Tamilnad Mercantile Bank Forex Rates: TT & Fees

Tamilnad Mercantile Bank (TMB) does not use one exchange rate. It publishes a forex rate sheet on working days and revises it as the market moves.

When money reaches you from abroad, TMB applies its TT (telegraphic transfer) buying rate, which sits below the live mid-market rate. That gap, the margin, is where most of the cost hides, and it is separate from the fees and the 18% GST on the conversion.

If you are an exporter or freelancer receiving payments, the TT buying rate on your credit advice decides your rupee payout, not the rate TMB advertises.

TMB has a strong base among Tamil Nadu exporters, so this matters on every shipment realised. If you receive export income regularly, you can collect international payments at the live mid-market rate and keep more of each invoice. This guide covers how TMB sets each rate, what a transfer really costs, and how the maths compares.

Tamilnad Mercantile Bank's USD TT buying rate today is ₹94.06, with the major currencies in the table below.

These figures come from the sheet Tamilnad Mercantile Bank published on 22 October 2026 at 10:00 AM. The bank revises it during the day, so these are the morning quote and the settlement rate may differ.

If you are receiving money from abroad, the column you want is TT Buying.

One note on reading this table. Tamilnad Mercantile Bank publishes the yen in units of 100 on its own sheet. The figures above are converted to a per-unit basis so every currency is comparable. Tamilnad Mercantile Bank prints 59.20 per 100 yen, shown here as 0.5920 per yen. So those rows will not match the source document line for line.

This sheet covers card rate. Above that, rates are set by the bank.

Source: TMB Currency Rates, published by Tamilnad Mercantile Bank itself. Rates are indicative and subject to change with market movements. The rate that applies is the one prevailing when your account is credited.

Tamilnad Mercantile Bank's USD TT buying rate is ₹94.06 on the sheet dated 22 October 2026, down ₹2.24 (2.33%) from ₹96.30 on 8 October 2026.

Each row is the rate Tamilnad Mercantile Bank published on that date. Banks publish on working days only, and a date missing from the list is one with no sheet on record.

Tamilnad Mercantile Bank's TT (telegraphic transfer) buying rate for USD is ₹94.06 on the sheet published 22 October 2026 at 10:00 AM.

This is the number that determines an exporter's payout. When a client abroad wires you dollars, Tamilnad Mercantile Bank buys those dollars from you and credits rupees at the TT buying rate.

You will also see this written as TTBR, which is simply short for TT buying rate. Some sheets and screens use the abbreviation on its own.

On a USD 10,000 invoice that is ₹9,40,600 before GST and any certificate fee.

Against the mid-market rate, the gap looks like this:

• Mid-market reference: ₹94.59
• Tamilnad Mercantile Bank TT buying: ₹94.06
• Gap: 0.56%, or about ₹5,300 on a USD 10,000 invoice

That gap is the bank's margin, and it applies to every transfer settled at card rates. The reference above is the exchangerate-api daily reference rate of ₹94.59 on 22 October 2026. That is a daily reference rate rather than an intraday close, while the bank revises its own sheet through the day. Treat the percentage as close, not exact.

Tamilnad Mercantile Bank's TT selling rate for USD is ₹94.87 as of the same sheet.

This is the rate you pay when Tamilnad Mercantile Bank sells you foreign currency, so it applies to outward remittances such as paying an overseas supplier or sending money abroad under the Liberalised Remittance Scheme (LRS). Xflow handles inbound export earnings only, so outward remittance sits outside what we cover; the rate is here because the bank publishes it on the same sheet.

The spread between the two TT rates is ₹0.81 per dollar, or 0.9% of the buying rate. Buy and sell the same dollar on the same day and that spread is what the bank keeps.

Tamilnad Mercantile Bank publishes these on the daily sheet it calls its "Card Rates". The currency-note columns, for cash over the counter, carry a different rate from the TT rate.

If the dollar is the only currency you deal in, this is the whole sheet in four rows. Which rate applies depends on what you are doing, not on which one you saw first.

