international-money-transfers

HDFC Bank RemitNow international money transfers

Make international money transfers from India using HDFC Bank RemitNow.

HDFC Bank Limited, part of the HDFC Bank Group, is an Indian bank and financial services organisation that has its headquarters in Mumbai, India. It offers various foreign exchange services to its Indian customers. It’s account holders can remit make international money transfers from India using HDFC Bank’s RemitNow facility.

HDFC Bank RemitNow foreign exchange rates

HDFC Bank RemitNow supports international money transfers in 19 currencies. There is a section on its website which displays the foreign exchange rates it offers. These rates are updated every working day (Monday to Friday excluding bank holidays). For indicative purposes, we have listed below the currencies HDFC Bank RemitNow supports along with their exchange rates as on 14 May 2018.

Currency codeCurrencyTelegraphic transfer (TT) selling

(outward remittance)

AEDUAE dirham19.06
AUDAustralian dollar52.13
CADCanadian dollar54.1
CHFSwiss franc69.14
DKKDanish krone11.23
EUREuro82.34
GBPGreat Britain pound93.27
HKDHong Kong dollar8.85
JPYJapanese Yen0.6347
KRWKorean won0.0653
NOKNorwegian krone8.78
NZDNew Zealand dollar48.52
OMROmani rial180.56
SARSaudi riyal18.52
SEKSwedish kroner8.12
SGDSingapore dollar51.64
THBThai baht2.18
USDUnited States dollar68.58
ZARSouth African rand5.74

For any actual remittances, the applicable exchange rate will be the rate displayed on HDFC Bank’s website at 10am on the day the debit (to fund the remittance amount) from the customer’s account takes place. The rates displayed also do not include the money transfer charges or applicable taxes that you’ll incur for the remittance.

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How much does it cost to transfer money with HDFC Bank RemitNow?

HDFC Bank charges a flat transfer fee of INR500 per transaction if the amount remitted is up to US$500 or equivalent. If the amount is greater than US$500 or equivalent, HDFC Bank charges a flat transfer fee of INR1,000 per transaction. These transfer fees do not include any charges by the beneficiary bank. You’ll also be liable to pay Goods and Services Tax (GST) as per Indian tax laws.

How does HDFC compare to other money transfer services?

Rates last updated October 16th, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
InstaReM International Money Transfers
INR 4,000
2 days
Online, Phone
InstaReM is a simple, quick and cost-effective way to send money abroad with zero transaction fees
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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Transfer limits and available countries

The HDFC Bank website does not provide information regarding the minimum transfer amount you can remit using HDFC Bank RemitNow. Contact your HDFC Bank relationship manager for more information. However, the maximum transfer amount you can remit is US$5,000 or equivalent in a single transaction. If you’d like to transfer an amount greater than US$5,000 or equivalent, you will have to visit your HDFC Bank branch to carry out the remittance. Please note that international money transfers from India need to meet Reserve Bank of India (RBI) rules. Any Indian resident is permitted to make total overseas remittances of up to US$250,000 in an Indian financial year (April to March).

You can transfer money to anywhere around the world, apart from countries that are on the Office of Foreign Assets Control (OFAC) sanctioned countries list, which is updated periodically. Currently, some of the countries you cannot transfer money to are:

  • The Balkans
  • Belarus
  • Burma
  • Cuba
  • Democratic Republic of Congo
  • Iran
  • Iraq
  • Ivory Coast
  • Liberia
  • North Korea
  • Sudan
  • Syria
  • Zimbabwe
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What types of transfers can you carry out with HDFC Bank RemitNow?

  • Wire transfers.

Resident Indians can make a wire transfer (TT/Swift Transfer) to bank accounts in most countries across the world using HDFC Bank RemitNow.

The registration and transfer process

You need to use HDFC Bank Netbanking to make a wire transfer using HDFC RemitNow. The steps are pretty simple.

    • Step 1. Log in to HDFC NetBanking and go to the “Funds Transfer” tab.
    • Step 2. Register for third-party payment by selecting the “Transfer within the Bank” option, filling in the necessary details and clicking on “Confirm”.
    • Step 3. Add your beneficiary by going to the “Funds Transfer” tab, clicking on the “Request” tab and selecting “Add a beneficiary”. Fill in the details and click “Confirm”. Adding a beneficiary takes around 30 minutes after you submit the request.
    • Step 4. After the beneficiary has been added, log in to NetBanking and click on the “Funds Transfer” tab. Click on “Foreign Outward Remittance”. Fill in the details and click on “Confirm”.
    • Step 5. The wire transfer will be processed.

The wire transfer usually reaches the beneficiary bank account within three working days.

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Customer service

Speak to a customer service representative through HDFC Bank phone banking. Alternately, go to an HDFC Bank branch in person and speak to a bank representative.

Pros and cons of using HDFC Bank RemitNow

Pros

  • You can transfer money from India to most countries around the world.
  • As long as the transaction amount is US$5,000 or less, you can carry out the wire transfer online from the comfort of your home.
  • Most major currencies are supported.

Cons

  • You need to be an HDFC Bank account holder to use this facility.
  • Exchange rates are updated on the HDFC Bank website once every bank working day.
  • The maximum amount you can transfer in a single transaction is US$5,000.

What other products and services does HDFC Bank offer?

  • Banking services. HDFC Bank is one of India’s largest private sector banks. It offers various financial products and services, such as different types of bank accounts, loans, insurance and credit cards to name just a few.
  • Forex travel card. HDFC Bank can issue prepaid forex multi-currency travel cards in 21 major currencies.
  • Foreign currency demand drafts. HDFC Bank can issue foreign currency demand drafts in 10 currencies.
  • Buying and selling foreign exchange. HDFC Bank buys and sells cash in 20 major currencies.
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Frequently asked questions about HDFC Bank RemitNow

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A final word

HDFC Bank RemitNow is a facility for Indian HDFC Bank account holders to make overseas remittances conveniently from the comfort of their home. If you are looking to send a sum of up to US$5,000 overseas, you can consider HDFC Bank RemitNow as an option. However, do compare exchange rates and transfer fees that competitors offer before you make any remittances.

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