Remittance charges

a. Inward remittances

Below USD 3,000	No charge
Above USD 3,000	INR 550 per transaction
Encashment of personal cheques, drafts, or money orders payable abroad	0.255% (Min INR 300, Max INR 10,000) + interest + courier charges

b. Clean payments

Inward remittance via a foreign correspondent	Charges as above
Payment in foreign currency via demand draft / TT	0.105% (Min INR 550, Max INR 5,000)
Clean instruments sent abroad	0.255% (Min INR 200, Max INR 10,000) + courier charges
FIRC charges	Issuing bank certificates: INR 550 Duplicate FIRC: INR 1,050

c. Outward remittances

Up to INR 50,000	INR 500 + SWIFT INR 550
Above INR 50,000	INR 1,050 + SWIFT INR 550
Demand drafts	0.130% (Min INR 300, Max INR 5,000)

Why do Indian Bank's rates differ from market rates?

Indian Bank's exchange rates - or of any bank's, for that matter - would rarely match the mid-market exchange rate benchmark you see online. This is because of 4 main reasons: spread, fees, market volatility, and regulations.

1. Spread

Indian Bank adds a small margin, or spread, over the interbank rate. This lets it earn a profit and cover risks. The spread can vary depending on transaction size, currency popularity, and the bank's policy.

2. Fees

On top of the spread, the bank may also charge flat fees or a percentage of the transaction. They do this to cover their costs and protect themselves from risks like price rise, political changes, or sudden changes in the currency market.

3. Market volatility

Exchange rates keep changing. As such, Indian Bank adjusts its forex rates accordingly to protect against potential losses, especially for currencies expected to weaken or be in low demand.

4. Regulations

Indian Bank, like all other banks, must follow rules set by the Reserve Bank of India (RBI). But these compliances can add to the cost. Some of these costs are passed on to customers through higher spreads or fees.

Effective rate example

Let's say India only trades with Japan, the UK, and Canada. In that case, the rupee's value depends on the yen, the pound, and the Canadian dollar.

Now, if 60% of the trade is with Japan, 25% with the UK, and 15% with Canada, then those currencies will also matter in the same way. The yen will have the biggest impact, followed by the pound and then the Canadian dollar.

What does this mean? That changes in the yen affect the rupee more than changes in the Canadian dollar.

But what if one currency moves but the basket's overall value stays the same? That would mean that the other currencies likely moved in the opposite direction to balance it out.

Why are real-time forex rates important?

One of the standout benefits of real-time forex rates is that they can help you make smarter decisions when dealing with foreign currencies. You see, when you're operating in different countries, you need to keep up with constant changes in exchange rates. By tracking live rates, you can:

Choose the right time to send or receive payments.
Plan pricing and contracts more accurately.
Protect yourself from currency losses through hedging.

It also makes cross-border transactions faster and keeps financial reporting clear and accurate.

How to check Indian Bank forex rates?

Checking the latest Indian Bank forex card rates is quite simple. The simplest way is to visit their official website. There, you can see the latest exchange rates and remittance fee structure for different categories.

If you'd rather talk to someone, you can call their customer support team and ask about the rates and charges. You can also visit a nearby Indian Bank branch. The staff there will explain how the rates work and help you pick the best option for your transfer or forex needs.

Why Xflow is better than Indian Bank for forex rates

Xflow gives you more control over your foreign exchange conversions by using AI-powered insights instead of guesswork. While Indian Bank offers fixed rates with added spreads and fees, Xflow helps you convert at the best possible time and price.

And the best part? Xflow offers foreign exchange at mid-market rates, meaning there's no added costs and markups, so you can get more of what you earn.

Plus, its FX AI Analyst tool studies millions of data points in real time to track USD/INR trends, spot global market triggers, and predict short-term movements. This means you can set data-backed conversion targets instead of relying on instinct.

And the difference can be significant. Even a small improvement of 0.1% on a $100,000 transfer could mean an extra INR 10,000 in your pocket.

So, don't let bank charges and fees eat into your profits. Sign up for Xflow today!

Conclusion

When dealing with foreign currency, it's important to get the most value for your money. While banks like Indian Bank offer standard forex services, platforms like Xflow can go a step further.

With Xflow, you can convert at smarter rates, avoid hidden fees, and make confident decisions every time. Whether you're a business dealing with global clients or a freelancer managing overseas payments, Xflow makes cross-border transfers a lot simpler.

Frequently asked questions

The bank exchange rate is the rate a bank uses to change one currency into another. For example, if you're getting US dollars in India, the rate shows how many Indian rupees you will receive for each dollar.

Yes, Indian Bank offers foreign currency exchange services. You can convert foreign currency to INR or INR to other currencies through their branches. They also provide forex cards and help with international transfers.

Many banks offer forex services, but platforms like Xflow are often a better choice. Xflow gives you mid-market rates with no hidden markups and offers next-day settlements, helping you save more on every transfer.