FCY Demand Drafts - Issuance
| Description of Charges | Forex Services |
|---|
| Foreign Exchange Transactions |
| Remittance Outward* | | Upto USD 500 or equivalent | Rs. 500/- flat | | Above USD 500 or equivalent | Rs. 1000/- flat |
|
| Remittance Inward | No Charge |
| Other Foreign Exchange Transactions |
| FCY Cash - Selling | No Charge |
| FCY Cash - Encashing | No Charge |
| FCY Demand Drafts - Issuance | | Upto USD 500 or equivalent | Rs. 200/- flat | | Above USD 500 to USD 10000 or equivalent | Rs. 300/- flat | | Above USD 10000 or equivalent | Rs. 500/- flat |
|
| FCY Demand Drafts - Cancellation | Rs. 50/- per Demand Draft |
| FCY Cheque Collection (FCY personal cheque, FCY DD's sent for collection)* | | 0.25% of INR value (Min. Rs. 250/- per transaction) | | Plus Courier of Rs. 50/- per cheque | | For Transactions value upto USD 500 - Rs 200/- per transaction plus courier charge Rs. 50/- per instrutment Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks. |
|
| FCY Cheque Return* | Under Cash Letter arrangement - Rs. 100/- per cheque
Under Final Credit service arrangement - Rs. 250/- per cheque
Plus CorrespondentBank Charges- USD Cheque - USD 10 per cheque
- GBP Cheque - GBP 15 per cheque (For Any Amount below GBP 1000)
- GBP Cheque - GBP 25 per cheque (For Any Amount above GBP 1000)
- AUD Cheque - AUD 35 per cheque
- SGD Cheque - SGD 12 per cheque
- AED Cheque : INR 100 per cheque plus drawee bank charges
- CAD Cheque - CAD 10 per cheque
- EURO Cheque - EUR 100 per cheque plus drawee bank charges
- Other Currencies - USD10 -50 per cheque plus drawee bank charge
|
| FIRC Charge for Inward Remittance & FCY Cheques collection | Rs. 200/- per FIRC |
*Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks.
Please note that Cheques drawn in one currency payable in another country where currency is different will take a longer period to realise and would attract charges of various correspondent banks as per their own tariff schedule over which we do not have any control. For e.g. A cheque drawn in USD payable on a bank in Singapore or Cheque drawn in GBP payable on a bank in South Africa or Cheque drawn in USD payable in Canada.
The Government of India has announced the implementation of Goods and Services Tax (GST) effective 1st July, 2017. Consequently, Service Tax rate (including Cess) will be replaced by the GST rate as below:
1. Goods and Service Tax on FX Conversion will be revised from 14.5% to 18%
Slab for Service Tax on FX Conversion:
| 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 |
2. Goods and Service Tax on commission, fees and charges on foreign exchange transactions will be revised from 15% to 18%.
FAQs
Send Money from Africa to India
- IndiaLink. You can now send money to India by just walking in to one of our partner exchange houses. ...
- Telegraphic / Wire Transfer. ...
- Funds Transfer through Cheques / Demand Drafts / Traveller's Cheques.
NRIs/PIOs/OCIs including Foreign Nationals, can send money to India through multiple options such as online money transfer services, wire transfers, cross-border UPI, IMO, and FCC/FCDD. You should choose an option that best suits your needs based on speed, cost, and convenience.
How to transfer money from Nigeria to India bank account? ›
The best way to send money to India is with Pesa. Pesa is a digital Cross-border financial service provider offering a convenient way to send and receive money internationally at the best exchange rates in the market.
How to transfer money from Congo to India? ›
Send Money from DR Congo to India
- Download the App Get started by downloading the SwyChr app from the App Store or Google Play.
- Create Your Account Sign up securely to begin enjoying the benefits of SwyChr.
- Load Funds Easily add funds to your account using various convenient methods.
For individuals and businesses looking for inter-African cross-border payments services, Transfy is one of the best options for seamless money remittance across Africa. Transfy offers a convenient, transparent, modern, and simple method of sending and receiving money in their local currencies across African countries.
How can I send money directly to India? ›
Send money transfers to India from the United States in-store, online or in the MoneyGram mobile app, available on the App Store and Google Play. When using our digital services, you can send money transfers by credit/debit card to a bank account, mobile wallet or for cash pickup at a MoneyGram agent in India.
How much money can NRI transfer to India without tax? ›
However, if an NRI transfers money to someone not related by blood, then there is a tax aspect. Any amount over Rs 50,000 in a year is taxable.
Do I need to pay tax if I send money to India? ›
Can you transfer money to India without any tax? Yes, you can transfer funds from the USA to India without any tax up to a certain limit. For the taxation year 2023, you can transfer $17,000 per person domestically or abroad (including India) without attracting any tax.
Can I send money to India without a NRI account? ›
Do not have NRI Account with ICICI Bank? It isn't mandatory. Simply Register here with Money2India to send money from any Bank in USA to any Bank in India.
Which bank uses WorldRemit in India? ›
SBI (State Bank of India) ICICI Bank. HDFC Bank. Union Bank of India.
How to send money to India
- Create an account. Sign up with your email address and choose a strong password. ...
- Start a transfer. Select the receive country, enter amount and choose the receive method. ...
- Enter receiver's details. Keep your receiver's information ready! ...
- Pay for your transfer.
The best rate to send Indian Rupee from US Dollar to your loved ones in India is currently offered by Abound; their 1 USD to INR exchange rate today is 86.0000. Panda Remit offers the next most competitive US Dollar to Indian Rupee exchange rate today (currently 1 USD = 84.0799 INR).
How can someone send me money from Congo? ›
Moneygram – Send and receive money with Moneygram
This electronic funds transfer service is fast, secure, and offers users the ability to send and receive money instantly through 350,000 service points in over 200 countries worldwide, compliant with relevant regulations.
What are the rules for foreign money transfer to India? ›
When sending money to India, it is permissible only for purposes such as covering medical expenses, education fees, travel costs, investment opportunities, financial aid, living expenses, or as a gesture of gifting. FIRC is mandatory which the recipients of foreign remittances receive from their banks in India.
How can I transfer money from abroad to India without tax? ›
Who can receive tax-free foreign remittances in India? According to the Foreign Exchange Management Act (FEMA), taxes are not applicable if you send money to your children, spouse, parents, siblings, linear descendants or ascendants and siblings of your spouse.
Does Mukuru work in India? ›
Sending money to India has never been easier. For fast and affordable money transfers, choose Mukuru.
How to send cash to someone in India? ›
ICICI Bank's Smart Money Order allows you to send money anytime, anywhere in India. Simply log on to ICICIBank.com and enter the address of the receiver and the amount to be sent. The funds will be delivered to your beneficiary's doorstep.
