HDFC Bank International Transfer Fees & Rates | MoneyTransfers.com (2023)

Customers may access a wide range of financial goods and services through HDFC Bank’s increasing branch and ATM network, as well as digital channels including Netbanking, Phonebanking, and MobileBanking.

Businesses and organizations of all sizes can use HDFC Bank’s commercial and transactional banking services. Working capital financing, trade services, transactional services, and cash management are some of the services the bankprovides.

HDFC Bank Exchange rates and fees

The interbank rate is not offered by HDFC Bank; instead, a margin is added to it, making the foreign currency transaction more expensive for you. Make sure you know the current interbank exchange rate before using HDFC Bank for your trip money needs.

Exchange rate

Every day, the HDFC foreign exchange rate for the various currencies it trades in is determined. Its exchange rate is intended to be different from the mid-market rate.

The mid-market exchange rate, which you can get on Google or Reuters, is the same rate that banks use. It is the most transparent currency rate to use because it has no markups.

HDFC is able to sneak in an extra charge with every rupee you convert by making their conversion rate lower than the mid-market exchange rate. And it may soon bite into your bank account.

Transfer fees

The following fees apply to transactions requested through HDFC Bank’s RemitNow and commission on foreign outward remittances made using NetBanking:

  • Up to USD 500 or equivalent – Rs. 500 per transaction
  • If the amount exceeds USD 500 or equivalent – Rs. 1000 per transaction

Additional costs

In addition to the fees indicated above, all foreign currency transactions are subject to a tax of Goods and Services Tax (GST). Currently, the GST rates that apply are as follows:

  • On the amount of commissions, fees, and charges paid, 18% of the amount is charged.
  • On any currency drawls under LRS exceeding INR 7 lakhs in a financial year, a 5% Tax ollected at Source (TCS) would be applied.
  • TCS at 0.5% will apply to remittances sent for the purpose of pursuing an abroad education if the funds were received through a financial institution’s educational loan.

How do HDFC Bank transfer fees compare to using a money transfer provider?

It’s usually a good idea to double-check the conversion rate given on transfers, as certain banks, such as HDFC, charge a convenience fee on top of the exchange rate, making your money transfers more expensive.

You may consider private money transfer providers when receiving money from or sending money to overseas, since they are a lot more convenient, quicker, and less expensive alternatives.

(Video) SWIFT International Foreign Money Transfer from HDFC Bank

HDFC Bank pros and cons

HDFC has its own shares of advantages and disadvantages, just like any other banks.

Pros

•Easy Transactions. You may send and receive payments using your Savings Account accomplished via NetBanking or your Debit/ATM Card. This function reduces the reliance on cash for all transactions, particularly when it comes to bill payment.

•A tool for payment of bills. HDFC Bank provides payment options such as BillPay with Savings Accounts to pay for utilities like energy, water, and phone recharges straight from their account.

•Cross-Product Advantages. If a first-time Demat Account applicant already has a Savings Account with HDFC Bank, the first-year maintenance charge is waived.

•NetBanking and MobileBanking. By logging into your account online, you may send and receive payments anytime, anywhere.

•Contactless payments. In these difficult times of the pandemic, you may now make contactless payments with HDFC Bank PayZapp (e-wallet), Smartbuy (e-commerce venture), and Contactless Visa Debit/Credit Cards.

Cons

•Limited free transaction. HDFC has a monthly limit of free transactions after which they would charge a fee for each transaction.

•Low personalized customer service. The customer-to-employee ratio is rather low. In most branches, for example, you will have to wait for your transaction.

(Video) How to send Money to Foreign Countries | Outward Remittance | Online Money Transfer 2022

•Limited branches. The number of branches is extremely low, while the number of ATM centers is reasonable (about 3, 251 branches and 11, 177 ATMs in 2022 Indian cities).

