| 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
Transferring money from the USA involves various fees and charges that can impact the total amount received. Understanding these costs is essential to ensure you get the best value for your transfer. Here's a detailed overview of the fees and charges you can expect.
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 | ₹1,000 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 - USD 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%.
FAQs
Yes, there is typically a minimum amount required to send money via telegraphic transfer from the USA to India. The minimum amount can vary depending on the bank or financial institution used for the transfer.It's advisable to check with your bank for the specific minimum transfer amount required for sending money to India via telegraphic transfer.
The fees for initiating a telegraphic transfer (also known as a wire transfer) from a US bank to India can vary depending on the bank and the transfer amount. Some banks may also charge an additional fee for currency conversion if the transfer is in a different currency. However, the fees charged by your bank and whether they vary based on the transfer amount will depend on the specific policies of your bank. It's advisable to check with your bank for the exact fees applicable to your transfer.
Yes, the recipient in India may be charged fees by their bank for receiving funds transferred from the USA. These fees can vary depending on the recipient's bank and the type of account they hold. Some banks may charge a flat fee for receiving international wire transfers, while others may deduct a percentage of the transferred amount as a fee. Additionally, the recipient's bank may also apply currency conversion fees if the transfer is received in a currency other than Indian Rupees. It's advisable for the recipient to check with their bank for the exact fees applicable to receiving international wire transfers.