Check Remittance Charges & Remittance Fees applicable on Online Transfers at HDFC Bank (2024)

FAQs

What are foreign remittance charges for HDFC Bank? ›

A remittance is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to their family back home.

3.5% + applicable taxes on foreign currency transaction carried out on Debit Cards. The exchange rate used will be the VISA/MasterCard wholesale exchange rate prevailing at the time of transaction/merchant settlement.

The costs of a remittance transaction include a fee charged by the sending agent, typically paid by the sender, and a currency-conversion fee for delivery of local currency to the beneficiary in another country.

Outward Remittances:

Faster and hassle free transfers: Your money will reach within 72 hours of your instructions anywhere in the world To send Outward Remittance you have to just walk into any of our branches to fill up the required documentation.

RemitNow is a secure online Foreign Outward Remittance platform provided by HDFC Bank, which enables you to transfer money globally from the comfort of your home and office. Sending foreign outward remittance is now as easy as transferring funds via RTGS/NEFT. Now send money abroad, and smiles too.

The Remittance Basis Charge (RBC) is either income tax or capital gains tax, or a combination of the two. It is tax due on nominated foreign income and/or nominated foreign gains respectively.

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.

Higher transaction costs as result of a more rural population in the sending country and lower scale are associated with higher remittance fees. However, lower risks due to the stability of fixed exchange rates and Internet rather than cash payment are associated with lower remittance fees.

Enabling international transactions on your HDFC debit card is beneficial for online purchases and travel abroad. You can activate it through net banking, mobile banking, or customer care. The process includes steps like logging in, selecting options, and confirming.

How many transactions are free in HDFC? ›

​​​​​​​*For Security reasons, ATM cash withdrawal limit is capped at ₹ 0.5 Lakhs per day and ₹ 10 Lakhs per month for first 6 months from Account opening date. For accounts older than 6 months, ATM cash withdrawal limit is capped at ₹ 2 Lakhs per day and ₹ 10 Lakhs per month. This is implemented with immediate effect.

Remittances are the transfer of funds between parties as a bill, an invoice, or even a gift. However, "remittance" refers more broadly to the funds migrants send to their relatives in their home country while working and living abroad. These are also referred to as worker or migrant transfers.

500 to Rs. 1000 to process it. Moreover, most foreign banks that receive the money also charge a foreign correspondent fee ranging from USD 10 to USD 40.

Globally, sending remittances costs an average of 6.39 percent of the amount sent. Please check our December 2023 report for further details.

You don't have to pay TCS on money transferred overseas if the amount is below INR 7 lakh, so keep the transfer amount below INR 7 lakh to avoid 20% TCS.

Foreign transaction fees are typically around 2-3% of each transaction in U.S. dollars. 1 This fee might consist of a 1% fee charged by the payment processor, such as MasterCard or Visa, plus another 2% fee charged by the card issuer, such as Bank of America or Wells Fargo.

How much do international bank transfers cost? Every bank is different, but in general you can expect them to take as much as 3-4% of your total transfer as a fee when you send money internationally. Thankfully, despite that, a lot of banks will try to cap the amount they charge their customers.