Charges applicable for transactions requested through RemitNow are as below:
Commission on Foreign Outward Remittance through NetBanking is charged as below:
All foreign exchange transactions are subject to levy of Goods and Services Tax (GST), which is payable in addition to the charges mentioned above.
Presently, the applicable rate of GST are as under:
On amount of commission, fees and charges paid - @ 18% of amount of the commission/fees/charges.
On amount of foreign currency exchanged as per below slab:
Amount of Currency Exchanged (ACE) | GST rates | Minimum GST | Maximum GST |
Upto Rs. 1 lakh | 0.18% of ACE | Rs. 45 | Rs. 180 |
Between Rs. 1 lakh and up to Rs. 10 lakh | INR 180 + 0.09% of ACE | Rs. 180 | Rs. 990 |
Above Rs. 10 lakh | INR 990 + 0.018% of ACE | Rs. 990 | Rs. 10,800 |
Tax Collected at Source (TCS) : The Finance Act, 2020 has introduced new Income tax provisions on Foreign Exchange transactions under Liberalised Remittance Scheme (LRS), effective October 1, 2020.
Applicable Tax Collected at Source (TCS) till 30th September 2023
Tax Collected at Source (TCS) @ 5% shall be applicable on all forex drawls under LRS exceeding INR 7 Lakhs in a financial year.
For remittances towards pursuing overseas education, TCS @ 0.5% shall be applicable, if the amount remitted is obtained through an educational loan from a financial institution as specified u/s 80E of the Income-tax Act, 1961.
If the amount remitted towards overseas education is from out of own funds or loan from any other entity (i.e. not from education loan obtained from a financial institution explained above),TCS @ 5% shall be applicable on aggregate remittance exceeding INR 7 lakhs per FY.
Forex drawls towards Overseas tour packages shall attract TCS @ 5% of the total remitted amount and the amount remitted will be subsumed under the threshold limit of INR 7 Lakhs mentioned above.
Applicable Tax Collected at Source (TCS) with effective 1st October 2023
As per the Central Board of Direct Taxes (CBDT) , with effective 1st October 2023, Tax Collected at Source (TCS) on LRS Forex drawls/remittances is applicable as under :
i.) If the amount being remitted for purpose of education is from a loan obtained from financial institution as specified u/s 80E of the income-tax Act, 1961, TCS @ 0.5% shall be applicable for amount exceeding INR 7 Lakhs in a financial year.
ii.) If the amount being remitted for the purpose of education, other than (i) above (or) for the purpose of medical treatment, TCS @ 5% shall be applicable for amount exceeding INR 7 Lakhs in a financial year.
iii.) If the amount being remitted for any other purpose, TCS @ 20% shall be applicable for amount exceeding INR 7 Lakhs in a financial year.
Note :
All commission, fees and charges, as mentioned above, are non-refundable (unless otherwise stated).
Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks, excluding transactions processed under Full value facility.
For more details on fees and charges, pleaseclick here.
FAQs
Forex Services
| Upto USD 500 or equivalent | Rs. 200 + applicable taxes |
|---|
| Above USD 500 to USD 10000 or equivalent | Rs. 300 + applicable taxes |
| Above USD 10000 or equivalent | Rs. 500 + applicable taxes |
HDFC NEFT transactions are free of cost if executed through net banking or mobile banking. However, the following charges apply in case the NEFT transfer is executed offline through a bank branch: Up to Rs. 1,00,000 – Rs.
What is the fee for remittance from India to USA? ›
Pay a small, flat fee and percentage
To send money in INR to the USA, you pay a small, flat fee of 132.67 INR + 2.02% of the amount that's converted (you'll always see the total cost upfront).
What are remittance service charges? ›
Remittance charges may differ based on the country you are transferring to or from India. The remittance fees charged by a financial institution usually includes intermediaries' charges along with the exchange rate margin.
What is the limit of remittance in HDFC Bank? ›
Maximum amount of transactions that can be processed PER DAY is USD 25,000 or equivalent.
