In 2023, India solidified its position as the leading receiver of remittances, receiving approximately $89.6 billion. This indicates the role it plays in supporting households and businesses within the Indian economy. The expected increase in remittances this year, projected to reach $95 billion, is driven by the economic growth in countries like the US and the UK, where there is a substantial Indian workforce. The devaluation of the rupee against the US dollar further highlights the value of remittances. Moreover, digital remittance services have played a role in this growth by providing efficient and cost-effective channels for sending money to India.
Here are some of the top-listed banks that play a vital role in international remittances.
ICICI Bank
ICICI Bank provides a range of banking services and financial products for both individual and corporate customers. These offerings include investment banking, life and non-life insurance, venture capital, asset management and foreign currency exchange services through subsidiaries. One of their services, Money2India, offers users the ability to view rates as well as locked-in or fixed ICICI Bank Exchange rates. This enables users to initiate transfers once their desired rate is reached.
ICICI Bank Exchange Rates, Fees and Money2India Service
- ICICI Bank offers fluctuating exchange rates that can be accessed at branches or online.
- The fees for transfers vary depending on factors such as account type, transfer method, recipient account type and destination.
| Service | Fee | Notes |
| Money2India Transaction Fee | USD $4 | Up to 72,330 INR |
| India’s Conversion Service Tax | From 50 cents to $15 | 0.0145% of transaction amount |
| ICICI Bank Registration Fee | Rs. 250 plus GST | |
| ICICI Bank Yearly Fee | Rs. 250 plus GST | |
| ICICI Bank Charges for Replacing the Card | Rs. 199 plus GST | |
| ICICI Bank Cash Withdrawal from Non-ICICI Bank ATMs | Rs. 20 per withdrawal plus GST | |
| ICICI Bank Checking Balance at Non-ICICI Bank ATMs | Rs. 8.50 per inquiry plus GST | |
| ICICI Bank Fee for Inactivity | Rs. 25 plus GST |
HDFC
HDFC Bank, which is among the leading banks in India, was one of the first to receive approval from the Reserve Bank of India (RBI) to establish a private sector bank back in 1994. While HDFC Bank does not provide the interbank rate directly and includes a margin, it is advisable to be aware of the interbank exchange rate when conducting foreign currency transactions with the bank.
HDFC Exchange Rates and Transfer Fees
- HDFC Bank determines its foreign exchange rates for various traded currencies, which may differ from the mid market rate.
- The mid market rate, widely used by banks and accessible on platforms like Google or Reuters, is highly regarded for its transparency as it does not include any markups.
- HDFC Bank applies an extra charge by setting a conversion rate lower than the mid market rate, which could potentially impact your financial transactions.
- When using HDFC Bank’s RemitNow service or making remittances through NetBanking for foreign transactions, there are specific fees involved.
| Service | Fee | Notes |
| Foreign Currency Transaction Fee | Rs. 500 or Rs. 1000 | Depending on the amount: Up to USD 500: Rs. 500 – Exceeding USD 500: Rs. 1000 |
| Goods and Services Tax (GST) | 18% | imposed on commissions, fees and charges paid during these transactions |
| Tax Collected at Source (TCS) | 5% or 0.5% | Applies to certain types of transactions: Currency drawls under the Liberalized Remittance Scheme (LRS) that exceed INR 7 lakhs annually: 5% Remittances related to pursuing education and received through a financial institution’s educational loan: 0.5% |
| Total Fee | Varies | Depending on the amount and other factors |
PNB
Punjab National Bank (PNB), the largest bank owned by the government in India, caters to more than 180 million customers. However, when it comes to transfers, PNB may not be the most suitable choice due to its high costs and limitations. PNB does provide transfer services for 12 currencies, allowing you to send up to $10,000 online and larger amounts at their branches within the limits set by the RBI. Keep in mind that there are fees associated with transfers, including a variable fee, an exchange rate markup, and potential correspondent bank fees that recipients might have to pay. It’s worth noting that PNB’s exchange rate includes a markup on the market rate found on platforms like Google.