Published 22 October 2026 at 10:00 AM. Tamilnad Mercantile Bank revises intraday, so re-check the sheet before you rely on a figure for accounting.

Those are the numbers. What follows is where the margin inside them comes from, and what it costs on a real invoice.

Tamilnad Mercantile Bank publishes its own "Card Rates", and that document is the authority on the rate you will be given, not any figure quoted elsewhere. It is a web page the bank refreshes in place, so there is no file to keep.

Open it here: TMB Currency Rates. The bank replaces it each working day, so the link always resolves to the current sheet, and the copy the figures above come from was published on 22 October 2026 at 10:00 AM.

A "forex rate" is the price of one currency in another at a given moment. Banks quote it against the interbank rate, the wholesale price at which large institutions trade, then add a margin before passing it to you.

TMB is an authorised dealer in foreign exchange, and its International Banking Division publishes TT and card rates for the main currencies. If you want the plain-English version of how these numbers are built, start with forex rates.

The rates TMB shows are indicative. The rate that actually applies is the one prevailing when your account is credited, so a morning figure can shift by the time your transfer settles.

TT stands for telegraphic transfer, the electronic movement of money between banks across borders. TMB uses two TT rates and a card rate.

• TT buying rate: the rate at which TMB buys foreign currency from you and pays out rupees. This applies when you receive an inward or export remittance.
• TT selling rate: the rate at which TMB sells you foreign currency, used when you send money out.
• Card rate: used for the travel card and cash, and it carries a wider margin than the TT rates.

For anyone receiving export income, the TT buying rate is the number that matters. A telegraphic transfer is the default rail behind most bank-to-bank inward payments. Here is an illustrative snapshot (as of July 2026).

The mid-market rate that day is around ₹89.40, so every TMB rate sits a margin away from it.

The exchange-rate margin is the largest cost, but not the only one. As of July 2026, the fees an exporter or freelancer is likely to meet are set out below.

Receiving money looks close to free because the visible charge is small. The margin baked into the TT buying rate does the quiet work instead, and a correspondent bank can deduct its own fee before the money reaches TMB.

Banks revise these schedules periodically, so verify the current numbers on TMB's own service-charges page before you rely on a figure.

Yes, and it is worth knowing the detail because many people search for it. TMB offers a Multicurrency Prepaid Travel Card in three currencies, USD, GBP, and EUR.

The card is valid for five years, needs a minimum of about 250 units of the currency to issue, and can be loaded up to USD 25,000 at a time. The issue charge is around ₹150 and a reload is around ₹100.

When you spend in a currency already loaded on the card, there is no markup on that transaction. Spending in a currency you have not loaded triggers a cross-currency conversion on the fly.

The rate is not the only recurring cost of receiving export income. Every inward remittance needs a Foreign Inward Remittance Advice or Certificate, and it does two jobs:

• Proof of receipt. It records that the money arrived and the rate applied. Your accountant needs it at filing time, and it closes the entry in the Export Data Processing and Monitoring System (EDPMS).
• A cost you pay per transfer. Tamilnad Mercantile Bank issues one on request. Check its current schedule of charges for the fee.

Already have a FIRA from a past transfer? See what that transfer actually cost you. Upload the document and it breaks down what the bank charged on that specific transaction against the mid-market rate on the day. Your own number, not an estimate. Xflow may follow up about the result.

Xflow issues an eFIRA on every international transaction within 24 hours, with no manual request. That is a separate consideration from the rate and worth weighing on its own: if you receive a few transfers a month, the certificate admin may matter more to you than the margin does.

Every foreign-exchange conversion in India attracts 18% GST. It is charged on a "value of supply" the RBI defines in slabs (in force since 1 July 2017), not on your full transfer amount, so it stays modest even on large sums.

The takeaway is simple. GST is a known, capped, and comparatively small cost. The exchange-rate margin is the variable you can actually influence.

Search "USD to INR" and you see the mid-market rate, the midpoint between global buy and sell prices. That is the fair reference rate, and no bank pays it out in full. The difference comes from three layers.

