Best provider today
Indian Overseas Bank₹1,00,000 to USD · Generic outward remittance / LRS
Wise vs Banks: Which Gives You More USD?
The simplest way to compare providers is to ask one question: how much USD will the recipient get? Wise is not always cheaper than Indian banks, and some banks may pay out more for the same INR amount.
Wise vs BanksRecipient gets
$1,034.45Total estimated cost
₹1,391.36Payout comparison
Indian Overseas Bank gives $7.17 more than WiseLast updated timestamp
6 Jun 2026, 2:15 pm ISTSome banks may provide a higher estimated payout than Wise for this amount. Rankings are based on estimated recipient amount, not the headline rate.
Provider rankings change with transfer size
A provider that wins for ₹50,000 may not win for ₹8,00,000 or ₹24,00,000. Fixed fees, rate markups, and taxes affect each provider differently.
Best payout today
Indian Overseas Bank
Recipient gets:
$1,034.45
The amount your recipient is estimated to receive.
Why it ranks first:
- ✓Lower total fees
- ✓Better effective rate
- ✓Higher recipient payout than Wise
Wise vs Banks Comparison
Default example: Amount ₹1,00,000, currency USD, purpose generic outward remittance / LRS. Recipient amount is what matters.
| Provider | Effective rate | Provider fee | Rate markup | Estimated GST | Total estimated cost | Recipient gets | Payout insight |
|---|---|---|---|---|---|---|---|
| 96.67 | ₹750 | ₹326.36 | ₹315 | ₹1,391.36 | $1,034.45The amount your recipient is estimated to receive. | Indian Overseas Bank gives $7.17 more than Wise | |
IDFC FIRST BankBank
|
96.83 | ₹0 | ₹1,396.34 | ₹180 | ₹1,576.34 | $1,032.69The amount your recipient is estimated to receive. | IDFC FIRST Bank gives $5.41 more than Wise |
SBIBank
|
97.02 | ₹953.29 | ₹441.75 | ₹351.59 | ₹1,746.63 | $1,030.76The amount your recipient is estimated to receive. | SBI gives $3.48 more than Wise |
|
WiseFintech
|
97.34 | ₹1,577.57 | ₹0 | ₹463.96 | ₹2,041.53 | $1,027.28The amount your recipient is estimated to receive. | Wise gives $7.17 less than Indian Overseas Bank |
Axis BankBank
|
97.65 | ₹500 | ₹1,648.1 | ₹270 | ₹2,418.1 | $1,024.05The amount your recipient is estimated to receive. | Axis Bank gives $3.24 less than Wise |
ICICI BankBank
|
97.81 | ₹1,000 | ₹1,207.52 | ₹360 | ₹2,567.52 | $1,022.39The amount your recipient is estimated to receive. | ICICI Bank gives $4.89 less than Wise |
HDFC BankBank
|
98.04 | ₹1,000 | ₹1,448.79 | ₹360 | ₹2,808.79 | $1,019.96The amount your recipient is estimated to receive. | HDFC Bank gives $7.32 less than Wise |
Kotak BankBank
|
98.07 | ₹500 | ₹2,078.19 | ₹270 | ₹2,848.19 | $1,019.73The amount your recipient is estimated to receive. | Kotak Bank gives $7.55 less than Wise |
HSBC IndiaBank
|
98.23 | ₹500 | ₹2,246.03 | ₹270 | ₹3,016.03 | $1,018.06The amount your recipient is estimated to receive. | HSBC India gives $9.22 less than Wise |
Indian Overseas BankBank
Recipient gets
$1,034.45
The amount your recipient is estimated to receive.
Indian Overseas Bank gives $7.17 more than Wise
Effective rate96.67
Provider fee₹750
Rate markup₹326.36
Estimated GST₹315
Total cost₹1,391.36
IDFC FIRST BankBank
Recipient gets
$1,032.69
The amount your recipient is estimated to receive.
IDFC FIRST Bank gives $5.41 more than Wise
Effective rate96.83
Provider fee₹0
Rate markup₹1,396.34
Estimated GST₹180
Total cost₹1,576.34
SBIBank
Recipient gets
$1,030.76
The amount your recipient is estimated to receive.
