RemitFee

Head-to-head · Remittance charges

Axis Bank vs Kotak Mahindra Bank

Side-by-side fee comparison between Axis Bank and Kotak Mahindra Bank on outward remittance from India. The verdict matrix below shows the cheaper bank at ₹50K, ₹1L, ₹5L across USD, GBP, EUR, AED, with the rupee delta.

Updated 9 Oct 2026

Outward fee components

Component Axis Bank Kotak Mahindra Bank
Commission
Remittance Commission
Flat ₹1000
Outward Remittance Commission (Online)
Flat ₹500
Correspondent Charge
Correspondent Bank Charge (OUR)
Per destination currency, tiered by amount: USD 10–70, EUR 22–40, JPY ₹2500–₹7000, GBP ₹1200, AED ₹1200, AUD ₹1200, CAD ₹1200, CHF ₹1200, DKK ₹1200, HKD ₹1200, NZD ₹1200, SAR ₹1200, SEK ₹1200, SGD ₹1200, THB ₹1200, ZAR ₹1200
Correspondent Bank Charge
Flat ₹500
GST Commission
GST on Commission + Correspondent (18%)
18% on commission, correspondent_charge
GST on Commission + Correspondent (18%)
18% on commission, correspondent_charge
GST Exchange
GST on Amount Exchanged
Slab by ACE; 3 bands
GST on Amount Exchanged
Slab by ACE; 3 bands

Exchange rates side-by-side

TT Selling = rate the bank uses when you send money abroad. TT Buying = rate applied when you receive money from abroad. A tighter spread (lower %) means less hidden FX cost.

Currency Axis Bank Kotak Mahindra Bank
Sell Buy Spread Sell Buy Spread
USD 98.4500 95.1600 3.46% 98.3400 95.0800 3.43%
GBP 131.5500 124.8000 5.41% 130.7700 125.2900 4.37%
EUR 110.7800 106.0500 4.46% 110.9900 106.1300 4.58%
AED 27.1600 25.5500 6.30% 27.3200 25.3400 7.81%

Verdict matrix

Send Currency Axis Bank Kotak Mahindra Bank Winner Saving (₹)
₹50,000 USD ₹3,361 ₹1,270 Kotak Mahindra Bank ₹2,091
₹1,00,000 USD ₹4,148 ₹1,360 Kotak Mahindra Bank ₹2,788
₹5,00,000 USD ₹5,205 ₹1,720 Kotak Mahindra Bank ₹3,485
₹50,000 GBP ₹2,686 ₹1,270 Kotak Mahindra Bank ₹1,416
₹1,00,000 GBP ₹2,776 ₹1,360 Kotak Mahindra Bank ₹1,416
₹5,00,000 GBP ₹3,136 ₹1,720 Kotak Mahindra Bank ₹1,416
₹50,000 EUR ₹4,146 ₹1,270 Kotak Mahindra Bank ₹2,876
₹1,00,000 EUR ₹4,236 ₹1,360 Kotak Mahindra Bank ₹2,876
₹5,00,000 EUR ₹4,988 ₹1,720 Kotak Mahindra Bank ₹3,268
₹50,000 AED ₹2,686 ₹1,270 Kotak Mahindra Bank ₹1,416
₹1,00,000 AED ₹2,776 ₹1,360 Kotak Mahindra Bank ₹1,416
₹5,00,000 AED ₹3,136 ₹1,720 Kotak Mahindra Bank ₹1,416

Axis Bank — Things to know

Applies to:Resident Individual, Send Money Abroad via Internet/Mobile Banking or branch, OUR correspondent option.

