Kotak Mahindra Bank Remittance Charges

REM is Kotak Mahindra Bank's statement abbreviation for a remittance — a fund transfer — so a "REM charges" debit is the fee for one. For a foreign outward remittance made online, the published charge is the ₹500 commission plus the ₹500 correspondent-bank charge plus 18% GST on both — ₹1,180 — and a separate slab-based GST on the converted amount adds a few hundred rupees more, which is why the worked totals on this page are higher than that figure. A much smaller REM debit is more likely a domestic fund-transfer or demand-draft charge from Kotak's General Schedule of Features and Charges — match the debit date to the transaction in your statement, and ask the branch for the narration if it still doesn't add up.

On a ₹1,00,000 transfer in USD, Kotak Mahindra Bank's all-in cost today is ₹1,360 — commission, SWIFT / correspondent charges and 18% GST included, computed at the bank's own TT Selling rate (rates updated 9 Oct 2026). The worked examples above show totals at other amounts and currencies.

A wire transfer, a SWIFT transfer and a telegraphic transfer (TT) are the same product — an outward remittance. Kotak Mahindra Bank charges an Outward Remittance Commission (Online) of ₹500; a Correspondent Bank Charge of ₹500; and 18% GST on those fees, on top of converting your rupees at its TT Selling rate. Every line is itemised in the fee table above.

No. An international transaction charge (or forex markup) is what a debit or credit card adds when you pay in a foreign currency — usually a percentage of the purchase plus GST. A SWIFT remittance from Kotak Mahindra Bank is priced differently: commission, SWIFT / correspondent charges and 18% GST, plus the TT Selling rate. The two never apply to the same transaction.

Kotak Mahindra Bank converts your INR at its own published TT Selling rate — currently ₹98.34 per USD (rates updated 9 Oct 2026). This rate already includes the bank's margin over the mid-market rate, typically 1–2% at Indian banks, which is a real cost on top of the visible fees.

Yes — GST at 18% is charged on Kotak Mahindra Bank's commission (and on SWIFT / correspondent charges where the bank explicitly applies it). GST applies to the bank's fee portion, not to the amount you're sending. Every GST line is shown separately in the fee breakdown on this page.

A standard SWIFT / TT outward remittance from Kotak Mahindra Bank typically credits the beneficiary in 1–3 working days, depending on the destination country and correspondent-bank routing.

Under the RBI's Liberalised Remittance Scheme (LRS), a resident Indian can remit up to USD 250,000 per financial year — the cap applies across all banks and purposes combined, not per bank. TCS at 20% applies above ₹10 lakh per year for most non-education purposes and is claimable in your ITR.