For commercial banks, funding activities include savings deposits and time deposits. Lending activities also include commercial papers, credits, inter-bank placement, and exchange rate. The study attempted to reveal the effects of such factors on the BOPO growth in commercial foreign exchange banks. It utilized secondary data from bank’s financial reports and exchange rate, during the first quarter 2006 to third quarter of 2011. The study is descriptive and the sampling technique of census was utilized with criteria for total assets. Four state-owned banks meet these criteria: PT. Bank CIMB Niaga Tbk., PT. Bank Danamon Tbk., PT. Pan Indonesia Tbk., and PT. Bank Permata Tbk. The analysis was done by performing mathematical calculations and statistics from various financial ratios that reflect the growth of savings products and their distribution. It shows that the saving deposits, time deposit, commercial papers, credits, inter-bank placement, exchange rate have no effect on Overhead Cost Operation (BOPO). The significance is at 13.5 percent. Among the independent variables, only commercial papers have significant effect on Overhead Cost Operation (BOPO). Commercial papers become the most dominant variable at 7.78 percent; the growth of securities variable contributes most to the growth of Overhead Cost Operation Ratio, especially for private national commercial banks.