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Indian Overseas Bank International Transfers & Exchange Rates
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Published On:
November, 23 2022
Edited On:
March, 22 2023

Indian Overseas Bank International Transfers & Exchange Rates

Since its founding, Indian Overseas Bank (IOB) has established a significant presence in international bank transfers. It has grown with the times, updating its services to meet its clients' needs. This review focuses on the bank’s money transfer services and how they compare to specialist providers in the global remittance market.

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About Indian Overseas Bank

Indian Overseas Bank was founded in 1937 to serve the population of India, which at the time was approximately 308 million people, compared to approximately 1.3 billion in 2020. It became a nationalised bank in 1969 and, due to the increase in global travel and cross-border payment solutions, began to focus on providing foreign exchange services. It began operations simultaneously in Karaikudi and Chennai, and Rangoon in Myanmar, known as Burma at the time, before leading to a branch in Penang, Malaysia.

The bank has expanded over the course of its history so far, having opened branches across India as well as cracking multiple Asian markets: most notably Singapore, Hongkong, Thailand, Sri Lanka and South Korea, with over 3,400 branches worldwide.

In 2019, the Department of Financial Services granted IOB the EASE (Enhanced Access and Service Excellence) Banking Reform Award for “Reformed Excellence” and "Deepening Financial Inclusion & Digitalisation."

Indian Overseas Bank appears to have been competently keeping up with the competition in the banking sector, but we want to dig a little deeper, to find out how this financial institution’s money transfer services compare to leading specialists in the remittance industry.

Can I Use Indian Overseas Bank for International Bank Transfers?

Yes, Indian Overseas Bank offers international bank transfer services through SWIFT wire transfer, to and from any major country. These overseas transactions are fast and straightforward, though the charges incurred for this service quickly accumulate. It is best to consult an IOB customer service representative regarding wire transfer fees and transfer time in relation to your specific needs.

Other Ways to Send Money With Indian Overseas Bank

In addition to its demand draft instrument, Indian Overseas Bank also offers Internet Banking (IOB Net) and Mobile Banking (IOB Mobile) services for money transfers through NEFT, RTGS, or IMPS.

Through Internet and Mobile Banking, the bank enables clients to send money to other IOB accounts as well as accounts held with other banks. Clients can choose from the "Add Payee" or "Fund Transfer" service: the latter is available for both Personal and Corporate account holders.

Indian Overseas Bank participates in the Bank of Thailand Automated High-value Transfer Network (BAHTNET) Payment System, with a facility in Bangkok. It also offers Rupee Remittance to India at its Hong Kong branch.

Indian Overseas Bank Exchange Rates and Fees

The overall cost of an international bank transfer can vary greatly, depending on different charges imposed by the financial institution in question. The difference in foreign exchange spread and transfer fees can significantly affect the amount of money sent or received through Indian Overseas Bank and we will be investigating these costs in this section.

Exchange Rates

Foreign exchange rates can be one of the varying factors that impact the value of your transfer, so it is essential to have the most up to date foreign exchange information available to compare Indian Overseas Bank with other service providers.

The bank posts all exchange rate information online for its customers, updated daily via the Forex Rates page on the IOB website. The exchange rates for USD:INR are near-identical to the mid-market rate published by Xe. The rate may have already changed by this time. Other widely-used currencies, such as EUR (Euro) and GBP (British Pound), are also available for conversion.

Transfer Fees

The transfer fees for international remittance with Indian Overseas Bank are 0.075% of the total money transferred, with minimum transfer fees of 150 INR (1.99 USD) and maximum fees of 4,000 INR (53.24 USD) per transaction.

Additional Costs

The only way to send money from India to other countries with Indian Overseas Bank is through a SWIFT transfer and additional charges of 500 INR will be issued by the SWIFT network on top of the other bank transfer fees.

Check Out Our Guide to International Bank Transfer Fees

How Do Indian Overseas Bank Transfer Fees Compare to Using a Money Transfer Provider?

The Indian Overseas Bank is transparent with its transfer fees, allowing many customers to calculate costs in advance. As of October 2020, the bank charged a service fee of 0.075% of the sending amount, plus applicable SWIFT charges.

Indian Overseas Bank Pros and Cons

Interested customers may wish to weigh up all available options before banking with the Indian Overseas Bank. Listed below are some points to consider ahead of sending money overseas with the bank:


Convenient App - IOB Mobile allows customers to accomplish simple banking needs without going to any branch. They can use the app to send money using NEFT or IMPS, manage debit and credit cards, and set transaction limits


Limited international transfer options: International money transfers with the Indian Overseas Bank can only be executed via the SWIFT network
High international money transfer fees: This money transfer option requires customers to pay for SWIFT charges on top of a transfer fee that may cost up to 4,000 INR per transaction

How to Send and Receive Money With Indian Overseas Bank

In this section we will provide a step-by-step guide to the different ways of sending and receiving money through IOB Net and IOB Mobile. Customers must register with one or both services to send or receive money through the bank.

Sending Money via SWIFT Transfer

If your Indian Overseas Bank account is the sending account in the wire transfer, submit a remittance request to your bank branch with the following information about the recipient:

  • the recipient’s (individual or company) account name and address

  • the recipient’s account number or international bank account number (IBAN)

  • the name, address, and SWIFT code of the recipient’s bank

Check Out Our SWIFT Code Calculator for Guidance

Receiving Money

Provide the sender with the following information for submission to the bank that will process their remittance request:

  • your bank’s name (Indian Overseas Bank)

  • the SWIFT code for Indian Overseas Bank (IOBAINBB)

  • the correspondent bank account numbers

  • your bank’s branch name and address

  • your account name (as beneficiary), account number, and complete address

Additional Information

The bank released no other information on international money transfers.

What Customer Support Options Are Available?

The following customer service channels are available for those seeking help from Indian Overseas Bank:

  • Toll-free Phone Lines: 1800-890-4445 / 1800-425-4445

  • Central Office Phone: +91-44-28524212

  • Customer Service Phone: 044-28519568 / 044-28591029 / 044-28525496 / 044-28587353

  • Email: (for UPI/BHIM-related concerns) / (for IMPS-related concerns)

  • Other: (for department specific contact info)


The Indian Overseas Bank was founded in 1937 and has worked consistently to improve Indians’ foreign transfer needs. The bank’s efforts to enact these international financial services have led them to become a well-established bank serving multiple Asian markets. The bank maintains a transparent schedule of fees for all international money transfers to help customers set up fast and easy global remittances.

This bank offers great services to its clientele but it is no match for the rapidly evolving experts within the remittance industry, such as Wise and TorFX. Check out our Comparison Engine today, to find out more about the very best options available to users from around the world.

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.

Answers to key questions about Indian Overseas Bank

Opening an account with any bank, especially if you intend to conduct international financial transactions through it, requires careful thought and consideration. To address your need for helpful information, here are the answers to essential questions about Indian Overseas Bank.

Can I open an Indian Overseas Bank account in any country?
Does Indian Overseas Bank have an app?
Are there transfer limits?
How long do transfers take with Indian Overseas Bank?
Can I use an Indian Overseas Bank debit card when traveling abroad?
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