SBI gives $3.48 more than Wise
Effective rate97.02
Provider fee₹953.29
Rate markup₹441.75
Estimated GST₹351.59
Total cost₹1,746.63
WiseFintech
Recipient gets
$1,027.28
The amount your recipient is estimated to receive.
Wise gives $7.17 less than Indian Overseas Bank
Effective rate97.34
Provider fee₹1,577.57
Rate markup₹0
Estimated GST₹463.96
Total cost₹2,041.53
Axis BankBank
Recipient gets
$1,024.05
The amount your recipient is estimated to receive.
Axis Bank gives $3.24 less than Wise
Effective rate97.65
Provider fee₹500
Rate markup₹1,648.1
Estimated GST₹270
Total cost₹2,418.1
ICICI BankBank
Recipient gets
$1,022.39
The amount your recipient is estimated to receive.
ICICI Bank gives $4.89 less than Wise
Effective rate97.81
Provider fee₹1,000
Rate markup₹1,207.52
Estimated GST₹360
Total cost₹2,567.52
HDFC BankBank
Recipient gets
$1,019.96
The amount your recipient is estimated to receive.
HDFC Bank gives $7.32 less than Wise
Effective rate98.04
Provider fee₹1,000
Rate markup₹1,448.79
Estimated GST₹360
Total cost₹2,808.79
Kotak BankBank
Recipient gets
$1,019.73
The amount your recipient is estimated to receive.
Kotak Bank gives $7.55 less than Wise
Effective rate98.07
Provider fee₹500
Rate markup₹2,078.19
Estimated GST₹270
Total cost₹2,848.19
HSBC IndiaBank
Recipient gets
$1,018.06
The amount your recipient is estimated to receive.
HSBC India gives $9.22 less than Wise
Effective rate98.23
Provider fee₹500
Rate markup₹2,246.03
Estimated GST₹270
Total cost₹3,016.03
Indicative estimates only. Final amount may vary based on time. Excludes TCS and correspondent bank charges.
GST is an estimate based on Rule 32(2)(b) slab method and fixed bank fees; final GST may vary by provider valuation method, and the provider's final invoice is authoritative.
Why Prism FX ranks providers this way
We rank providers by the estimated USD your recipient gets. A better-looking rate can still lose once fees and taxes are included.
That is why the top row is the provider estimated to send the most money to the recipient.
Best Provider for ₹1,00,000 USD Transfer
For this snapshot, Indian Overseas Bank sends the most estimated USD: $1,034.45. This can change when rates refresh or when you change the transfer amount.
Detailed Cost Breakdown
The total cost combines visible fees, rate markup, estimated tax, and the effect of the conversion rate. The final USD payout is the number to compare.
Why Banks May Beat Wise
- 1Wise fees may scale with transfer amount.
- 2Banks may have lower fixed fees for some outward remittance amounts.
- 3Banks may quote different TT sell rates at different times.
- 4Estimated GST and forex spread can change the effective cost.
- 5The best provider depends on amount, currency, and timing.
What Is Included in This Comparison
Wise
- ✓Transparent quoted fee
- ✓Live quote estimate
- ✓Fast digital experience
- ✓Some India-specific taxes may be shown as estimates
Banks
- ✓TT sell rate
- ✓Fixed fee
- ✓Estimated GST
- ✓May require branch/RM process
- ✓Possible correspondent charges
FAQs About Wise vs Bank Forex Rates
Is Wise always cheaper than Indian banks?
No. Wise may be convenient and transparent, but some Indian banks can provide a higher estimated recipient amount depending on transfer size, effective rate, fees, and Estimated GST.
Why can banks beat Wise?
A bank may charge less or use a better conversion rate for a specific amount. The best option is the one that sends the most money to the recipient.
Does the Wise quote include Estimated GST and TCS?
Wise may not show every India-specific tax separately in public quote details. Prism FX estimates GST where possible. TCS depends on your transfer purpose and LRS usage.
What is the best way to compare Wise and banks?
Compare the estimated recipient amount after effective rate, fees, Estimated GST, and known charges.
Are these rates final?
No. Rates are indicative and may change before transfer confirmation.