Kotak Mahindra Bank · India → Germany
Kotak Mahindra Bank to Germany: what it actually costs to send EUR from India
At ₹1,00,000, Kotak Mahindra Bank charges ₹1,360 — the 4th-cheapest of 6 banks for EUR. Indian Overseas Bank is ₹295 cheaper.
Last updated 9 Oct 2026
Fee breakdown
- Commission ₹500
- Correspondent Charge ₹500
- GST Commission ₹180
- GST Exchange ₹180
- Total at ₹1,00,000₹1,360
EUR rate trend at Kotak Mahindra Bank
Today Kotak Mahindra Bank sells EUR at ₹110.9900 (TT Selling) and buys it at ₹106.1300 (TT Buying). The selling rate is −0.0900 (−0.08%) since 2 Oct and −1.6800 (−1.49%) since 1 Sep.
- 30-day TT Selling range: ₹110.0400 – ₹113.5300 across 15 refreshes.
- ₹1,00,000 bought between 880.82 and 908.76 EUR over that window, before charges.
What's specific to EUR at Kotak Mahindra Bank
Kotak Mahindra Bank's fee lines don't vary by destination currency — the breakdown above applies to every corridor it supports; only the exchange rate changes.
Receiving in Germany
- German accounts use a 22-character IBAN starting with DE; the SWIFT/BIC code routes the wire. SEPA is intra-European only — a transfer from India is a SWIFT wire even though the destination is a SEPA account.
- The blocked account must show €11,904 for 2026 (released as €992 a month). Providers such as Expatrio, Fintiba and Coracle need the exact amount to arrive after all deductions — send a buffer above it and choose the OUR charge option so an intermediary bank cannot take its fee out of the credited amount. Verify the current figure with the German mission before sending; it is revised periodically.
- German banks and blocked-account providers generally do not charge for incoming EUR wires, but an intermediary bank in the SWIFT chain can deduct its own fee unless charges are set to OUR.
Germany is 3.5 hours behind IST in summer (4.5 in winter); EUR wires typically credit the next working day.
How this compares
Indian Overseas Bank is ₹295 cheaper than Kotak Mahindra Bank for sending EUR to Germany.
See the full side-by-side →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 — Kotak Mahindra Bank to Germany
What is Kotak Mahindra Bank's EUR rate today?
₹110.9900 per EUR is Kotak Mahindra Bank's TT Selling rate today — the rate applied when you send — and ₹106.1300 is its TT Buying rate for money you receive. The selling rate is −0.0900 (−0.08%) since 2 Oct. The full sheet with a 90-day chart is on the Kotak Mahindra Bank forex rates page.
How much does Kotak Mahindra Bank charge to send EUR to Germany?
On a ₹1,00,000 outward remittance, 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 for EUR. The fee breakdown above shows every line item.
Is Kotak Mahindra Bank the cheapest bank to send EUR to Germany?
No — Indian Overseas Bank is currently ₹295 cheaper than Kotak Mahindra Bank for EUR to Germany at ₹1,00,000. Kotak Mahindra Bank ranks 4th of 6 banks in our coverage for this corridor.
How long does a Kotak Mahindra Bank transfer to Germany take?
A standard SWIFT / TT outward remittance from Kotak Mahindra Bank to a beneficiary in Germany typically settles in 1–3 working days, depending on correspondent-bank routing.
What do I need to send money to Germany with Kotak Mahindra Bank?
You'll need PAN, a signed A2 form (LRS declaration) with a purpose code, the beneficiary's bank details in Germany, and proof of source of funds for larger amounts. TCS at 20% applies above ₹10 lakh per financial year for most non-education purposes and is claimable in your ITR.
Run your own numbers
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.
Want the full picture?
- Kotak Mahindra Bank Bank: all remittance charges — every corridor Kotak Mahindra Bank supports, side by side
- Send money to Germany from India — all 6 banks compared for EUR