IOB Forex & Exchange Rate Today: TT Buying, TT Selling & Charges

IOB's USD to INR rate today is ₹95.36 for money coming in.

IOB (Indian Overseas Bank) publishes these itself.

Every rate below comes from the sheet IOB published on 21 August 2026 at 12:03 AM, refreshed here twice a day.

Indian Overseas Bank publishes a new rate sheet every working day and revises it as the market moves. Money arriving from abroad is converted at its TT (telegraphic transfer) buying rate, which sits below the mid-market rate. That gap is the markup, and it is separate from GST on the conversion.

IOB's USD TT buying rate today is ₹95.36. If money is coming in to you, that is the rate that applies.

This sheet covers as published. For larger transfers, contact your branch.

Source: Indian Overseas Bank Forex Rates, published by IOB itself. Rates are indicative and subject to change with market movements. The rate that applies is the one prevailing when your account is credited.

Which rate applies depends on what you are doing, not on which one you saw first.

IOB's TT buying rate for USD is ₹95.36, also written as TTBR, short for TT buying rate.

• Mid-market reference: ₹95.75
• IOB TT buying: ₹95.36
• Gap: 0.41%, about ₹3,900 on a USD 10,000 invoice

IOB's TT selling rate for USD is ₹95.93. This is what you pay when the bank sells you foreign currency, so it applies to money going out, not to export earnings coming in.

The gap between the two TT rates is ₹0.57 per dollar, or 0.6% of the buying rate. That spread is what the bank keeps.

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. The forex card also carries a monthly inactivity fee of about USD 1.50, EUR 1, or GBP 1 after 12 months, so close a dormant card.

IOB revised its service charges from 1 April 2026, so verify the current numbers on IOB's own service-charges page before you rely on a figure.

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.

The rate is only part of the bill. If money comes in from abroad every month, four other things cost you money or time. None of them are on IOB's rate sheet.

To be fair: this does not beat your bank at everything. If your current account, overdraft and trade limits are all with Indian Overseas Bank, keeping everything in one place may matter more than any row above. This adds up when money comes in from abroad a few times a month, every month.

Say a client sends you USD 10,000 for a completed project. On the sheet IOB published on 21 August 2026 at 12:03 AM, its TT buying rate was ₹95.36. The mid-market reference that day was ₹95.75.

• At the mid-market rate: 10,000 × 95.75 = ₹9,57,500
• At IOB's TT buying rate: 10,000 × 95.36 = ₹9,53,600
• Difference from the rate margin alone: ₹3,900, before GST and any certificate fee.

That ₹3,900 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.

IOB publishes its own "Forex 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: Indian Overseas Bank Forex 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 21 August 2026 at 12:03 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.

IOB publishes several rates because each transaction type carries a different margin. If you want the plain-English version of how these numbers are built, start with forex rates.

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

Other public-sector lenders publish the same style of sheet: see Central Bank of Indian Forex Rates for how a comparable bank lays out its TT and card rates.

TT stands for telegraphic transfer, the electronic movement of money between banks across borders. IOB quotes four rates you will see on its sheet.

• TT buying rate: the rate applied when a foreign inward remittance is credited to your account. This is the rate that matters when you receive export income.
• TT selling rate: the rate at which IOB sells you foreign currency, used when you send money out.
• Bill buying and selling rates: used for foreign cheques, drafts, and trade documents, slightly wider than the TT rates.
• Card rate: used for the forex card and cash, and it carries the widest margin.

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

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: IOB applies a margin between the interbank rate and the rate it gives you, often around 1% to 2.5% below mid-market on inward transfers, though it varies by day, currency, and relationship. This is the foreign exchange markup, rarely shown as a line item.

Cards and cash cost more: the forex card and cash carry a wider margin than TT rates, and the bill rate for cheques and documents sits slightly wider than the TT rate too.

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.

Private-sector lender IDBI Bank forex rates apply a similar spread structure, just with its own day-to-day margin.

Among public-sector peers, bank of india forex rates follow the same margin-plus-fees pattern, only with different day-to-day numbers.

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

IOB 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.

Opening dedicated receiving accounts in USD, GBP, EUR and other major currencies means every inward payment lands against a rate you already agreed to, not whatever IOB's rate sheet says that morning.

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 moving off a bank's marked-up rate typically keep a meaningfully larger share of each invoice, 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, overdraft lines, and trade facilities with IOB, 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 built for cross-border payments for service exporters.

Clients on the other side of the corridor can trim their own costs too; our guide on how to save money while sending from usa to india covers where the USD to INR leakage sits before the funds even reach you.

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 route remains available. Compliance stays intact; the paperwork simply becomes less manual.

IOB publishes its rate sheet every working day and revises it intraday. On 21 August 2026 its USD TT buying rate was ₹95.36, about 0.41% below a daily mid-market reference rate of ₹95.75.

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.