Summary: While HDFC Bank is a popular choice for international money transfers, it’s worth considering alternatives like BookMyForex which could potentially offer more competitive rates and a more convenient experience. Keep reading to explore more about HDFC Bank International Money Transfers.
HDFC Bank, India’s largest private sector bank, is a trusted name for banking needs. The bank facilitates international money transfers, allowing users to transfer funds globally. Whether you’re sending money for personal reasons or business transactions, HDFC proclaims to enhance your cross-border transactions and ensure your remittances reach their destination promptly and securely. Despite this, HDFC’s international remittance services necessitate a visit to a physical branch, which can be an inconvenient factor. Additionally, there are certain other drawbacks to their international money transfer services which an individual must be aware of. In this blog, we will provide you with all relevant details as well as a comprehensive overview of HDFC’s international money transfer services.
Receiving International Funds in India from Abroad via HDFC Bank
There are a couple of ways to receive international funds in India from abroad and while certain methods outlined involve having an HDFC account in India, it’s feasible to receive money in non-HDFC accounts too.
Methods of Inward Remittance with HDFC Bank:
HDFC Wire Transfer
HDFC SWIFT or wire transfer allows you to receive funds into your HDFC bank account from local banks outside of India. To initiate a wire transfer, you’ll need to complete and submit a remittance form at a local bank abroad, ensuring it includes details such as the HDFC Bank Nostro Account Number, HDFC Bank SWIFT or IFSC Code, beneficiary account number with HDFC bank in India, and specific deposit instructions, such as opening a new rupee NRE account or booking a new FCNR deposit for 1 year in USD.
HDFC Quickremit
HDFC Quickremit services facilitate money transfers from Australia and Singapore to India. With HDFC Quickremit, you can transfer money in INR to both HDFC and non-HDFC bank accounts in India, with a minimum amount sent set at AUD 250 or SGD 250. The maximum amount sent in a single transaction is capped at AUD 10,000 or SGD 30,000. Additionally, you can make online donations to charitable trusts and organizations in India through this service. Quickremit also provides the convenience of tracking the status of your transfer online or via email.
HDFC IndiaLink
HDFC IndiaLink serves as a method for receiving money in India from Africa and the Middle East, including countries like the UAE, Kuwait, Saudi Arabia, and others. Through this service, funds can be credited instantly to HDFC or any other bank account within 2 hours. Upon completion of the transaction, both the receiver and the sender will get an SMS notification confirming the transfer.
Third-Party Fund Transfer with HDFC
HDFC Bank provides the flexibility to transfer funds through international money transfer providers, including four key partners: Xoom, Wells Fargo, Remitly, and Transfast. These partnerships offer convenience and ease of use, though it’s important to note that similar to banks, these providers may impose high fees and exchange rates.
Transfer Speed for Inward Remittance with HDFC Bank
The duration for inward remittance via HDFC varies depending on the transfer method utilized. The table below provides estimates for the time taken for each type of transfer:
| Transfer Method | Transfer Speed |
|---|---|
| HDFC Wire Transfer | 24 hours |
| HDFC Quickremit | 48 hours |
| HDFC IndiaLink | 2 hours |
| Third-Party Fund Transfer with HDFC | 3-5 business days |
Fees & Charges for Inward Remittance with HDFC Bank
The charges for receiving HDFC international money transfers across different remittance methods are detailed below.
| Transfer Method | Transfer Charges |
|---|---|
| HDFC Wire Transfer | Up to USD 500 or equivalent: ₹500 per transaction Above USD 500 or equivalent: ₹1000 per transaction |
| HDFC Quickremit | For Australia: AUD 250 999: AUD 5 AUD 1000 and above: Zero service fee For Singapore: SGD 250 – 999: SGD 4 SGD 1000 and above: Zero service fee |
| HDFC IndiaLink | Correspondent bank charges applicable |
| Third-Party Fund Transfer with HDFC | Varies depending on the provider |
Sending Funds Overseas from India via HDFC Bank
HDFC Bank, one of the largest banks in India, provides a convenient method for sending money abroad. Individuals can easily transfer funds to different countries for various purposes, such as education fees, supporting loved ones, etc.
Methods of Outward Remittance with HDFC Bank:
RemitNow
If you hold an HDFC Bank account, you have the option to send money abroad through their platform called RemitNow. This method allows you to send money in 19 different currencies, including UAE Dirham (AED), Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Singapore Dollar (SGD), Pound Sterling (GBP), Hong Kong Dollar (HKD), US Dollar (USD), and others. The maximum limit per transaction is USD 5000, with up to two transactions allowed per day. Additionally, the maximum amount of money that can be transferred in one financial year is USD 250,000, subject to the Liberal Remittance Scheme from the Reserve Bank of India (RBI).
Transfer Speed for Outward Remittance with HDFC Bank
| Transfer Method | Transfer Speed |
|---|---|
| RemitNow | Requests submitted before 2:30 PM are processed on the same day, while those submitted after 2:30 PM are processed on the following day. |
Fees & Charges for Outward Remittance with HDFC Bank
| Transfer Method | Transfer Charges |
|---|---|
| RemitNow | Up to USD 500 or equivalent: ₹500 per transaction Above USD 500 or equivalent: ₹1000 per transaction |
Additionally, banks such as HDFC may impose markup fees above the real exchange rate, potentially increasing the overall cost of your transfer. Also, Goods and Services Tax (GST) will be imposed based on the Amount of Currency Exchanged (ACE), as per the slab mentioned below.
