ICICI Bank vs Kotak Mahindra Bank — Remittance Charges Compared
Side-by-side fee comparison between ICICI 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 | ICICI Bank | Kotak Mahindra Bank |
|---|---|---|
| Commission | Outward Remittance Commission Flat ₹750 | 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 | ICICI Bank | Kotak Mahindra Bank | ||||
|---|---|---|---|---|---|---|
| Sell | Buy | Spread | Sell | Buy | Spread | |
| USD | 96.7000 | 93.5800 | 3.33% | 96.9000 | 93.6400 | 3.48% |
| GBP | 131.4900 | 124.9100 | 5.27% | 130.9200 | 125.4000 | 4.40% |
| EUR | 112.0800 | 107.2100 | 4.54% | 112.2000 | 107.3400 | 4.53% |
| AED | 26.7400 | 25.1200 | 6.45% | 26.9300 | 24.9500 | 7.94% |
Verdict matrix
| Send | Currency | ICICI Bank | Kotak Mahindra Bank | Winner | Saving (₹) |
|---|---|---|---|---|---|
| ₹50,000 | USD | ₹975 | ₹1,270 | ICICI Bank | ₹295 |
| ₹1,00,000 | USD | ₹1,065 | ₹1,360 | ICICI Bank | ₹295 |
| ₹5,00,000 | USD | ₹1,425 | ₹1,720 | ICICI Bank | ₹295 |
| ₹50,000 | GBP | ₹975 | ₹1,270 | ICICI Bank | ₹295 |
| ₹1,00,000 | GBP | ₹1,065 | ₹1,360 | ICICI Bank | ₹295 |
| ₹5,00,000 | GBP | ₹1,425 | ₹1,720 | ICICI Bank | ₹295 |
| ₹50,000 | EUR | ₹975 | ₹1,270 | ICICI Bank | ₹295 |
| ₹1,00,000 | EUR | ₹1,065 | ₹1,360 | ICICI Bank | ₹295 |
| ₹5,00,000 | EUR | ₹1,425 | ₹1,720 | ICICI Bank | ₹295 |
| ₹50,000 | AED | ₹975 | ₹1,270 | ICICI Bank | ₹295 |
| ₹1,00,000 | AED | ₹1,065 | ₹1,360 | ICICI Bank | ₹295 |
| ₹5,00,000 | AED | ₹1,425 | ₹1,720 | ICICI Bank | ₹295 |
ICICI Bank — Things to know
Applies to:Outward remittance via ICICI NetBanking or iMobile, Resident Individual, non-USD-to-USA destination. Branch and NRI scenarios are not modelled.
- USD sent to USA via Full-Value-Credit costs ₹250 more (₹1,000 online, ₹1,500 branch) than other destinations.↗
- Branch transactions are ₹250 more expensive than NetBanking / iMobile for the same currency and corridor.↗
- GST applies to both the commission and the currency conversion via a slab — total GST is higher than 18% of commission alone.↗
- 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 iMobile instead of a branch — saves ₹250 per remittance for the same scenario.
- Send to non-USA destinations or pick non-Full-Value-Credit for USD-to-USA to drop the ₹250 add-on.
▸Show 1 more note
Other things to know
- Card rates apply up to USD 25,000 per request and are indicative — the final rate is the one at debit time; above the cap, contact branch / RM.↗
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.↗
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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
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 ₹1,807.72 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 × ₹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
$1,000.00 × ₹95.44
Total payable (INR)
₹96,496.79
TCS is refundable when you file your ITR — it's a tax credit, not a fee.