Kotak Mahindra Bank · India → UK
Kotak Mahindra Bank to UK: what it actually costs to send GBP from India
At ₹1,00,000, Kotak Mahindra Bank charges ₹1,360 — the 4th-cheapest of 6 banks for GBP. 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
GBP rate trend at Kotak Mahindra Bank
Today Kotak Mahindra Bank sells GBP at ₹130.7700 (TT Selling) and buys it at ₹125.2900 (TT Buying). The selling rate is +0.8500 (+0.65%) since 2 Oct and −0.6000 (−0.46%) since 1 Sep.
- 30-day TT Selling range: ₹129.6600 – ₹132.0000 across 15 refreshes.
- ₹1,00,000 bought between 757.58 and 771.25 GBP over that window, before charges.
What's specific to GBP 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 UK
- UK accounts are identified by a 6-digit sort code and an 8-digit account number; the SWIFT/BIC code (UK banks also publish an IBAN) routes the international leg.
- Some UK banks charge a small fee for receiving an international payment; check the beneficiary's tariff. Send in GBP rather than USD so the receiving bank does not convert a second time at its own rate.
- Universities and student-housing providers often accept card or platform payments (Flywire, Convera); a bank wire is usually cheaper for a full year's tuition, but compare the platform's quoted rate with the TT Selling rates above.
The UK is 4.5 hours behind IST in summer (5.5 in winter); GBP wires sent before the Indian bank's cut-off often credit the same working day in the UK, otherwise the next.
How this compares
Indian Overseas Bank is ₹295 cheaper than Kotak Mahindra Bank for sending GBP to UK.
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 UK
What is Kotak Mahindra Bank's GBP rate today?
₹130.7700 per GBP is Kotak Mahindra Bank's TT Selling rate today — the rate applied when you send — and ₹125.2900 is its TT Buying rate for money you receive. The selling rate is +0.8500 (+0.65%) 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 GBP to UK?
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 GBP. The fee breakdown above shows every line item.
Is Kotak Mahindra Bank the cheapest bank to send GBP to UK?
No — Indian Overseas Bank is currently ₹295 cheaper than Kotak Mahindra Bank for GBP to UK 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 UK take?
A standard SWIFT / TT outward remittance from Kotak Mahindra Bank to a beneficiary in UK typically settles in 1–3 working days, depending on correspondent-bank routing.
What do I need to send money to UK with Kotak Mahindra Bank?
You'll need PAN, a signed A2 form (LRS declaration) with a purpose code, the beneficiary's bank details in UK, 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 UK from India — all 6 banks compared for GBP