1. For transactions up to ₹1 lakh, the GST rate is 0.18% of the ACE, with a minimum GST of ₹45 and a maximum of ₹180.
2. For transactions ranging from ₹1 lakh to ₹10 lakh, the GST consists of ₹180 plus 0.09% of the ACE, with a minimum GST of ₹180 and a maximum of ₹990.
3. Transactions exceeding ₹10 lakh incur a GST of ₹990 plus 0.018% of the ACE, with a minimum GST of ₹990 and a maximum of ₹10,800.
Steps for Sending Money Abroad with HDFC Bank
To initiate a fund transfer using HDFC’s RemitNow service to send money to any country, you need to follow these steps:
1. Register for Third-Party Payment with HDFC:
1. Log in to HDFC NetBanking and click on the ‘Funds Transfer’ tab.
2. Register for third-party payment.
3. Next, select the ‘Transfer within the Bank’ option.
4. Fill in the required details and click on the ‘Confirm’ tab.
2. Add International Beneficiary with HDFC:
1. Under the ‘Request’ tab, select ‘Add a Beneficiary’.
2. Provide the beneficiary details and then click on the ‘Confirm’ tab.
3. You’ll receive a one-time password (OTP) on your registered mobile number. Use this OTP to authenticate the beneficiary.
4. Once authenticated, the beneficiary will be added within 30 minutes.
3. Remit Funds Abroad with HDFC:
1. After logging in to HDFC NetBanking, go to the ‘Funds Transfer’ tab.
2. Once the beneficiary is added, select ‘Foreign Outward Remittance’.
3. Proceed to fill in the transfer details and confirm to initiate your money transfer.
Things You Need for a Successful Online Money Transfer
The following details are needed to process an international money transfer, however, this may vary depending on the currency and country you’re sending money to. In general, you’ll need:
1. The recipient’s full name
2. Their account number
3. The name and address of their bank
4. Additional information such as Swift code
5. The reason for the payment
Countries Where You Can Transfer Money from India with HDFC Bank
With HDFC Bank, you can send money abroad to 19 countries including the United Arab Emirates (UAE), Australia, Canada, Oman, Switzerland, Denmark, Eurozone countries, Singapore, the United Kingdom, Hong Kong, Japan, South Africa, South Korea, Norway, New Zealand, Saudi Arabia, the United States, Sweden, and Thailand.
A Quick, Secure, and Affordable Alternative: BookMyForex
As a reputable private sector bank in India, HDFC Bank provides a variety of financial services to its customers. Among its offerings is RemitNow, an online platform designed for secure overseas money transfers. However, this service comes with certain restrictions. For instance, to access RemitNow, individuals must hold an HDFC Bank account and be enrolled in Third Party Funds Transfer (TPT) via NetBanking. Furthermore, the online remittance feature is restricted to a select few purposes. If individuals wish to make a remittance for any other reason, they are required to visit their nearest HDFC Bank branch.
Moreover, HDFC Bank does not provide complete transparency regarding the exchange rate markups in its fee structure. While searching for a specific exchange rate on platforms like Google, users see the interbank rate, the live currency exchange rate at that moment. However, the rate presented by HDFC Bank during the transfer is 2-3% higher than this interbank rate. The additional markup in the exchange rate implemented by HDFC Bank can escalate the overall cost of your international money transfer.
When you think of a quick, secure, and affordable way to transfer money abroad, think of BookMyForex – a MakeMyTrip group company and India’s most trusted forex platform. With the best rates and zero transfer charges, BookMyForex has revolutionized the way people send money abroad.
Comparison of HDFC with Top Service Providers for Outward Remittance
| Features | BookMyForex | HDFC Bank | Axis Bank | SBI Bank |
|---|---|---|---|---|
| Exchange Rates | Live and Transparent Rates Rates Get Updated Every 3 Seconds | 2-3% Markup over Base Rates | Up to 3% Markup over Base Rates | 2-3% Markup over Base Rates |
| Transfer Charges | ZERO Use promo code: ZEROBANKFEE | Up to USD 500 or Equivalent - Rs. 500+Gst, above USD 500 or Equivalent - Rs. 1000+Gst | Rs 1000+GST and Rs 500 Swift Charges | Service Charges: INR 299-550, Bank Charges: INR 1000-1500 |
| Transfer Speed | 12- 48 Business Hours | Up to 72 Business Hours | Up to 24-72 Business Hours | Upto 72 Business Hours |
| Hassle-Free Booking Option | 24*7 Online Booking Option Available | Online Booking Is Available, but Not for All Remittance Purposes | Both In-Branch and Online Booking Options Available | Both In-Branch & Online Booking Options Available |
| Customer Service Support | On-Call and Online Customer Assistance | On-Call Customer Support Available | Both On-Call and Online Customer Support Available | Lack of Dedicated Staff to Assist Customers |
Conclusion
Although sending your international transfer through HDFC bank may seem like the most convenient and appropriate choice, there are better alternatives such as BookMyForex that could potentially provide a more affordable and expedited service. With the best exchange rates and a hassle-free online booking option, BookMyForex is the most trusted platform in India for international money transfers.
Disclaimer:
This blog serves as a general source of information and should not be considered professional advice from BookMyForex or its affiliates. Readers are encouraged to check the respective platform for specific details.
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