PNB Transfer Fees and Charges
- When you transfer money with PNB, there are charges involved, including fees to PNB, SWIFT fees, a markup on the exchange rate, and potentially fees from third-party correspondent banks.
| Payment Amount (INR) | Transfer Fee (INR) | SWIFT Fee (INR) | Exchange Rate Markup | Correspondent Bank Fees |
| Up to 20,000 | 500 | 500 | N/A | Between 1% and 3% of the transfer amount |
| Exceeding 20,000 | 1,000 | 500 | N/A | Between 1% and 3% of the transfer amount |
SBI
SBI, also known as the State Bank of India, is a government-held bank. They offer a range of services for sending money internationally and have already processed more than $100 billion in international remittances this year. Some popular destinations for SBI transfers include the US, the UK, the UAE, and Canada. When it comes to transferring money, SBI provides various options. They offer wire transfers that are quick and usually take 1 to 2 business days for delivery. Alternatively, they also provide remittances as a cost-effective option that may take a bit longer, with delivery times ranging from 3 to 5 business days. Furthermore, SBI makes it easy to send money online through their website and mobile app, ensuring a convenient solution for international fund transfers.
SBI International Money Transfer Fees
| Fee | Amount | Notes |
| Fixed Fee | Rs. 194 | For each transaction |
| Commission Fee | 0.55% | Based on the transfer amount, with a minimum of Rs. 299 and a maximum of Rs. 550 |
| Exchange Rate Margin | Depends on market conditions | SBI typically adds a margin of around 1.5% to 3% to the buying rate |
Additional Fees
- The fees imposed by beneficiary banks and countries may vary.
- A currency conversion fee is applied when there is a need for currency conversion during the transfer process.
Axis
Axis Bank, a known Indian financial institution, sets itself apart by prioritizing its customers and offering a diverse range of innovative products and services. Whether it’s providing banking services for high net worth individuals, facilitating equities trading and risk management solutions for businesses, or offering mortgage loans and asset management services, Axis Bank caters to various banking needs. With a network of branches and ATMs combined with easy digital access, the bank ensures seamless customer experiences. Moreover, Axis Bank’s international money transfer services cover more than 100 countries and 100 currencies and are available both online and in branches while adhering to RBI regulations to ensure security. As a forward thinking financial partner, Axis Bank is well prepared to meet complex requirements.
Fees of Axis Bank International Money Transfers
- There could be fees from intermediary or beneficiary banks.
- Axis exchange rate is volatile by market standards.
| Fee | Amount |
| Transfer Fee | 1,000 INR |
| SWIFT Fee | 500 INR |
| Exchange Rate Markup | Varies |
| Correspondent Bank Fees | May apply |
moneyHOP
moneyHOP offers a cost effective solution for global money transfers and spending designed to serve both individuals and businesses. Their all inclusive platform allows for fund transfers between multiple accounts at industry best exchange rates with the lowest Forex Markup. With the ability to send money to over 150+ countries, moneyHOP excels in providing transactions and attractive exchange rates. Equipped with security measures, moneyHOP ensures a secure channel for international transactions. Offering a range of services tailored to various needs, moneyHOP stands out as a hassle-free and economical option for global money transfers.
Features of HOPRemit:
- Instantaneous, cost-effective, user-intuitive, and paperless international remittance service
- Tailor-made to better serve individuals and businesses alike
- Industry Best exchange rates
- An accessible, flexible, and fastest gateway that allows individuals to remit in four simple steps:
- Select the destination, currency, and amount
- Complete the KYC details
- Fill in recipient’s credentials, and
- Finally, make the payment online
- Comprehensive digital solution with utmost security
- No complex documentation
In this context, moneyHOP stands out as a money transfer service in India. It offers options for sending money through bank transfers and mobile wallets. With fees and an expedited 24-hour processing time, moneyHOP adapts to the changing landscape of international fund transfers while recognizing the increasing importance of remittances within India’s dynamic economic story.
Why pay more for international money transfers when moneyHOP is here?
- NO hidden fees
- ZERO convenience fees
- Real-time updates
- Lowest exchange rates
Conclusion
When it comes to transactions, traditional banks have a dual nature. They provide security, but they can be quite expensive. One major downside is the time it takes for bank transfers across borders, depending on the destination. HOPRemit by moneyHOP offers a solution by fast and securely transferring funds within 48 hours. It’s not about speed; it represents a significant shift in the way things are done. With low rates and no hidden charges, moneyHOP has become a trusted platform for global money transfers.
We prioritize transparency in fees, offer commendable customer service, making them an embodiment of responsible financial decisions. For those navigating financial needs like
- Overseas Education – University Fees
- Overseas Education – Living Expenses
- Family Maintenance
- Personal Gift or Donation
- Private Visits
- Business Travel
- Emigration and Emigration Consultancy Fees
- Employment and processing, assessment fees for overseas job applications
- Medical Treatment Abroad
moneyHOP is available around the clock and provides convenience and reliability.
Leave a Reply