Kotak Mahindra is an Indian bank that was founded in February 2003 by billionaire banker, Uday Kotak. The bank employs 71,000 people across the country and the company headquarters are in Mumbai, India. Reports indicate the bank has total assets amounting to $64 billion, with an operating income of $2.2 billion. This review will evaluate the international payment practices employed by Kotak Mahindra Bank, as we decide if this is a quality money transfer service provider.
Kotak Mahindra Bank offers various services such as mortgage loans, insurance, credit cards, commodities, banking, investment management, mutual funds, private equity, risk management, wealth management and asset management. It’s an all-in-one bank working to provide convenient and practical international services and expand its market share, in a bid to increase its current customer base.
You can make international money transfers with Kotak Mahindra’s remittance service: Click2Remit. Recipients in India can receive money using this service, with a waiting time of 1-2 business days. Alternative services such as Wise offer faster transfers that allow for funds to reach the recipient’s account within seconds.
In this section we will assess the average rate of conversion for foreign exchange charged by Kotak Mahindra Bank, along with the transfer fees that may be incurred.
Exchange Rate: the exchange rate when executing international money transfers with this bank is significantly worse than the mid-market rate. This is because Kotak Mahindra Bank adds a foreign exchange spread of 1 - 3% to all currency conversions; an extra cost to consider when arranging an international transfer with this bank. The conversion rate markup will depend on the amount sent and specific currencies involved in the transaction.
Transfer Fees: There is a charge of ₹1000 INR (13.43 USD) per transaction, which is a high flat fee that most dedicated money transfer services don’t charge. The flat fee structure is not ideal for individuals that want to send smaller transfers because the same fixed costs apply to all cross-border payments, regardless of the amount.
Additional Costs: There are no additional fees for using Kotak Mahindra Bank to send money internationally. The flat fee and poor conversion rates are the only charges customers need to be aware of.
Kotak Mahindra Bank offers a competitive service compared to competitors in the banking world, but the fees are much higher than money transfer service providers. Services such as WorldRemit, TorFX, Currencies Direct, CurrencyFair, Key Currency and InstaRem charge lower flat rates or only a percentage of the transfer amount. Therefore, you can send smaller transfers without giving up a significant portion of the transaction.
By presenting a clear list of Kotak Mahindra Bank’s strengths and weaknesses, our readers can make a more informed decision on whether they are the right fit for their next money transfer.
We will provide an easy to follow step-by-step guide for customers sending an international transfer with Kotak Mahindra Bank.
It is possible to open a Kotak Mahindra Bank account by downloading their app or using the desktop to access their website. To get started, you will need to provide your full name, mobile number and email. In addition to this, you must be a resident of India to open an account: people living in other countries cannot open an account and send money internationally. Those who are not residents of this country will need to use alternative money transfer services like WorldRemit and Wise.
It’s simple to send money using Kotak Mahindra Bank. Here is an overview of the process:
Log into your personal bank account using the desktop or smartphone app.
Next, choose the intentional money transfer section and enter the recipient details. You’ll need to enter their name, bank name, bank address and account number. Generally, the details depend on where the money is being sent.
Enter the amount you wish to send and review the transaction before confirming.
Money transfers can be executed using only the recipient’s mobile number; no bank details needed
Transfers supported in 15 different currencies including popular currencies AED, CAD, CHF, EUR, USD, GBP, JPY and SEK.
International money transfers available to those who do not bank with Kotak Mahindra
Remittance requests can be placed 24/7.
Click on the Help Center link on the top right-hand side of the website to access their FAQ section. Also, live chat is available by clicking on the icon on the bottom right-hand side. Support is also available at any of their branches.
Kotak Mahindra Bank offers different banking services that modern customers expect. Their international money transfer service offers 1-2 business day processing time and service can be used with 15 currencies; these services are even available to those who do not bank with Kotak Mahindra.
However, due to the long transfer times and substantial fees Kotak Mahindra Bank is not the best option for sending money internationally. Check out our Wise money transfer review, to see the kind of alternative that offers to save you money and quicker processing times.
Next we will provide an overview of the most commonly asked questions relating to Kotak Mahindra Bank’s international transactions.