  • Digital waiver removed. The Sep 2026 schedule charges ₹1,000 + GST commission on digital remittances; the earlier online waiver is gone, though many guides and an older Axis PDF still say digital is free.↗
  • BEN shifts charges downstream. Choosing BEN removes the correspondent charge from your debit, but correspondent banks deduct their own unpublished charges from what the beneficiary receives.↗
  • GST is charged twice. You pay 18% GST on the commission and the correspondent charge, plus a separate slab GST on the amount converted (₹45 minimum, ₹10,800 cap).↗
  • TCS on large transfers. For general purposes, 20% TCS applies on LRS spending above ₹10 lakh a year (2% for education and medical) — refundable as a tax credit at ITR time.↗
▸Show 3 more notes

Other things to know

  • Assured Pay is branch-only. Guaranteed full-value delivery costs USD 15 on top of OUR charges, is USD-only, and — like the SHA option — is available only at a branch.
  • Returned transfers cost extra. Correspondent-bank charges on transfers rejected or returned due to incorrect details are recovered from the remitter.

Other ways to save

  • NR accounts: OUR is free. Correspondent bank charges under the OUR option are NIL for outward remittances from Non-Resident accounts.↗

Kotak Mahindra Bank — Things to know

Applies to:Sending money abroad via Kotak NetBanking or Mobile Banking as a Resident Individual. Online transfers always go as OUR, so you pay the correspondent fee.

  • Branch costs double. A branch transfer is ₹2,250 vs ₹1,000 online (before GST) — more than twice the price.↗
  • Online is always 'OUR'. Online Kotak Remit always sends as OUR, so the ₹500 correspondent fee always applies — you can only switch to SHA/BEN at a branch.↗
  • GST is charged twice. You pay 18% GST on the processing + correspondent fees (₹180), plus a slab GST on the amount converted (₹45 minimum, ₹10,800 cap).↗
  • TCS on large transfers. For general purposes, 20% TCS applies on LRS spending above ₹10 lakh a year — refundable as a tax credit at ITR time.
  • Skip the branch. Use NetBanking or Mobile instead of a branch to save ₹1,250 per transfer before GST.↗
▸Show 2 more notes

Other things to know

  • No BHD or OMR. Kotak's rate card lists BHD and OMR but tags them 'No Txns' — the bank doesn't transact them, so they aren't quoted here; use another bank for Bahrain or Oman.↗

Other ways to save

  • The full amount reaches the recipient. Because online transfers go as OUR, the recipient gets the full amount with no surprise correspondent deduction — that ₹500 fee is already in your total.

FAQ — Axis Bank vs Kotak Mahindra Bank

Which bank is cheaper for outward remittance — Axis Bank or Kotak Mahindra Bank?

Kotak Mahindra Bank is cheaper in 12 of 12 benchmark scenarios (₹50,000, ₹1,00,000 and ₹5,00,000 across USD, GBP, EUR and AED), with total savings of ₹25,880 across the matrix. Rates and fees refresh regularly — the verdict matrix above always shows today's numbers.

Do Axis Bank and Kotak Mahindra Bank use the same exchange rate?

No — each bank publishes its own TT Selling rate, and the gap between them is often worth more than the difference in visible fees. The side-by-side rate table on this page compares both banks' TT Selling and TT Buying rates, along with the spread each bank keeps.

What fees should I compare between Axis Bank and Kotak Mahindra Bank?

Four things decide the real cost: the commission each bank charges, SWIFT / correspondent charges, 18% GST on those fees, and — usually biggest — the TT Selling exchange rate each bank applies. The verdict matrix on this page computes the all-in total for both banks so you don't have to compare line by line.

Try it

TRANSFER

You pay in INR; recipient receives USD.

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.

INR / 1 USD

TT Selling rate from Indian Overseas Bank's published forex sheet — edit to model a quoted rate.

BREAKDOWN

Outward remittance

Amount being sent
₹96,890.00

$1,000.00 × ₹96.89

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

TCS is refundable when you file your ITR — it's a tax credit, not a fee.

Estimate only. Correspondent-bank charges are included only where the bank publishes them (Kotak, Axis, SBI); elsewhere they are a pass-through not shown here. Exchange rates shown are indicative. Mid-market rates by Exchange Rate API, updated daily.