HDFC Bank Swift Codes

BankCountryCity
Hdfc Bank LimitedBahrainManama
Hdfc Bank LtdHong KongKowloon
Hdfc Bank LimitedIndiaAhmedabad
Hdfc Bank LimitedIndiaBangalore
Hdfc Bank LimitedIndiaChennai Madras
Hdfc Bank LimitedIndiaHyderabad
Hdfc Bank LimitedIndiaKochi
Hdfc Bank LimitedIndiaKolkata Calcutta
Hdfc Bank LimitedIndiaMumbai
Hdfc Securities LimitedIndiaMumbai
Hdfc Bank LimitedIndiaNew Delhi
Hdfc Bank LimitedIndiaPune

Answers to key questions about HDFC Bank

Here are some frequently asked questions concerning HDFC’s banking services:

Can I open a HDFC Bank account in any country?

Yes. If you are in India, you must visit your local bank office to create an NRI account. If you are located outside of India, HDFC canassist you with account opening by providing your contact information. Depending on your financial circumstances, you can create either an NRE or an NRO account.

Does HDFC Bank have an app?

Yes. The updated and enhanced HDFC Bank MobileBanking app is a quick, secure, and safe mobile banking app for clients who bank on the move. You can now safely access both your personal and corporate bank accounts from the comfort of your phone and dobankingfrom anywhere in the world.

HDFC Bank MobileBanking app allows you to receive personalized notifications, fast access, dashboards, multiple card management, make online bank transfers, get personal loans, track investments, and more with its safe & easy online banking.

Are there transfer limits?

Yes. The maximum transaction amount is USD 5000, and only two transactions per day are permitted. The RBI Liberal Remittance Scheme (LRS) governs foreign payments made through HDFC RemitNow. This implies that the total amount of money that may be moved in a financial year is limited to USD 250,000. RemitNow allows you to send money in 19 different currencies.

How long do transfers take with HDFC Bank?

Before 2:30 p.m., requests are processed and remitted the same day. Requests received after 2:30 p.m. will be handled the next business day. For foreign currency transactions, Saturdays, Sundays, and public holidays are considered non-working days.

What customer support options are available?

The phone numbers listed below are the only HDFC Bank Customer Service numbers that should be used. Do not use anything else since you could be putting yourself at danger of fraud. Reporting a Debit/Credit/ATM/Forex/Prepaid/Bearer Card Loss is accessible 2/7, including Sundays and holidays. Simply dial the following PhoneBanking number in your area:

  • 61606161 for Ahmedabad, Bangalore, Chennai, Delhi & NCR, Hyderabad, Kolkata, Mumbai, and Pune; and
  • 6160616 for Chandigarh, Cochin, Indore, Jaipur, and Lucknow.

On the HDFC Bank website, EVA is your personal assistant, accessible 24/7 to assist you with your banking needs. You may receive the answers you need without having to wait for a call or visit a branch.

Can I use a HDFC Bank debit card when travelling abroad?

(Video) What is #forex card ? | My Experience with #hdfcbank Forex Card in #london |Best Exchange Rates in🇮🇳

Yes. International transactions are possible with HDFC Bank debit cards. You may link your card to Paypal and use it on any international website throughout the world, and the card will function well. VISA and MasterCard debit cards from HDFC Bank are accepted worldwide, both online and offline.

How to open an account and transfer money with HDFC Bank

HDFC savings accounts may be opened in one of two ways: online or offline. You can select any of them based on your preferences. Money transfers can then be made once the account has been opened, whether online or in person.

Opening an account

How to create an online HDFC savings account:

  • Go to HDFC Bank’s official website, hdfcbank.com.
  • From the ‘Select Product Type’ box, select ‘Accounts.’
  • Select ‘Saving account’ from the ‘Select product’ menu once more.
  • Select ‘apply online’ from the drop-down menu.
  • Choose whether you are a current or new client, and then verify yourself by filling out the form.
  • Fill in the needed information, such as your name, contact information, and address.
  • Confirm all of the information using documents such as a PAN card, an Aadhaar card, or any other document requested by the bank.
  • A bank official will verify your documents.
  • Following the successful verification of your KYC papers, you will get a welcome package comprising a debit/ATM card, PIN, and checkbook.
  • After your account has been activated, you may register your mobile number and use the checkbook and debit card to conduct banking transactions.