Is HDFC good for international transactions? ›
Benefits of HDFC Bank Credit Card and ForexPlus Cards
Convenience of payment with a single card in more than one country (as a ForexPlus card supports multiple currencies) Better cost-efficiency compared to other traditional modes of payments such as an international debit card or a traveller's cheque.
Which bank transfer is free in HDFC? ›
Difference between IMPS, NEFT and RTGS
| IMPS | NEFT |
|---|
| Maximum transfer limit | ₹5 lakh | No limit |
| Minimum transfer limit | No limit | No limit |
| Availability | 24/7, 365 | 24/7, 365 |
| Charges | Charges levied by the bank | No charges for online transfers, Charges applicable for transfer at bank branch |
2 more rowsJan 16, 2024
Charges beyond prescribed limit of free transactions
With effect from 1st January 2022, ATM transaction charge rate beyond free limit of Rs. 20 + taxes would be revised to Rs. 21 + taxes, wherever applicable. For transactions at HDFC Bank ATMs, only Cash withdrawal transactions will be considered for charging.
Does HDFC charge for IMPS transfer? ›
Here's what HDFC Bank charges for IMPS transfers: For transfer amount of up to ₹1,000: ₹3.50 + taxes. For transfer amount from ₹1,001 to ₹1 lakh: ₹5 + taxes. For transfer amount greater than ₹1 lakh: ₹15 + taxes.
What is the cheapest way to transfer money from India to USA? ›
Bank Transfer
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
The annual limit for remittances under LRS is based on your residency. If you and your spouse are both Indian residents, you can collectively send up to INR 14 lakh per financial year. As per the RBI, Under the Liberalized Remittances Scheme (LRS), every Indian resident can send up to USD 2,50,000 in a financial year.
Which is the best remittance service from USA to India? ›
RemitMoney is simple, effective and reliable service for money transfer. It provides peace of mind while transferring large amount of funds from US to India within few hours whereas other providers usually takes 3-4 business days.
Which bank has lowest remittance charges? ›
Bank charges for foreign outward remittance
| Bank Name | 15 CA/CB Charges | Forex Markup Rate (Per USD) |
|---|
| Karbon | Free* | 1p - Re 1 |
| SBI | No CA service | Re 1 - Rs 1.5 |
| HDFC | No CA service | Re 1.5 - Rs 2 |
| ICICI | No CA service | Re 1 - Rs 1.5 |
What is the Difference Between a Bank Remittance and a Bank Transfer? A bank transfer is when you send a certain amount from one account to another. A bank remittance is used when a transfer is made between two different accounts. While wire transfers are always popular, a prime alternative is online transfers.
What is the difference between remittance and transfer? ›
So, while remittance involves sending money across borders to support family members, money transfer can be used for a wider range of purposes and may or may not involve cross-border transactions.
How much are foreign currency transfer fees? ›
Cost of an international transfer: A comparison
| Provider | Fees | Exchange rate |
|---|
| Wise | 5.40 AUD | 0.660700 |
| OFX | 15 AUD | 0.651187 |
| ANZ | 9 AUD | 0.639306 |
| NAB | 30 AUD | 0.643898 |
Nov 13, 2023
Up to USD 500 or equivalent - Rs. 500/- per transaction. Above USD 500 or equivalent - Rs. 1000/- per transaction.
How much is the fee for international money transfer? ›
Foreign exchange (FX) charges
| Currency amount | Charges |
|---|
| Up to INR100,000 | 1% of gross amount exchanged, with a minimum amount of INR250 |
| From INR100,000 to INR1,000,000 | INR1,000 plus 0.5% of gross amount exchanged |
| Above INR1,000,000 | INR5,500 plus 0.1% of gross amount exchanged, with a maximum of INR60,000 |
A foreign transaction (FX) fee is a surcharge on your credit card bill that appears when you make a purchase that either passes through a foreign bank or is in a currency other than the U.S. dollar (USD). This fee is charged by many credit card issuers, typically ranging from 1% to 3% of the transaction.
