HDFC Bank International Transfers & Exchange Rates

HDFC Bank is one of India's largest private banks, having been one of the first to gain Reserve Bank of India (RBI) clearance to open a private sector bank in 1994.

Customers may access a wide range of financial goods and services through HDFC Bank's increasing branch and ATM network, as well as digital channels including Net banking, Phone banking, and Mobile Banking.

Businesses and organizations of all sizes can use HDFC Bank's commercial and transactional banking services. Working capital financing, trade services, transactional services, and cash management are some of the services the bank provides.

HDFC Bank Exchange Rates and Fees

The interbank rate is not offered by HDFC Bank; instead, a margin is added to it, making the foreign currency transaction more expensive for you. Make sure you know the current interbank exchange rate before using HDFC Bank for your trip money needs.

Exchange Rate

Every day, the HDFC foreign exchange rate for the various currencies it trades in is determined. Its exchange rate is intended to be different from the mid-market rate.

The mid-market exchange rate, which you can get on Google or Reuters, is the same rate that banks use. It is the most transparent currency rate to use because it has no markups.

HDFC is able to sneak in an extra charge with every rupee you convert by making their conversion rate lower than the mid-market exchange rate. And it may soon bite into your bank account.

Transfer Fees

The following fees apply to transactions requested through HDFC Bank's RemitNow and commission on foreign outward remittances made using NetBanking:

• Up to USD 500 or equivalent - Rs. 500 per transaction

• If the amount exceeds USD 500 or equivalent - Rs. 1000 per transaction

Additional Costs

In addition to the fees indicated above, all foreign currency transactions are subject to a tax of Goods and Services Tax (GST). Currently, the GST rates that apply are as follows:

• On the amount of commissions, fees, and charges paid, 18% of the amount is charged.

• On any currency drawls under LRS exceeding INR 7 lakhs in a financial year, a 5% Tax collected at Source (TCS) would be applied.

• TCS at 0.5% will apply to remittances sent for the purpose of pursuing an abroad education if the funds were received through a financial institution's educational loan.

How Do HDFC Bank Transfer Fees Compare to Using a Money Transfer Provider?

It's usually a good idea to double-check the conversion rate given on transfers, as certain banks, such as HDFC, charge a convenience fee on top of the exchange rate, making your money transfers more expensive.

You may consider private money transfer providers when receiving money from or sending money to overseas, since they are a lot more convenient, quicker, and less expensive alternatives.

HDFC Bank Pros and Cons

HDFC has its own shares of advantages and disadvantages, just like any other banks.

HDFC Bank Swift Codes

How to Open an Account and Transfer Money With HDFC Bank

HDFC savings accounts may be opened in one of two ways: online or offline. You can select any of them based on your preferences. Money transfers can then be made once the account has been opened, whether online or in person.

Opening an Account

How to create an online HDFC savings account:

• Step 1: Go to HDFC Bank's official website, hdfcbank.com.

• Step 2: From the 'Select Product Type' box, select 'Accounts.'

• Step 3: Select 'Saving account' from the 'Select product' menu once more.

• Step 4: Select 'apply online' from the drop-down menu.

• Step 5: Choose whether you are a current or new client, and then verify yourself by filling out the form.

• Step 6: Fill in the needed information, such as your name, contact information, and address.

• Step 7: Confirm all of the information using documents such as a PAN card, an Aadhaar card, or any other document requested by the bank.

• Step 8: A bank official will verify your documents.

• Step 9: Following the successful verification of your KYC papers, you will get a welcome package comprising a debit/ATM card, PIN, and checkbook.

• Step 10: After your account has been activated, you may register your mobile number and use the checkbook and debit card to conduct banking transactions.

How to create an HDFC savings account offline:

• Step 1: Take your original and copies of KYC papers to the nearest HDFC Bank office.

• Step 2: Complete the application form by filling in all of the needed information.

• Step 3: Attach a photocopy of all of the papers specified.

• Step 4: When you've finished filling out the form, hand it over to the counter.

• Step 5: A bank official will check the information you gave in the form.

• Step 6: Your account will be enabled after it has been approved.

Opening an HDFC bank account necessitates the submission of the following documents:

• Passport, driver's license, voter's ID card, and other forms of identification are acceptable.

• Passport, driver's license, voter's ID card, etc. are all acceptable forms of proof of address.

• Form 16 of the PAN card (only if PAN card is not available)

Transferring Money

You may get money from HDFC in almost any part of the world. HDFC provides a variety of simple options for receiving money from overseas in India. Some of these ways need you to have an HDFC account in India, but others allow you to transfer foreign funds to non-HDFC accounts.

To receive money from overseas, HDFC bank offers SWIFT/telegraphic transfers, QuickRemit, IndiaLink, demand drafts, checks, and third-party fund services. Depending on your individual needs, the location from where the transfer is made, the frequency of transfers, and your proximity to an HDFC branch, you may pick the form of transfer.

Additional Information

Funds may be transmitted to India through HDFC's partnerships with a select international online money transfer firms. HDFC has partnerships with four of these firms in the United States: Xoom Corporation, Wells Fargo, Remitly, and Transfast6. These third-party suppliers are far more straightforward and convenient to work with, although they, like banks, can charge hefty fees and conversion rates.

Customer Service Details for Users of HDFC Bank

Banking clients can approach the Branch Manager personally or call/write to the Bank using the following contact information if they have any questions or complaints:

• Call the above-mentioned HDFC customer service (Phone Banking) numbers.

• Write to :

HDFC Bank Ltd., New Building, “A” Wing, 2nd Floor,

26-A Narayan Property, Chandivali Farm Road, Off Saki Vihar Road, Chandivali, Andheri (East), Mumbai - 400 072.

• Email: support@hdfcbank.com

For grievances other than Shareholder grievances, you can send your communication to the following email addresses:

• Depository Services : dphelp@hdfcbank.com

• Retail Banking / ATM / Debit Cards / Mutual Fund :support@hdfcbank.com

• Loans; Advances / Advance against shares: loansupport@hdfcbank.com

• Credit Cards : customerservices.cards@hdfcbank.com

Summary

For decades, HDFC Bank has provided the best-in-class financial and banking products and services, claiming the title of beingIndia's most trusted bank. It has not only kept ahead of the competition by developing innovative products, but it has also made banking simple and convenient for clients by using a variety of digital channels.

You can access your bank account and conduct almost all transactions from your laptop or smartphone using HDFC Bank NetBanking and MobileBanking services. These transactions can be completed on weekends, holidays, and outside of regular business hours. Also, its Eva Chatbot can answer any question you may have.

In the post-lockdown period brought about by COVID19, you may now make contactless payments with HDFC Bank PayZapp (e-wallet), Smartbuy (e-commerce venture), and Contactless Visa Debit/Credit Cards. PayZapp and SmartBuy not only offer a more convenient method to pay utility bills and purchase online, but they also give attractive discounts and rewards that you can use to boost your savings.

While there are many competitors in the banking industry, you must choose one that is trustworthy and meets particular important requirements to meet your demands, and HDFC Bank is one of them.

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