How to create an HDFC savings account offline:

  • Take your original and copies of KYC papers to the nearest HDFC Bank office.
  • Complete the application form by filling in all of the needed information.
  • Attach a photocopy of all of the papers specified.
  • When you’ve finished filling out the form, hand it over to the counter.
  • A bank official will check the information you gave in the form.
  • Your account will be enabled after it has been approved.

Opening an HDFC bank account necessitates the submission of the following documents:

  • Passport, driver’s license, voter’s ID card, and other forms of identification are acceptable.
  • Passport, driver’s license, voter’s ID card, etc. are all acceptable forms of proof of address.
  • Form 16 of the PAN card (only if PAN card is not available)


Transferring money

You may get money from HDFC in almost any part of the world. HDFC provides a variety of simple options for receiving money from overseas in India. Some of these ways need you to have an HDFC account in India, but others allow you to transfer foreign funds to non-HDFC accounts.

To receive money from overseas, HDFC bank offers SWIFT/telegraphic transfers, QuickRemit, IndiaLink, demand drafts, checks, and third-party fund services. Depending on your individual needs, the location from where the transfer is made, the frequency of transfers, and your proximity to an HDFC branch, you may pick the form of transfer.

Additional Information

Funds may be transmitted to India through HDFC’s partnerships with a select international online money transfer firms. HDFC has partnerships with four of these firms in the United States: Xoom Corporation, Wells Fargo, Remitly, and Transfast6. These third-party suppliers are far more straightforward and convenient to work with, although they, like banks, can charge hefty fees and conversion rates.

Customer service details for users of HDFC Bank

Banking clients can approach the Branch Manager personally or call/write to the Bank using the following contact information if they have any questions or complaints:

  • Call the above-mentioned HDFC customer service (Phone Banking) numbers.
  • Write to :

HDFC Bank Ltd., New Building, “A” Wing, 2nd Floor,

(Video) How To Receive Foreign Money [usd] in HDFC Bank foreign inward remittance Receive To HDFC Bank

26-A Narayan Property, Chandivali Farm Road, Off Saki Vihar Road, Chandivali, Andheri (East), Mumbai – 400 072.

  • Email: support@hdfcbank.com

For grievances other than Shareholder grievances, you can send your communication to the following email addresses:

  • Depository Services : dphelp@hdfcbank.com
  • Retail Banking / ATM / Debit Cards / Mutual Fund :support@hdfcbank.com
  • Loans; Advances / Advance against shares: loansupport@hdfcbank.com
  • Credit Cards : customerservices.cards@hdfcbank.com

Can I use HDFC Bank for international bank transfers?

Yes. To initiate a transfer with RemitNow, you must first set up an HDFC netbanking account. Once you’ve registered, follow the steps below.

  • Go to the ‘Funds Transfer’ tab in HDFC netbanking.
  • Click on ‘Foreign Outward Remittance’ once the recipient has been added.
  • To start your money transfer, fill in the transfer information and confirm.

Summary

For decades, HDFC Bank has provided the best-in-class financial and banking products and services, claiming the title of beingIndia’s most trusted bank. It has not only kept ahead of the competition by developing innovative products, but it has also made banking simple and convenient for clients by using a variety of digital channels.

You can access your bank account and conduct almost all transactions from your laptop or smartphone using HDFC Bank NetBanking and MobileBanking services. These transactions can be completed on weekends, holidays, and outside of regular business hours. Also, its Eva Chatbot can answer any question you may have.

