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Introduction

Transferring money from the UK involves various fees and charges that can impact the total cost of your transfer. Understanding these costs is crucial for making informed decisions and ensuring you get the best value for your money. Here’s a detailed look at the fees and charges associated with money transfers from the UK.

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:

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%.

Frequently Asked Questions

Transferring funds via cheque from the UK to India typically incurs some general fees, which include 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.

HDFC Bank does not levy any hidden fees or charges, However, when sending a demand draft from the UK to India through HDFC Bank, there may be certain additional administrative fees or charges that are not immediately apparent but mentioned transparently at the time of fund tranfer. These can include processing fees, currency conversion fees, and fees for issuing the demand draft. HDFC Bank may also apply a margin to the exchange rate, which can affect the total cost of the transaction. It's advisable to check with HDFC Bank for a complete breakdown of all fees and charges associated with sending a demand draft from the UK to India to ensure that there are no hidden costs.

Transferring funds from the UK to India through HDFC Bank can involve several 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.