| Amount of Currency Exchanged (ACE) | GST rates | Minimum GST | Maximum GST |
|---|---|---|---|
| Up to ₹1 lakh | 0.18% of ACE | ₹45 | ₹180 |
| Between ₹1 lakh and up to ₹10 lakh | ₹180 plus 0.09% of ACE | ₹180 | ₹990 |
| Above ₹10 lakh | ₹990 plus 0.018% of ACE | ₹990 | ₹10,800 |
Introduction
When transferring money from other accounts, it's essential to be aware of the associated fees and charges. Understanding these costs will help you manage your finances more effectively and avoid unexpected expenses during your transactions.
FCY Demand Drafts - Issuance
| Description of Charges | Forex Services | |
|---|---|---|
| Foreign Exchange Transactions | ||
| Remittance Outward* | Up to $500 or equivalent | ₹500 flat |
| Above $500 or equivalent | ₹1000 flat | |
| Remittance Inward | No Charge | |
| Other Foreign Exchange Transactions | ||
| FCY Cash - Selling | No Charge | |
| FCY Cash - Encashing | No Charge | |
| FCY Demand Drafts - Issuance | Up to $500 or equivalent | ₹200 flat |
| Above $500 up to $10,000 or equivalent | ₹300 flat | |
| Above $10,000 or equivalent | ₹500 flat | |
| FCY Demand Drafts - Cancellation | ₹50 per Demand Draft | |
| FCY Cheque Collection (FCY personal cheque, FCY DDs sent for collection) * | 0.25% of Indian Rupee value (minimum ₹250 per transaction). | |
| Plus courier of ₹50 per cheque. | ||
| For transactions up to $500 - ₹200 per transaction plus courier charge ₹50 per instrument. | ||
| The charges mentioned above are charges levied by HDFC Bank only and do not include any charges that may be levied by originating/correspondent banks. | ||
| FCY Cheque Return* | Under Cash Letter arrangement - ₹100 per cheque. Under the Final Credit service arrangement - ₹250 per cheque, plus Correspondent Bank Charges USD Cheque - $ 10 per cheque GBP Cheque - GBP 15 per cheque (for any amount below GBP 1000) GBP Cheque - GBP 25 per cheque (for any amount above GBP 1000) AUD Cheque - AUD 35 per cheque SGD Cheque - SGD 12 per cheque AED Cheque: ₹100 per cheque plus drawee bank charges CAD Cheque - CAD 10 per cheque EURO Cheque - EUR 100 per cheque plus drawee bank charges Other Currencies - $10 -50 per cheque plus drawee bank charge |
|
| FIRC Charge for Inward Remittance & FCY Cheque Collection | ₹200 per FIRC. |
*Charges mentioned above are charges levied by HDFC Bank only and do not include any charges that may be levied by originating/correspondent banks.
Please note that cheques drawn in one currency payable in another country where currency is different will take a longer period to realise and would attract charges of various correspondent banks as per their own tariff schedule over which we do not have any control. For e.g. a cheque drawn in USD payable on a bank in Singapore or cheque drawn in GBP payable on a bank in South Africa or cheque drawn in USD payable in Canada.
The Government of India has announced the implementation of Goods and Services Tax (GST) effective 1st July, 2017. Consequently, service tax rate (including cess) will be replaced by the GST rate as below:
1. Goods and Service Tax on FX conversion will be revised from 14.5% to 18%.
Slab for Service Tax on FX Conversion:
2. Goods and Service Tax on commission, fees and charges on foreign exchange transactions will be revised from 15% to 18%.
Your queries answered here
Transferring funds from Africa to India through HDFC Bank can involve certain types of fees and charges. These may include a processing fee charged by HDFC Bank, which can vary depending on the amount being transferred. Additionally, there may be intermediary bank fees, correspondent bank fees, and currency conversion fees. HDFC Bank may also add a margin to the exchange rate, which is the difference between the rate at which the bank buys and sells currency. It's advisable to check with HDFC Bank for a complete breakdown of all fees and charges involved in transferring funds from Africa to India to understand the total cost of the transfer.
While there may be some standard fees involved, there are no hidden charges when sending a foreign currency demand draft from Africa to India through major Indian banks. The standard charges can include processing fees, currency conversion fees, and fees for issuing the demand draft. Banks may also apply a margin to the exchange rate, which can affect the total cost of the transaction.
Transferring funds via cheque from Africa to India includes some fees. These can be a processing fee charged by the sending bank, which varies depending on the bank and the amount being transferred. Additionally, there may be fees for currency conversion and cheque processing. The total transfer cost depends on these fees and any other charges that may apply.