In the post-lockdown period brought about by COVID19, you may now make contactless payments with HDFC Bank PayZapp (e-wallet), Smartbuy (e-commerce venture), and Contactless Visa Debit/Credit Cards. PayZapp and SmartBuy not only offer a more convenient method to pay utility bills and purchase online, but they also give attractive discounts and rewards that you can use to boost your savings.

While there are many competitors in the banking industry, you must choose one that is trustworthy and meets particular important requirements to meet your demands, and HDFC Bank is one of them.

HDFC Bank International Transfer Fees & Rates | MoneyTransfers.com (1)

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.

FAQs

How much does HDFC charge for international transactions? ›

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.

Can we do international transfer from HDFC Bank? ›

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.

Is 3% International fee a lot? ›

Foreign transaction fees generally range from 1 percent to 4 percent and tend to average around 3 percent of each transaction. Paying around $3 per $100 you spend may not sound that expensive, but these fees can add up if you're making a lot of purchases with your credit card on a foreign getaway.

How do I avoid international transaction fees? ›

You can also avoid foreign transaction fees by making purchases online only with international merchants that work with American credit cards and accept US dollars. When shopping online, make sure that their business is based in the US or that they accept a range of payment options that include US currency.

What is the maximum amount for international transfer? ›

The IRS does not impose any transfer limits on international transfers but there are reporting requirements for transfers of $10,000 or more and for individual payments made over a short period of time that add up to exceed $10,000.

What is the cheapest way to transfer money internationally? ›

The cheapest way to send money internationally is to transfer funds directly from your bank account to a recipient's bank account. Most transfer services charge additional fees for debit card or credit card payments and cash pick-ups. Credit card payments will incur additional charges from your credit card provider.

Is international money transfer free? ›

Due to costs inherent to exchanging currencies, it is currently impossible to send money internationally for free. For those looking to pay the lowest fees, the best alternative is to avoid the bank and compare competitive money transfer services and find the best deal instead.

How can I make international payment from HDFC Bank? ›

How to activate usage of International Debit Card
  1. Log on to Net Banking with your credentials.
  2. Click on Cards tab and go to Debit Cards menu.
  3. Click on Request.
  4. Select 'Set International / Domestic Usage'
  5. Select the option 'Card to be enabled for International and Domestic Use'

What is the best way to do international transfer? ›

Using a money transfer service provider is the best way to send money internationally. Costs can vary depending on the amount you're sending, what country you're sending it to, how quickly it needs to arrive, how you pay for it and how it's delivered to the recipient.

How do I do an international payment transfer? ›

How to send money to a bank account
  1. Log in to your profile. ...
  2. Check bank account transfer service availability by destination country.
  3. Select our direct to bank service.
  4. Enter your receiver's bank account information.
  5. Pay with your Bank's internet or mobile banking.

Which bank is best for international transfers? ›

Here are the top seven best US banks for international wire transfers.
  1. Bank of America. Bank of America is one of the largest banks in the United States. ...
  2. Wells Fargo. Wells Fargo is one of the oldest and largest banks in the US. ...
  3. Citibank. ...
  4. Capital One. ...
  5. JPMorgan Chase. ...
  6. PNC Bank. ...
  7. U.S. Bank.
13 Sept 2022

What is transferring money fee? ›

You may be charged a money transfer fee

This fee is usually a small percentage (up to 5.00%) of the amount you're transferring into your current account. You'll most likely be charged each time you make a money transfer.

How much do Indian banks charge for international money transfer? ›

The IMPS and NEFT impose a 50,000 INR transfer limit, while the RTGS only requires a minimum of 200,000 INR per transaction without a transfer limit. SWIFT transfers are usually used to send funds from India to any place abroad. The charges are 500 INR to 1,000 INR transfer fee with a 500 INR SWIFT fee.

Which bank has no foreign transaction fee? ›

Start your next trip off right by applying for a Bank of America® credit card with no foreign transaction fees. You can only compare up to 4 cards.

How much is a 3% transfer fee? ›

Balance transfer fees typically add up to 3 percent or 5 percent of the total balance you transfer to your new card. So, for every $10,000 in debt you move to a balance transfer credit card, you'll owe $300 or $500.

