Women Savings Account

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About Money Transfers

Easily transfer funds internationally to an HDFC Bank account in India using Telegraphic/Wire Transfer through our extensive network of correspondent banks worldwide. This service allows you to seamlessly remit money and also set up Rupee or foreign currency Fixed Deposits. Simply complete the remittance form with details including HDFC Bank's Nostro Account number, SWIFT Code, and your or your beneficiary's HDFC Bank account details. Specify your instructions, whether opening a new NRE Savings Account or booking an FCNR Deposit in US dollars for 1 year.

HDFC Bank ensures a smooth and secure process for all your international fund transfers and financial arrangements.

Key Features

Global Wire Transfers

You can easily transfer money from a bank outside India to an HDFC Bank account using Telegraphic/Wire Transfer via our global correspondent banks. You can also initiate Rupee or foreign currency Fixed Deposits using this method.

To send money to India, fill out the remittance form with:

  • HDFC Bank's Nostro Account number.
  • HDFC Bank's SWIFT Code.
  • Your or your beneficiary's HDFC Bank account number.
  • Specific instructions, such as opening a new NRE Savings Account or booking a new FCNR Deposit for 1 year in US dollars.
Fund Transfer

FCY Demand Drafts - Issuance 

Description of Charges Forex Services  
Foreign Exchange Transactions    
Remittance Outward* Up to $500 or equivalent.
Above $500 or equivalent.		 ₹500 flat.
₹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.
Above $500 to $10,000 or equivalent.
Above $10,000 or equivalent.		 ₹200 flat.
₹300 flat.
₹500 flat.
FCY Demand Drafts - Cancellation ₹50 per demand draft.  
FCY Cheque Collection (FCY personal cheque, FCY DD's sent for collection)* 0.25% of INR value (minimum ₹250 per transaction).
plus courier of ₹50 per cheque.
For transactions value up to $500 - ₹200 per transaction plus courier charge ₹50 per instrument.
Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks.		  
FCY Cheque Return* Under Cash Letter arrangement - ₹100 per cheque.
Under 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).
SGD Cheque - SGD 12 per cheque.
AED Cheque: INR 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 - USD10 -50 per cheque plus drawee bank charge.		  
FIRC Charge for Inward Remittance & FCY Cheques collection ₹ 200 per FIRC.  

*Charges mentioned above are charges levied by HDFC Bank only and does 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 July 01, 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:

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

2. Goods and Service Tax on commission, fees and charges on foreign exchange transactions will be revised from 15% to 18%.

Fund Transfer

Your queries answered here

Here are the wire transfer charges from Abroad to India:

  • Up to $500 or equivalent: ₹500 per transaction.
  • Above $500 or equivalent: ₹1,000 per transaction.

In addition to these fees, there is an additional 18% Goods and Services Tax (GST) applicable to the commission and fees.

If the recipient is a blood relative—spouse, children, grandchildren, siblings, or in-laws—no tax is applicable, even for gifts or inheritance. However, for NRIs sending money to non-relatives, tax implications arise. Amounts exceeding ₹50,000 annually are taxable. For instance, sending ₹1 lakh to a friend means this sum adds to their income, attracting income tax for the recipient. 

Typically, there is no limit on the money transfer done by Wire Transfer from USA to India. However, the remitter must check with the remitting bank for any internal limits set by the bank for transferring funds into bank accounts in overseas territories, including India.

The benefits of Wire Transfers via Telegraph are numerous. Here are a few of them:

  • Speed: A wire transfer done offline typically takes 24 working hours to complete.
  • Convenience: Online transfers can be initiated without visiting a bank branch.
  • Security: The beneficiary's account is directly credited with the transaction, and there are no intermediaries involved.