Axis Bank · Inward remittance
Axis Bank Inward Remittance Charges
Axis Bank charges a published fee when you receive money in India from abroad. The breakdown and worked totals for a typical incoming USD transfer at ₹50,000, ₹1,00,000 and ₹5,00,000 follow.
Things to know
Applies to:Resident Individual savings account ('Others' segment), SWIFT wire credit.
- Segment pricing differs. ₹250 + GST is the regular resident savings rate; Priority pays ₹100, Burgundy nil, and individuals receiving into Current Accounts pay ₹300 + GST.↗
▸Show 2 more notes
Other things to know
- Intermediary deductions. Charges taken by sending or intermediary banks before the credit reaches Axis are outside the bank's purview and reduce what you receive.
Other ways to save
- USD to NRE/FCNR rides free. Prefix 'NRE' or 'FCNR' to the beneficiary account in SWIFT field 59 with charge code OUR — Axis's US correspondents then levy no charges on USD inward to NR accounts.↗
Inward fee components
| Component | Definition |
|---|---|
| Inward Wire Commission | Flat ₹250 |
| GST on Commission (18%) | 18% on commission |
| GST on Amount Exchanged | Slab by ACE |
Worked examples (incoming USD)
| Amount | Foreign amount | Total fees |
|---|---|---|
| USD | ||
| ₹50,000 | 525.43 USD | ₹385 |
| ₹1,00,000 | 1050.86 USD | ₹475 |
| ₹5,00,000 | 5254.31 USD | ₹835 |
FAQ — Axis Bank inward remittance
How much does Axis Bank charge to receive money from abroad?
Axis Bank charges a published inward-remittance fee plus 18% GST when money arrives from abroad. Receiving ₹1,00,000 from abroad in USD costs about ₹475 all-in today — see the worked examples above.
Is money received from abroad taxable in India?
The bank deducts no tax on an inward remittance — only its fee and GST. Whether the money itself is taxable depends on the source: gifts from specified close relatives are generally exempt, while income such as salary, freelance payments or rent is taxable as usual. When in doubt, confirm the treatment with a CA.
What exchange rate does Axis Bank use for inward remittance?
Incoming foreign currency is converted at Axis Bank's TT Buying rate — currently ₹95.16 per USD (rates updated 7 Oct 2026). The TT Buying rate sits below the mid-market rate; that spread is the bank's margin and a real cost on top of any visible fee.
Does GST apply when receiving money from abroad?
Yes — banks charge 18% GST on the currency-conversion service (computed on a slab-based taxable value under CGST Rule 32(2)(b)), plus GST on any inward-processing fee. GST applies to the conversion service, not to the full amount you receive.
How long does an inward remittance take to credit at Axis Bank?
Once the SWIFT transfer reaches Axis Bank, funds are typically credited within 1–2 working days — sometimes the same day — after the bank confirms the purpose and source details required under FEMA.
Try it
The calculator below is pre-loaded in inward mode. Enter the foreign-currency amount being sent to you to compare fees across all banks.
TRANSFER
You pay in INR; recipient receives USD.
Used to determine if this transfer crosses the ₹10L TCS threshold.
Best deal: Indian Overseas Bank. You save ₹3,948.89 vs the most expensive.
TT Selling rate from Indian Overseas Bank's published forex sheet — edit to model a quoted rate.
BREAKDOWN
Outward remittance
Amount being sent $1,000.00 × ₹96.89 | ₹96,890.00 |
| Outward Remittance Commission (0.075%) | ₹250.00 |
| Swift Payment Message | ₹500.00 |
| GST on Commission + Swift (18%) | ₹135.00 |
| GST on Amount Exchanged | ₹174.40 |
| Total charges | ₹1,059.40 |
| Total payable (INR) | ₹97,949.40 |
- Amount being sent
- ₹96,890.00
- Outward Remittance Commission (0.075%)
- ₹250.00
- Swift Payment Message
- ₹500.00
- GST on Commission + Swift (18%)
- ₹135.00
- GST on Amount Exchanged
- ₹174.40
- Total charges
- ₹1,059.40
$1,000.00 × ₹96.89
Total payable (INR)
₹97,949.40
Indian Overseas Bank
₹97,949.40
Cheapest
TT Selling rate from Indian Overseas Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹96.89
- ₹96,890.00
- Outward Remittance Commission (0.075%)
- ₹250.00
- Swift Payment Message
- ₹500.00
- GST on Commission + Swift (18%)
- ₹135.00
- GST on Amount Exchanged
- ₹174.40
- Total charges
- ₹1,059.40
- Total payable (INR)
- ₹97,949.40
State Bank of India
₹98,282.54
+₹333.14 vs cheapest
TT Selling rate from State Bank of India's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹97.05
- ₹97,050.00
- Branch Commission
- ₹970.50
- Correspondent Bank Charge (Remitter mode)
- ₹87.35
- GST on Amount Exchanged
- ₹174.69
- Total charges
- ₹1,232.54
- Total payable (INR)
- ₹98,282.54
ICICI Bank
₹99,466.60
+₹1,517.20 vs cheapest
TT Selling rate from ICICI Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.11
- ₹98,110.00
- Outward Remittance Commission
- ₹1,000.00
- GST on Commission (18%)
- ₹180.00
- GST on Amount Exchanged
- ₹176.60
- Total charges
- ₹1,356.60
- Total payable (INR)
- ₹99,466.60
Kotak Mahindra Bank
₹99,697.01
+₹1,747.61 vs cheapest
TT Selling rate from Kotak Mahindra Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.34
- ₹98,340.00
- Outward Remittance Commission (Online)
- ₹500.00
- Correspondent Bank Charge
- ₹500.00
- GST on Commission + Correspondent (18%)
- ₹180.00
- GST on Amount Exchanged
- ₹177.01
- Total charges
- ₹1,357.01
- Total payable (INR)
- ₹99,697.01
HDFC Bank
₹99,707.03
+₹1,757.63 vs cheapest
TT Selling rate from HDFC Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.35
- ₹98,350.00
- Outward Remittance Commission
- ₹1,000.00
- GST on Commission (18%)
- ₹180.00
- GST on Amount Exchanged
- ₹177.03
- Total charges
- ₹1,357.03
- Total payable (INR)
- ₹99,707.03
Axis Bank
₹1,01,898.29
+₹3,948.89 vs cheapest
TT Selling rate from Axis Bank's published forex sheet — edit to model a quoted rate.
- Amount being sent$1,000.00 × ₹98.45
- ₹98,450.00
- Remittance Commission
- ₹1,000.00
- Correspondent Bank Charge (OUR)
- ₹1,772.10
- GST on Commission + Correspondent (18%)
- ₹498.98
- GST on Amount Exchanged
- ₹177.21
- Total charges
- ₹3,448.29
- Total payable (INR)
- ₹1,01,898.29
TCS is refundable when you file your ITR — it's a tax credit, not a fee.