How are international fees calculated? ›

To calculate a foreign transaction fee, simply multiply the percentage your credit card charges for the fee by the total of your international purchase. Foreign transaction fees are typically around 3% of each transaction, and that amount is added to your purchase.

Why are international transfer fees so high? ›

Why is it so expensive? Because banks and credit card companies charge users high fees to help them convert between currencies. Understanding how to reduce the costs associated with using your bank card abroad or transferring money between foreign bank accounts will help you save more of your hard-earned dollars.

How Much Does Visa charge for international transactions? ›

Visa and Mastercard both charge a fee of 1%. Regardless of the type of credit card, this fee is applied to all transactions. Issuing bank fee: Depending on the credit card you use — such as Citibank, Chase or Barclays — some issuers add a charge on top of the network fee, usually around 2%.

Do international transactions have fees? ›

The average international transaction fee will be around 3% for purchases made in US dollars. 1% of that fee may go to the payment processor, whether it's Visa or MasterCard, and the other 2% might go to the bank that issued your credit card, such as Chase or Bank of America.

How do I transfer a large sum of money? ›

7 methods to consider when transferring large amounts of money
  1. Automated clearing house (ACH) ...
  2. Bank-to-bank. ...
  3. Money transfer. ...
  4. Cash-to-cash. ...
  5. Prepaid debit cards. ...
  6. Foreign currency check. ...
  7. International money transfer service.
27 May 2021

How can I transfer money from India to international bank account? ›

How does it work?
  1. Start your transfer. Enter the destination country and the sending amount. Choose business entity as the payee and select the purpose of transfer.
  2. Enter your beneficiary's details. Fill out the beneficiary (business) bank account details1 and payment reference number.
  3. Pay and send. Pay for your transfer.

How much is the swift fee? ›

As a ballpark, you can expect the big banks to charge 3%-5% in exchange rate costs on a SWIFT transfer. The exchange rate will vary based on the amount you send. It is worth noting that for larger international transfers, the exchange rate costs tends to be far more significant than the fees.

What is the minimum amount for foreign outward remittance in HDFC Bank? ›

Foreign Outward Remittance through NetBanking
Minimum Amount Per Transaction - USD 100 or equivalent
​​​​​​​•Maximum Amount Per Transaction - USD 25,000 or equivalent
​​​​​​​•Maximum No. of Transactions per day - No maximum cap on no. of transactions per day
1 more row

How can I transfer money from HDFC to India Abroad? ›

How to remit funds abroad with HDFC
  1. Login to HDFC netbanking and go to 'Funds Transfer' tab.
  2. Once beneficiary is added, click on 'Foreign Outward Remittance'
  3. Fill in the transfer details and confirm to initiate your money transfer.
30 Sept 2022

How long does international bank transfer take HDFC? ›

The money may pass through up to three intermediary banks. Then, it finally reaches the recipient's bank in a few days' time. Hence, international wire transfers may take up to five working days.

Can I transfer all my money to another country? ›

You can use the bank where you have a checking or savings account to conduct your international money transfer or open an account with various companies that specialize in sending money, such as Western Union, MoneyGram, PayPal, Xoom, TransferWise or Paysend. The fees for transferring money can add up quickly.

What is the safest way to transfer money internationally? ›

An international bank transfer is usually the best way to transfer money internationally because it is secure, fast and cheaper than other methods such as cash, money orders or credit cards. A bank or money transfer company can carry out an international bank transfer for you.

