I am not sure what you meant by extra fees. Every bank typically charges for services such as SWIFT/wire fees, FIRC (if applicable), markups on conversion, and GST where applicable. Private banks often have a higher margin on forex transactions, offering worse rates compared to public sector banks (PSUs).
IOB is generally a good option for inward remittance, as their rates are competitive. Occasionally, some banks might offer better rates than IOB on a case-by-case basis due to intermediary banks, but the difference is usually negligible.
However, being a government entity, the experience with IOB can depend significantly on the branch.
For IOB, the exchange rate is typically around 20-30 paise less than the market rate, which is quite favorable compared to other banks.
Other options include online apps/platforms compliant with OPGSP, such as Wise, PayPal, Payoneer, Mulya, Skydo etc
Skydo might offer better charges than other platforms. Although all platforms usually provide live forex market rates, their fees can go up to 2.5% or more of the transaction amount.
IOB's conversion credit is quite comparable than those offered by apps as well. However, being a PSU, they might be challenging regarding FIRC issuance and could require a branch visit if the branch manager is not competent.
Other PSU options include BoB and PNB, but the branch's understanding of forex transactions can vary as not all branches do forex regularly. It is good to find a branch that is well-versed in forex services, similar to how SBI and other PSUs have specialized "NRI" branches.
