Full Value Personal Remittance

This facility does not cover the charges of the beneficiary's bank, if any, as per their account setup.

HDFC Bank customers can avail of this facility by visiting an HDFC Bank branch or by logging in to Net Banking and selecting the RemitNow option. You must choose this Full Value facility while initiating an outward remittance.

Only when you send money to a personal account (Personal Outward Remittance) is it eligible for the Full Value Individual Remittance facility.

To initiate a Full Value Remittance, you need to provide standard documentation required for international money transfers. This typically includes a valid government-issued photo ID (such as a passport), proof of your address, and details of the beneficiary, including their bank account information. Additionally, you may need to submit a completed application form for the remittance. For specific currencies or larger amounts, further documentation, such as a declaration of the purpose of remittance, may be required. Always check with HDFC Bank for the exact documentation needed based on your transaction.

To ensure that your remittance is processed as a Full Value Remittance, you must explicitly select the "Full Value" option when initiating the transfer. This option is available through HDFC Bank's NetBanking platform (RemitNow) for USD transfers and at HDFC Bank branches for USD, EUR, and GBP transfers. By choosing this option, you ensure that the full amount reaches the beneficiary without any deductions. It's important to verify this selection during the transaction process to avoid any unwanted charges or reductions in the transferred amount.

Currently, this facility is available in:

• USD, EUR, and GBP through our branches 

• USD through NetBanking (RemitNow)

Full Value Remittance typically involves a waiver of transfer charges, ensuring that the entire remitted amount reaches the beneficiary without deductions. However, other standard charges, such as transaction fees, commission, and GST, may still apply. It's important to note that while HDFC Bank covers the remittance charges, the beneficiary's bank may impose additional fees depending on their account setup. Customers should review the detailed fee structure provided by HDFC Bank and consult with the beneficiary's bank to understand any potential costs associated with receiving the funds.

Outward Remittance refers to funds you send to a party residing abroad. The Full Value Remittance facility ensures your beneficiary abroad receives the entire amount without any foreign bank charges*.

This facility is permitted in all countries other than those under OFAC and FATF sanction list.

You can now avail of a 100% waiver of Full Value Charges when you avail of the Full Value Remittance facility in USD, EUR, and GBP till 31 March 2024.

Apart from the Full Value Charge, HDFC Bank levies the following charges and taxes for this transaction:

• .Remittances up to USD 500 or equivalent = ₹500 Commission + GST per transaction

• Remittances above USD 500 or equivalent = ₹1,000 Commission + GST per transaction.

• GST on the amount of foreign currency exchanged (details under Fees and Charges).

• Tax Collected at Source (TCS) applies to all forex withdrawals under LRS as per government notification.

• All taxes and levies as per applicable government notification.

Click here to know more about the charges, commissions and GST applicable on Foreign Exchange transactions.