What are the documents required for international transfer? ›

What is the requisite information required for an international fund transfer?
  • Full name and address of the receiver.
  • Bank details of the receiver with the account number and the type of account.
  • A SWIFT code is to be provided to identify a specific bank during an international fund transfer,

Which bank is best for international transfers in India? ›

A few banks that have a strong presence in India are:
  • Citibank.
  • NatWest, formerly RBS.
  • HSBC.
  • Standard Chartered.
  • Deutsche bank.
  • DBS.
  • Bank of America.
  • Barclays.
24 Mar 2022

How much money can be sent abroad from India? ›

How much money can be sent? A resident individual can remit up to $2.5 lakh in a financial year through multiple transactions for any permissible current or capital account transaction, or a combination of both. There are no restrictions on the frequency of sending money abroad.

What are the four methods of payment for the international transactions? ›

There are four typical cash-in-advance payment methods that international sellers and buyers may agree to use:
  • Wire Transfer. An international wire transfer is the most secure and preferred method for exporters to receive payment in advance. ...
  • Credit Card. ...
  • Escrow Service. ...
  • Payment by Check.
22 Jul 2019

Which is best for international payment? ›

Best payment gateway for international transactions in India

Paytm All-In-One Payment Gateway is regarded as the best payment gateway in India that helps merchants accept payments from international clients.

Who must pay transfer fees? ›

Transfer costs are paid by the buyer of the property, to a conveyancing attorney who is appointed by the seller of the property. This is one of the additional costs incurred by the buyer, which also includes bond registration costs, rates and levies, and insurance.

Does HDFC credit card have foreign transaction fee? ›

Yes, a fee will be levied in case you use the credit card abroad. What is the cash advance fee for the Business Platinum card that is offered by HDFC Bank?

Does HDFC charge processing fee? ›

HDFC charges a processing fee amounting to 0.50% of the amount of loan or Rs. 3,000 (the amount which is higher), for salaried individuals and self-employed professionals. In the case of self-employed non-professionals, HDFC charges processing fees upto 1.50% of the amount of loan or Rs.

Which bank has the lowest foreign transaction fee? ›

Banks that have no foreign transaction fees on at least some debit card purchases, ATM withdrawals and credit card transactions include Capital One and HSBC. There are also plenty of banks that offer no foreign transaction fees on certain types of financial products but not others.

Which card is best for international transactions? ›

List of Best Credit Cards for International Transactions 2022
  • Yes Bank First Exclusive Credit Card.
  • Kotak Privy League Signature Credit Card.
  • HDFC Bank Regalia Credit Card.
  • IDFC FIRST Select Credit Card.
  • American Express Platinum Card.
  • Citibank Prestige Credit Card.
  • Standard Chartered Ultimate Credit Card.
7 Nov 2022

What are the charges of HDFC Bank? ›

For Senior Citizen -
Rs. 45 plus charges as outlined below:
Upto Rs. 500Rs. 10
Above Rs. 5000 to Rs. 10,000Rs. 30
Above Rs. 10,000 to Rs. 1,00,000Rs. 3 per 1000/-
Above Rs. 1,00,000Rs. 6 per 1000/- or part thereof (max Rs 10.000/-)
2 more rows

How much is a processing fee? ›

The average credit card processing fee ranges between 1.5% and 3.5%. Just where do all these fees come from, and what can a merchant do to minimize them?

How much are online processing fees? ›

The average credit card processing fee per transaction is 1.3% to 3.5%. The fees a company charges will depend on which payment company you choose (American Express, Discover, Mastercard, or Visa), the merchant category code (MCC) and the type of credit card.

What is the international fee? ›

An international transaction fee is charged to you, the consumer, by your credit card company whenever you buy something in a foreign currency. And while most of these charges are applied to travelers, they can also be added to your credit card bill when you make a purchase online from a foreign vendor.

What is an international service fee? ›

An International service assessment (ISA) fee is a processing fee charged by Visa to merchants whenever a customer chooses to use a credit or debit card issued by a bank outside of the United States.

What is Visa International transaction fee? ›

Visa and Mastercard both charge a fee of 1%. Regardless of the type of credit card, this fee is applied to all transactions. Issuing bank fee: Depending on the credit card you use — such as Citibank, Chase or Barclays — some issuers add a charge on top of the network fee, usually around 2%.

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