RemitFee

Head-to-head · Remittance charges

HDFC Bank vs Kotak Mahindra Bank

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.

Updated 9 Oct 2026

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
Sell Buy Spread Sell Buy Spread
USD 98.3500 94.9000 3.64% 98.3400 95.0800 3.43%
GBP 131.4700 124.3700 5.71% 130.7700 125.2900 4.37%
EUR 110.7900 106.1300 4.39% 110.9900 106.1300 4.58%
AED 27.1300 25.4900 6.43% 27.3200 25.3400 7.81%

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:Sending money abroad through HDFC as a Resident Individual, online or at a branch. You're charged at the T.T. Selling rate live at the moment of debit.

  • Card-rate cap. Card rates apply up to ₹20 lakh equivalent; above that, your Relationship Manager can often negotiate a better rate.↗
  • GST is charged twice. You pay 18% GST on the commission, plus a separate slab GST on the amount converted (₹45 minimum, ₹10,800 cap).↗
  • The 'Self' option adds a hidden cost. At checkout you pick who pays the correspondent bank: 'Self' bills it to you in INR after the transfer (an extra we can't show — HDFC lists no fixed amount), 'Beneficiary' takes it from the recipient, 'Full Value' waives it. Our total covers HDFC's commission + GST only.↗
  • TCS on large transfers. For general purposes, 20% TCS applies on LRS spending above ₹10 lakh in a financial year — you claim it back as a tax credit when you file your ITR.↗
  • Split to stay in the lower tier. Keep each transfer at or below $500 equivalent to pay the ₹500 commission instead of ₹1,000.↗
▸Show 3 more notes

Other things to know

  • Fees aren't refundable. Once charged, HDFC's commission and fees aren't refunded unless stated otherwise.↗

Other ways to save

  • Lock the rate at the last moment. HDFC updates rates through the day, so refresh right before you confirm — the live card rate is what you'll get.↗
  • Full Value for an exact amount. Need the recipient to get an exact figure? HDFC's Full Value facility absorbs the correspondent fee (USD online; EUR/GBP branch-only). HDFC advertised a 100% waiver until 30 Sep 2026 and hasn't updated the page since — check what Full Value costs at checkout.↗

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 — HDFC Bank vs Kotak Mahindra Bank

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

It's an even split across our benchmark matrix of ₹50,000, ₹1,00,000 and ₹5,00,000 transfers in USD, GBP, EUR and AED — the cheaper bank depends on the exact amount and currency you're sending. Check the verdict matrix above for your scenario.

Do HDFC 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 HDFC 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.