The Ultimate Guide To Sending Money Abroad With HDFC

Looking for a convenient and secure way to send money abroad? Look no further! HDFC Bank offers all services related to international money transfers and ensures a smooth journey for customers. HDFC’s global network has simplified the transfer of money, where your money can be sent in 22 varied currencies. Be it for any purpose, personal or business, whatever amount you want to send across the borders, HDFC has a full range of options ready, from wire transfers with online mode and beyond. The bank offers international money transfers that are easy and effective with competitive exchange rates, getting it done quicker than other competing services and often costing less too.

Outward Remittances

HDFC Bank’s outward remittance service is reliable and convenient for individuals and organizations to transfer money internationally. Customers can have easy international fund transfers with competitive rates and a user-friendly interface that ensures uniformity.

Ways to remit money abroad from India via HDFC Bank:

– RemitNow

RemitNow is a cutting-edge online foreign outward remittance platform by HDFC Bank that simplifies the process of international money transfers, giving an easy-to-use and secure solution from anywhere at home or office. This platform reduces the complexity involved in making foreign outward remittances; it makes the process as simple as moving funds through RTGS or NEFT. Individuals can easily send money to any part of the world without regard for countries not on the OFAC-sanctioned nations list. As this platform guarantees the safety of transactions and provides competitive rates and fees, users enjoy an outstanding global remittance experience.

Need to pay your university fees and living expenses abroad?

Make international money transfers easier than ever! Enjoy no paperwork, secure & swift transfers, and real-time tracking.

Pay Now

How to use RemitNow:

1. Register for Third-Party Payment: This step is only required for first-time users. You can register through NetBanking or mobile banking.
2. Add Beneficiary: Enter your beneficiary’s details, including name, bank account number, and address.
3. Select Funds Transfer: Choose the “Foreign Outward Remittance” option.
4. Input Transfer Details: Enter the amount you want to transfer, the currency, and the purpose of the transfer.
5. Accept Terms & Conditions: Review the terms and conditions and confirm your agreement.
6. Confirm Details: Double-check all information before hitting “Submit”.
7. Make Payment: Pay for the transfer using your HDFC Bank account.

– Branch Transfers

For a more personalized banking experience and to proceed with international money transfers, make your way to the nearest HDFC branch, where you will be welcomed by dedicated staff members who are available to walk you through this process step-by-step as well as address any questions or concerns which may come up during said procedures. Make the transaction easy by getting all relevant documents, such as beneficiary information and where applicable SWIFT codes. Properly evaluate the transfer amount, currency, speed, and costs associated with such transfers to choose the appropriate method of making that international money transfer. It is important to compare the foreign currency exchange rates offered by HDFC with those of other providers to receive the best deal while transferring your international money.

– Foreign Currency Demand Drafts

To make accurate money transfers, HDFC Bank’s Demand Draft is the best choice. Charges are lower than traditional remittances and allow you to choose from nine foreign currencies. In particular, it protects users from fluctuations in exchange rates by issuing drafts drawn on foreign currency, eliminating risks after receiving the draft.

Also read: A Step-By-Step Guide To Making ICICI International Money Transfers

– Foreign Currency Cheque Collection

Deposit foreign currency cheques directly into your HDFC Bank account with ease. They carry out the whole collection procedure and credit these sums in Indian Rupees immediately. One can deposit cheques in 14 different foreign currencies, and the exchange rate applied is based on the card rate as per the date of credit. Note that the date of credit comprises the transit period to the correspondent bank. Be aware of possible delays and charges for cheques drawn in one currency but to be payable by correspondent banks through a different country.

Things to keep in mind before remitting to a foreign country:

• You need to be an HDFC Bank account holder to use RemitNow.
• The minimum transfer amount is ₹10,000.

Inward Remittances

HDFC Bank has simplified the process of receiving money from foreign countries through a global network of correspondent banks. This helps both individuals as well as businesses by offering a streamlined and effective solution for inward remittances with diverse features and benefits.

