Friday, November 27

International transfers with the HDFC Bank

HDFC BankThe HDFC Bank (Housing Development Finance Corporation LTD), like the ICICI Bank or the Axis Bank, was one among the first banking companies in India to receive a license to operate a private bank. The bank, based in Mumbai, India, was founded in 1994. HDFC Bank has been active in the field of economic banking for corporate and private customers since the beginning of 1995.

International transfers with the Indian HDFC

The HDFC conducts international money transfers worldwide. Both bank customers and non-bank customers are often the sender or commissioner for foreign currency bank bills or a far-off transfer. The order for the transfer abroad, e.g. B. to Great Britain, South Africa or the USA are often posted via internet banking or at a branch of the HDFC. Exchange rates are provided by HDFC Bank.

Indian HDFC

Indian peculiarities in the money transfer

Special features in India include restrictions on the export of foreign currency and a service tax (18 percent since July 2017) on all kinds of Forex transactions (buying, selling). The currency exchange is taxed in a money transaction to and from India.

Exchange rate when transferring money overseas

The exchange rates are displayed to the customer in the course of his inquiry. These are guide prices, as the time at which the customer inquiry is finally processed determines the course. The applicable rate of exchange is the TT Selling Rate as published on the Bank’s website on the day the customer account is debited.

Sending money internationally to India

Compared to the amounts of money transferred to India, the amounts of cash sent in the context of overseas transfers are only a fraction. There are numerous ways to send money to India. In contrast, sending money abroad is restricted to banks and some financial services / exchange institutions approved in India.

Receipt of money fees

The HDFC Bank enables money to be sent from abroad to India as online and telegraphic transfers to bank accounts from beneficiaries in India, which may be processed for a certain fee depending on the transfer currency. The use of foreign currency checks or bank drafts in foreign currency also incurs low fees.

Transfer money to India at the real rate of exchange

With foreign transfers with currency trading exchange like EUR in INR, there are certain risks due to fluctuating exchange rates. Banks’ own exchange rates often cause currency losses. Many banks don’t use the important mid- rate to exchange currencies. * Additional profits can be realized through their own exchange rate. Transfer services like TransferWise or TransferGo make international transfers with no or only minimal currency losses.

The bank’s own exchange rate is used because it enables additional profits to be secured. The margins for profit maximization are borne by the customer. When exchanging money at the real exchange rate, the recipient particularly benefits (receives a higher exchange amount).

Bank bills in a foreign currency can be issued in ten foreign currencies. There are 22 major currencies available for international transfers. These currencies are available for international transfers:

UAE Dhiram (AED), Australian dollar (AUD), Canadian dollar (CAD), Swiss franc (CHF), Singapore dollar (SGD), Japanese yen (JPY), US dollar (USD), Norwegian krone (NOK), New Zealand Dollar (NZD), riyal-omani (OMR), Danish krone (DKK), Euro (EUR), Great Britain Pound (GBP), Hong Kong Dollar (HKD), South African Rand (ZAR), Saudi Rial (SAR), Swedish kronor (SEK), Thai baht (THB), Korean won (KRW), Bahrain Dhiram (BHD), Kuwaiti dinar (KWD) and Qatar riyal (QAR).

How long does an international transfer take?

There are several factors that affect the length of a bank transfer. These include:

  • Incoming orders at the sending bank (time)
  • Execution of the sender bank
  • participating correspondent banks
  • Special services
  • Processing of incoming funds at the recipient bank

The HDFC Bank offers its customers the transfer of foreign currencies, whereby there’s a limit to 22 major currencies. Generally, the recipient’s account will be credited within 72 hours.

The time it takes to credit the recipient account is significantly influenced by the foreign currency and its amount. Influence*. If you would like to transfer over USD 5,000 or don’t have an HDFC online account, you’ll only make a world transfer in one branch.

By default, every HDFC private customer features a limit for a world money transfer of 5,000.00 USD. Up to USD 250,000.00 may be transferred abroad per annum.

Fees and charges for a foreign transfer

The costs of a world transfer largely result from the wants of the transferring bank. The commission for international transactions via NetBanking is calculated as follows:

  • Up to USD 500.00 – INR 500.00 / – per transaction
  • Over $ 500.00 – INR 1,000.00 / – per transaction

The above fees are charged by HDFC Bank. Additional fees may be incurred through correspondent banks. Such transfer fees are borne by the recipient abroad. The recipient bank will provide information on the fees and how they will be paid.

Service tax for international transfers with currency exchange

All foreign exchange transactions in India (money transfer with currency exchange) are subject to service tax (GST) which is payable in addition to the above trading fees.

To avoid high costs of transferring money you can use online forex trading. If you are interested in trading online, make sure to check out below trading guides. Depending where you come from, you can select your preferred location below:

Our SelectionCountry
Forex USAUnited States of America
Forex UK
United Kingdom
Forex AustraliaAustralia
Forex trading CaCanada