HDFC Bank vs Kotak Mahindra Bank — Remittance Charges Compared

Side-by-side fee comparison between HDFC 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.

Outward fee components

Component	HDFC Bank	Kotak Mahindra Bank
Commission	Outward Remittance Commission Tiered by USD amount: ≤500: ₹500, >500: ₹1000	Outward Remittance Commission (Online) Flat ₹500
GST Commission	GST on Commission (18%) 18% on commission	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
Correspondent Charge	—	Correspondent Bank Charge Flat ₹500

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	HDFC Bank			Kotak Mahindra Bank
Currency	Sell	Buy	Spread	Sell	Buy	Spread
USD	96.9500	93.5200	3.67%	96.9000	93.6400	3.48%
GBP	131.6500	124.5700	5.68%	130.9200	125.4000	4.40%
EUR	112.1000	107.3600	4.42%	112.2000	107.3400	4.53%
AED	26.7400	25.1200	6.45%	26.9300	24.9500	7.94%

Verdict matrix

Send	Currency	HDFC Bank	Kotak Mahindra Bank	Winner	Saving (₹)
₹50,000	USD	₹1,270	₹1,270	Tie	—
₹1,00,000	USD	₹1,360	₹1,360	Tie	—
₹5,00,000	USD	₹1,720	₹1,720	Tie	—
₹50,000	GBP	₹1,270	₹1,270	Tie	—
₹1,00,000	GBP	₹1,360	₹1,360	Tie	—
₹5,00,000	GBP	₹1,720	₹1,720	Tie	—
₹50,000	EUR	₹1,270	₹1,270	Tie	—
₹1,00,000	EUR	₹1,360	₹1,360	Tie	—
₹5,00,000	EUR	₹1,720	₹1,720	Tie	—
₹50,000	AED	₹1,270	₹1,270	Tie	—
₹1,00,000	AED	₹1,360	₹1,360	Tie	—
₹5,00,000	AED	₹1,720	₹1,720	Tie	—

HDFC Bank — Things to know

Applies to:Outward remittance via HDFC, Resident Individual, T.T. Selling rate. The card rate at debit time is the rate actually applied.

Card rates apply up to ₹20 lakh equivalent; above that, your Relationship Manager may negotiate a better rate.↗
GST is charged twice: 18% on the commission, plus a slab-based GST on the foreign amount exchanged (min ₹45, max ₹10,800).↗
TCS at 20% applies on general LRS remittance above ₹10 lakh per financial year (refundable as a tax credit at ITR time).↗

Keep each transfer at or below $500 equivalent to stay in the lower ₹500 commission tier instead of ₹1,000.↗

▸Show 4 more notes

Other things to know

HDFC charges don't include originating or correspondent-bank fees — beneficiary may receive less than the foreign amount shown.↗
All commissions, fees, and charges are non-refundable unless explicitly stated otherwise.↗

Other ways to save

Refresh the rate just before initiating the transfer — HDFC updates rates intraday and the live card rate is what applies.↗
If the beneficiary must receive an exact foreign amount, ask HDFC about their Full Value facility — that mode includes the correspondent-bank fee.↗

Kotak Mahindra Bank — Things to know

Applies to:Outward remittance via Kotak NetBanking or Mobile Banking, Resident Individual, OUR charge-bearer (sender pays correspondent fees).

Branch transactions cost ₹2,250 vs ₹1,000 online (before GST) — more than double the online price.↗
The ₹500 Correspondent fee assumes OUR (sender pays); SHA / BEN shifts the cost to the recipient as an in-flight deduction.↗
GST applies twice: 18% on processing + correspondent (₹180), plus a slab GST on the foreign amount exchanged (min ₹45, max ₹10,800).↗
TCS at 20% applies on general LRS remittance above ₹10 lakh per financial year (refundable as a tax credit at ITR time).

Use NetBanking or Mobile instead of branch — saves ₹1,250 per transfer before GST.↗

▸Show 2 more notes

Other things to know

BHD and OMR rates are published but marked "No Txns" — Kotak may not actually transact these currencies; verify with branch.↗

Other ways to save

Keep the default OUR charge-bearer if you want the full amount credited to the beneficiary without surprise deductions.

Try it

TRANSFER

Sending currency

You pay in INR; recipient receives USD.

Amount you're sending (USD)

USD

Purpose of remittance

LRS remitted this FY so far (₹)

Used to determine if this transfer crosses the ₹10L TCS threshold.

Best deal: Indian Overseas Bank. You save ₹1,807.72 vs the most expensive.

Exchange rate

INR / 1 USD

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

BREAKDOWN

Outward remittance

Charge breakdown
Amount being sent $1,000.00 × ₹95.44	₹95,440.00
Outward Remittance Commission (0.075%)	₹250.00
Swift Payment Message	₹500.00
GST on Commission + Swift (18%)	₹135.00
GST on Amount Exchanged	₹171.79
Total charges	₹1,056.79
Total payable (INR)	₹96,496.79

Amount being sent: ₹95,440.00
Outward Remittance Commission (0.075%): ₹250.00
Swift Payment Message: ₹500.00
GST on Commission + Swift (18%): ₹135.00
GST on Amount Exchanged: ₹171.79
Total charges: ₹1,056.79

Total payable (INR)

₹96,496.79

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