HDFC Bank · Inward remittance
HDFC Bank Inward Remittance Charges
HDFC Bank does not charge a separate fee for inward remittance. 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:Receiving money from abroad into a Resident savings or NRO account. HDFC charges no commission, but you'll see an 18% GST line on the currency conversion. NRE/FCNR/NRI cases aren't modelled here.
- GST on the conversion. HDFC takes no inward commission, but 18% GST still applies when it converts your foreign money to rupees (₹45 minimum) — its forex pages spell this out for all FX transactions.↗
- Overseas banks may skim it. Correspondent banks abroad can deduct their own charges before the money reaches you.↗
- Ask the sender for 'OUR'. Have the sender choose the OUR option so they cover all in-transit fees and you receive the full amount.
▸Show 3 more notes
Other things to know
- Converted at the Buying rate. Incoming funds convert at the T.T. Buying rate, which is lower than the Selling rate used for outward.↗
- FIRC costs ₹200. Need a Foreign Inward Remittance Certificate for tax or paperwork? It's ₹200 each.↗
- Resident rates only. For NRE/FCNR accounts, check HDFC's NR section — the rates here are for Resident inward.↗
Inward fee components
| Component | Definition |
|---|---|
| GST on Amount Exchanged | Slab by ACE |
Worked examples (incoming USD)
| Amount | Foreign amount | Total fees |
|---|---|---|
| USD | ||
| ₹50,000 | 526.87 USD | ₹90 |
| ₹1,00,000 | 1053.74 USD | ₹180 |
| ₹5,00,000 | 5268.70 USD | ₹540 |
FAQ — HDFC Bank inward remittance
How much does HDFC Bank charge to receive money from abroad?
HDFC Bank levies no separate inward-remittance fee, but 18% GST on the currency-conversion service still applies, so receiving money isn't entirely free. Receiving ₹1,00,000 from abroad in USD costs about ₹180 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 HDFC Bank use for inward remittance?
Incoming foreign currency is converted at HDFC Bank's TT Buying rate — currently ₹94.90 per USD (rates updated 9 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 HDFC Bank?
Once the SWIFT transfer reaches HDFC 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.