Modes of receiving remittances to India via HDFC Bank

– RemitNow2India

RemitNow2India is an advanced online remittance service offered by HDFC Bank and it allows for the easy transfer of funds from foreign accounts to Indian bank accounts. Besides the superior advantage of having the best currency exchange rates, this platform allows users to get full value for their remittances. 

RemitNow2India offers a convenient and easy-to-use solution for money transfers for those who reside outside India from their overseas accounts. However, this service demonstrates that HDFC Bank is focused on simplifying cross-border transactions while still offering competitive rates and convenience for its customers.

– Correspondent Banks

HDFC Banks takes advantage by leveraging a network of over 600 correspondent banks globally to bring fast and secure inward remittances in 22 currencies. The mode of remittance is through SWIFT, RemitNow2India, or wire transfers. The duration of reaching funds for the HDFC Bank account may take up to 72 hours.

Also read: The Definitive Guide To International Money Transfer With IndusInd Bank

– HDFC Quickremit

HDFC Banks IndiaLink is a service designed for banks and exchange houses in Africa, making it easier and more cost-effective to send money to India. This service ensures transactions with processing times reduced to 3 working days compared to traditional methods. By utilizing HDFC Bank’s network, costs are minimized by eliminating the need for courier services. In addition, the system emphasizes security and efficiency through automation, reducing the chances of errors. IndiaLink offers convenience through options for transferring funds. Takes advantage of HDFC Bank’s extensive courier network for hassle-free delivery of drafts. It’s important to note that IndiaLink is exclusively available to institutions in Africa, while individuals have remittance options from HDFC Bank, like RemitNow2India.

Charges & Fees levied by HDFC Bank on foreign remittances:

Comparing HDFC Bank with moneyHOP:

In terms of transfers made outside the country, HDFC Bank provides options based on its sprawling branches. It is also worth mentioning that their rates may not be very transparent, and they might have hidden fees attached to them. On the contrary, moneHOP differentiates by its intuitive 100% digital platform, robust bank-level security infrastructure, competitive exchange rates, and simple flat fees. moneyHOP will also facilitate convenience and economic benefits through rates as you send money abroad, hence it is a preferred choice for foreign remittances.

moneyHOP: A Low-Cost, Quick, and Transparent Alternative

HOPRemit by moneyHOP is a money transfer service provider that offers:

• Speed: HOPRemit ensures money transfers typically arrive within 24 to 48 working hours.
• Security: HOPRemit prioritizes the safeguarding of user funds and personal information through state-of-the art security measures.
• Convenience: HOPRemit provides a hassle-free method for sending and receiving money as it operates digitally without the need for paperwork or physical contact.
• Affordability: HOPRemit offers competitive exchange rates, lower transfer fees and near-zero forex markups.
• Wide Reach: HOPRemit’s extensive network of partner banks and financial institutions enables users to send money to over 60+ countries and territories.
• Customer Support: HOPRemit provides customer support 24/7 throughout the year. Users have the convenience of accessing their services from anywhere, without any restrictions based on their location.
• Freezing Exchange Rate: With HOPRemit, you can choose to lock in exchange rates for a maximum of 24 hours, guaranteeing stability even if the market situation changes.

Table Comparing Convenience Fees With Banks

Who All Do We Serve?

Choosing the Best Option for You:

The ideal choice for an international money transfer service will vary depending on your requirements and preferences. Consider the following factors:

• Transfer amount: The size of your transfer can influence fees and exchange rates.
• Currency: The exchange rate for your chosen currency can vary dramatically.
• Transfer speed: If you need your funds to arrive quickly, prioritize services with faster processing times.
• Fees: To determine the choice, you should assess the upfront fees and the difference in exchange rates.
• Ease of use: Go for a service that offers a platform that is simple to use and navigate.

Final Thoughts

HDFC’s comprehensive guide offers insights into the complexities of sending money. They provide a range of options through their branch network. However, it’s important to consider factors like transparency and fees. For those who prefer user-friendly digital platforms with strong bank-level security, competitive exchange rates and clear fees, moneyHOP is an attractive alternative. When it comes to sending money abroad, moneyHOP stands out as the choice. They provide all the tools and features to make informed decisions and ensure a smooth, cost effective and secure experience for international money transfers.