Overseas Money Transfer from Banks in India

Friday, February 5, 2010

Whether paying educational fees, buying an asset or helping a family member overseas, there are some competitive options available for sending money abroad from India. This article provides a detailed comparison of banks' services and charges for transferring money overseas from India (outward remittance). Banks in India offer international money transfer as wire transfer, Visa transfer and foreign currency demand draft.

Are you looking for a comparison of options to transfer money to India?
Our report comparing the various fund transfer options that service non-resident Indians can be found here.

noteMoney transfer limit (per year) set by RBI on transfers by Indian residents is US$100,000.
Please read our detailed primer on money transfer to learn about hidden charges and poor rates your transfers may incur.


Axis Bank
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  • Visa Money Transfer† (VMT): Rs 25 per transaction
  • Foreign Currency Demand Draft (FCDD):
  • Additional Charges:

VMT rank 4
FCDD rank 0
FCC rank 0

Citibank
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  • Wire Transfer (WT): Rs 1,000 plus Additional Charges
  • Foreign Currency Demand Draft (FCDD): Rs 250 plus Additional Charges
  • Additional Charges:
    Foreign Currency Conversion Charge (FCC)
    Rs 50 plus Service Tax

WT rank 2
FCDD rank 2
FCC rank 3

HDFC Bank
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  • Wire Transfer (WT):
  • Foreign Currency Demand Draft (FCDD):
  • Additional Charges:
    Foreign Currency Conversion Charge (FCC)
    Rs 200 per transaction for account holders.
    Rs 500 for non-account holders.

WT rank 0
FCDD rank 0
FCC rank 1

HSBC
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  • Wire Transfer (WT):
    0.3% of transfer amount (Min. Rs 100, Max. Rs 1,500)
    Plus cable charge Rs 200 (for same currency TT) Rs 400 (for cross currency TT)
  • Foreign Currency Demand Draft (FCDD):
    0.3% of transfer amount (Min. Rs 100, Max. Rs 1,500)
    Plus Rs 250 (for cross currency drafts)
  • Additional Charges: Foreign Currency Conversion Charge (FCC) Rs 50
    Plus service tax (12.36% of the fee)

WT rank 3
FCDD rank 2
FCC rank 3

ICICI Bank
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  • Wire Transfer (WT): Minimum of Rs 1,200 or 0.25% of transfer amount plus Additional Charges
  • Foreign Currency Demand Draft (FCDD): Rs. 200 plus Additional Charges
  • Additional Charges:
    Foreign Currency Conversion Charge (FCC)
    Rs 25 (inclusive of Service Tax)

WT rank 0
FCDD rank 0
FCC rank 4

State Bank of India
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  • Wire Transfer (WT): Rs 750 plus Additional Charges
  • Foreign Currency Demand Draft (FCDD):
  • Additional Charges:
    Foreign Currency Conversion Charge (FCC)
    Rs 25 (inclusive of Service Tax)

WT rank 4
FCDD rank 0
FCC rank 4

† Transfers limited to Visa cards issued in India.

Learn more about SWIFT BIC, IBAN and RTGS.

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