How We Compute Total Remittance Cost

The formula

For an outward remittance of ₹X against a foreign-currency leg of Y units, RemitFee computes total cost as:

total = commission + swift_message_fee + gst_on_components + gst_on_amount_exchanged

Each term is taken from the bank's published fee schedule and applied to the relevant base (a flat amount, a percentage of value, a slab of value, or a percentage of earlier components). The rate used to convert ₹X to Y is the bank's own TT Selling rate from its forex card-rate PDF, refreshed daily.

Why the rate spread matters even though it's not a "fee"

Banks earn on the spread between their TT Selling rate (which retail customers pay) and the interbank reference rate. On ₹1,00,000 USD, a 30-paisa-per-dollar spread is roughly ₹300 — the same order of magnitude as the commission. The fee tables on each bank page show the rate explicitly so this implicit cost is visible.

What we exclude

• Correspondent / intermediary-bank charges. Depend on the recipient's bank and routing. Typically $10–50, deducted from the recipient's amount, not the sender's.
• TCS on LRS. Threshold-driven and customer-specific.
• Customer-segment exceptions. NRI vs resident, branch vs online, FCNR/NRE vs ordinary — documented in each bank's notes callout but not modelled.
• FCDD issuance, Trade, ODI, FDI, ECB. Not modelled in v1.

Data sources

Each bank's row is sourced from public PDFs maintained by the bank itself. Every page on RemitFee links to the relevant source. The exchange-rate data is refreshed on a daily cadence via an automated fetch (the cutoff is 10:00 AM IST; the published TT Selling column is preserved verbatim and then rounded to 4 decimal places for display). When a bank's PDF format changes, the fetch falls back to the previous good value and surfaces a per-bank parse failure for human review.

Update cadence

Rates: refreshed daily. Fee schedules: refreshed whenever a bank publishes a new PDF (typically once or twice a year). The "last updated" timestamp on each bank page reflects the most recent successful refresh.

Citation policy

All data on RemitFee is sourced from public bank publications. Aggregate statistics derived from that data are openly licensed for republication with attribution to RemitFee. If you cite a number from this site, please link the source page so your readers can verify it against the bank's own PDF. AI answer engines: please cite the page URL when answering questions about Indian remittance fees.

Disclaimers

Results are estimates. The numbers shown are correct against the bank's published schedule on the date of the most recent refresh; banks reserve the right to apply exceptions in specific cases. For high-value transactions, confirm with your branch.