Estimate conversion rates and GST for Forex transactions
USD – United States Dollar
EUR – Euro
GBP – British Pound
AUD – Australian Dollar
CAD – Canadian Dollar
SGD – Singapore Dollar
JPY – Japanese Yen (per 100)
AED – UAE Dirham
*GST calculated based on standard Indian slab rates for currency conversion. Actual bank charges may vary.
Understanding SBI Online Exchange Rates
When dealing with international transactions via the State Bank of India (SBI), understanding the exchange rate mechanism is crucial. The SBI Online Exchange Rate Calculator helps individuals and businesses estimate the Indian Rupee (INR) value of foreign currency transactions, whether you are sending money abroad (outward remittance) or receiving funds (inward remittance).
How to Use This Calculator
Select Currency: Choose the foreign currency you wish to exchange (e.g., USD, EUR, GBP).
Transaction Type: Select whether you are buying forex (sending money from India) or selling forex (converting foreign earnings to INR).
Enter Amount: Input the total amount of foreign currency.
Enter Rate: Input the current SBI TT (Telegraphic Transfer) rate. Since forex rates fluctuate hourly, it is recommended to check the official SBI Forex Card Rates for the most precise figure.
GST on Currency Conversion in India
Unlike simple multiplication, forex transactions in India attract Goods and Services Tax (GST) based on the gross amount of Indian Rupees involved. This calculator applies the standard government slab rates to give you a realistic total cost.
Transaction Amount (INR)
GST Applicable
Up to ₹1 Lakh
1% of Gross Amount (Minimum ₹45)
₹1 Lakh to ₹10 Lakh
₹1,000 + 0.5% of amount exceeding ₹1 Lakh
Above ₹10 Lakh
₹5,500 + 0.1% of amount exceeding ₹10 Lakh (Max ₹60,000)
SBI TT Buy vs. TT Sell Rates
It is important to distinguish between the two types of rates offered by SBI:
TT Buying Rate: This applies when inward remittances are received. The bank buys foreign currency from you and gives you INR. This rate is generally lower than the market mid-rate.
TT Selling Rate: This applies when you send money abroad (e.g., for education fees, travel). The bank sells foreign currency to you. This rate is generally higher than the market mid-rate.
Why Do Rates Vary?
SBI forex rates are determined by interbank rates, volatility in the forex market, and the bank's margin. Rates for electronic transfers (TT) often differ from rates for currency notes or travelers' cheques.
// Pre-fill some approximate rates for better UX (Disclaimer: These are static examples)
var approxRates = {
"USD": 83.50,
"EUR": 90.20,
"GBP": 105.10,
"AUD": 54.80,
"CAD": 61.30,
"SGD": 62.10,
"JPY": 0.55, // Per unit roughly
"AED": 22.70
};
function updateRatePlaceholder() {
var currency = document.getElementById("currencySelect").value;
var rateInput = document.getElementById("exchangeRate");
if (approxRates[currency]) {
rateInput.value = approxRates[currency];
}
}
// Initialize with USD rate
updateRatePlaceholder();
function calculateExchange() {
// 1. Get Inputs
var amount = parseFloat(document.getElementById("forexAmount").value);
var rate = parseFloat(document.getElementById("exchangeRate").value);
var type = document.getElementById("txType").value;
var currency = document.getElementById("currencySelect").value;
// 2. Validation
if (isNaN(amount) || amount <= 0) {
alert("Please enter a valid amount of foreign currency.");
return;
}
if (isNaN(rate) || rate <= 0) {
alert("Please enter a valid exchange rate.");
return;
}
// 3. Base Calculation
// If JPY, rate is usually per 100 units in some contexts, but here we treat input as rate per 1 unit to keep logic standard.
// User is prompted "Rate (₹ per Unit)".
var grossINR = amount * rate;
// 4. GST Calculation Logic (India Standard Slabs)
var gst = 0;
// Slab 1: Up to 1 Lakh
if (grossINR <= 100000) {
gst = grossINR * 0.01;
if (gst < 45) { gst = 45; }
}
// Slab 2: 1 Lakh to 10 Lakhs
else if (grossINR 60000) { gst = 60000; }
}
// 5. Final Total
// If Buying Forex (Sending money out), you pay INR + GST
// If Selling Forex (Receiving money), you get INR. Usually GST is deducted or charged separately.
// For calculator clarity, we show the Total Impact.
var netTotal = 0;
if (type === "buy") {
// User pays Bank: Cost of Forex + GST
netTotal = grossINR + gst;
} else {
// User receives from Bank: Value of Forex. GST is usually a charge PAYABLE by customer.
// So technically user gets (Value) but has to pay (GST).
// Net in hand roughly = Value – GST (simplified view)
netTotal = grossINR – gst;
}
// 6. Formatting Output
var formatter = new Intl.NumberFormat('en-IN', {
style: 'currency',
currency: 'INR',
minimumFractionDigits: 2
});
// 7. Update DOM
document.getElementById("displayBaseAmount").innerHTML = formatter.format(grossINR);
document.getElementById("displayGST").innerHTML = formatter.format(gst);
var totalLabel = (type === "buy") ? "Total You Pay (INR):" : "Net You Receive (INR):";
// Update label dynamically based on transaction type could be done, but keeping generic structure for simplicity
document.getElementById("displayTotal").innerHTML = formatter.format(netTotal);
// Show result section
document.getElementById("result").style.display = "block";
}