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Introduction

Transferring money from the USA involves various fees and charges that can impact the total amount received. Understanding these costs is essential for making informed decisions and ensuring you get the best value for your money transfers.

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%.

Your queries answered here

Transferring funds via cheque from the USA to India typically incurs several fees. These can 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 cost of the transfer will depend on these fees, as well as any other charges that may apply. It's advisable to check with your bank for a complete breakdown of all fees associated with transferring funds via cheque from the USA to India to understand the total cost involved.

Transferring funds from the USA to India can involve several types of fees and charges. These may include a processing fee charged by the sending bank, which can vary depending on the bank and the amount being transferred. The key is to be aware of the upfront fees, and to ensure the fund transfer happens to the recipient's bank account.

While there are no hidden charges, foreign currency demand drafts have a few standard fees and charges that include issuance fee, currency conversion fee, delivery mailing fee etc. Beyond these standard fees, there are no hidden or unexpected charges. The process is straightforward wherein the payer purchases the demand draft from their bank in the US, and the recipient can then cash it at a bank in India.