| 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 + 0.09% of ACE | ₹180 | ₹990 |
| Above ₹10 lakh | ₹990 + 0.018% of ACE | ₹990 | ₹10,800 |
Introduction
Transferring money from Canada involves certain fees and charges that can impact the overall cost of your transaction. Understanding these costs upfront helps you make informed decisions and ensures a smooth and efficient transfer process. Explore our detailed breakdown of fees to manage your finances effectively.
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
Yes, there is typically a minimum amount required to send money via telegraphic wire transfer. The minimum amount can vary depending on the bank or financial institution used for the transfer. Banks may set their own minimum transfer amounts, which can range from $100 to $500 or more. It's advisable to check with your bank for the specific minimum transfer amount required for sending money via telegraphic wire transfer.
The exchange rate for a transfer is determined by the bank's current exchange rate, which is influenced by market conditions and may vary throughout the day. Banks often add a margin to the exchange rate, which is the difference between the rate at which the bank buys and sells currency. This margin helps cover the bank's costs and earn a profit. The margin added by banks can vary and may depend on factors such as the amount being transferred and the specific currency pairs involved. It's advisable to check with your bank for the exact exchange rate and any margins added for your transfer.
Sending a telegraphic wire transfer from Canada to India typically incurs several fees. These may include a processing fee charged by the sending bank, which can vary depending on the bank and the amount being transferred. Additionally, there may be intermediary bank fees, correspondent bank fees, and currency conversion fees. The total cost of the transfer will depend on the fees charged by the sending bank, any intermediary banks involved in the transfer, and the currency exchange rates at the time of the transfer. It's advisable to check with your bank for the exact fees involved in sending a telegraphic wire transfer from Europe to India.