Spread: TMB applies a margin between the interbank rate and the rate it gives you, generally around 1% to 2% below mid-market on inward transfers, though it varies by day and currency. This is the foreign exchange markup, rarely shown as a line item.

Correspondent deductions: inward wires can pass through an intermediary bank that takes its own cut before the money reaches TMB, so the credited amount can be smaller than the sender's figure.

Market volatility: the rate moves through the day. Because your transfer settles at the prevailing rate, not the quoted one, timing changes the outcome.

The cleanest way to see the true price is to compare the applied rate against the live mid-market rate on the same day.

Say a client sends you USD 10,000 for a completed project. On the sheet Tamilnad Mercantile Bank published on 22 October 2026 at 10:00 AM, its TT buying rate was ₹94.06. The mid-market reference that day was ₹94.59.

• At the mid-market rate: 10,000 × 94.59 = ₹9,45,900
• At Tamilnad Mercantile Bank's TT buying rate: 10,000 × 94.06 = ₹9,40,600
• Difference from the rate margin alone: ₹5,300, before GST and any certificate fee.

That ₹5,300 is the spread, not a fee you agreed to, and it recurs on every transfer settled at card rates.

One note on the reference: it is a daily rate, so the exact gap on your own transfer is the one on your credit advice.

A platform fee works differently. On the same invoice, Xflow's Growth plan charges 0.4% of the transfer value, about $40, with no markup on the mid-market rate, so the cost sits in a visible fee instead of inside the rate. Both that fee and the bank figures above are before GST, which applies either way.

There are three reliable ways to find the rate, in order of accuracy.

• TMB's forex rate sheet on its website, published on working days. It lists TT and card rates per currency.
• Your account credit advice or FIRA, which records the exact rate applied to your specific transfer. This is the only rate that is truly yours.
• The branch or the International Banking Division, useful if you are negotiating on higher export volumes.

A quoted morning rate is only a guide. The rate that lands is the one live at the moment of credit, which is why the FIRA figure and the morning quote rarely match to the paisa. For compliance, the FIRA is the document that proves both the inward remittance and the rate applied.

Xflow is a cross-border payments platform built for Indian businesses and freelancers receiving money from abroad. The core difference is the reference rate.

TMB marks up a hidden interbank rate. Xflow converts at the live mid-market rate and charges a transparent, visible fee, so you can see exactly what conversion costs. Its published pricing, as of July 2026, is below.

Take the same USD 10,000 shipment on the Growth plan. The fee is 0.4%, about USD 40 (roughly ₹3,576 at ₹89.40), and the conversion happens at the mid-market rate rather than a marked-down one.

You keep close to the mid-market payout minus a fee you can see, instead of losing the spread you never agreed to. On costs like these, businesses using Xflow save meaningfully on FX, and the gap widens as volumes rise. Settlement is next business day (T+1), and each payment comes with an auto-issued eFIRA.

A few honest caveats belong here. If you already hold accounts, export credit lines, and trade facilities with TMB, consolidating can matter more than a few paise on rate.

For one-off or very small transfers, a flat fee can outweigh the rate saving. Run your own numbers on a typical invoice first, and read how to reduce international payment fees to see where the real leakage sits. For regular mid-to-large export receipts, the platform is used for cross-border payments by service exporters.

This is the fear that stops most exporters from switching, and it is worth addressing head-on. Receiving through a regulated platform does not break your regulatory trail.

Xflow holds final RBI Payment Aggregator - Cross Border (PA-CB) authorisation for both exports and imports (as of February 2026), works with AD-1 banks, and auto-issues an eFIRA for each payment.

Your purpose codes, GST refund workflow, and downstream reporting continue as before, and the bank FIRC or eBRC route remains available. Compliance stays intact; the paperwork simply becomes less manual.

Tamilnad Mercantile Bank publishes its rate sheet every working day and revises it intraday. On 22 October 2026 its USD TT buying rate was ₹94.06, about 0.56% below a daily mid-market reference rate of ₹94.59.

If you receive export income, the TT buying rate is the one that applies to you. Check it on the sheet, then check your Foreign Inward Remittance Advice (FIRA) to see what rate actually applied.