HDFC Bank Forex Rates
For travellers, getting hold of local currency is one of the first tasks to undertake if they want to have a smooth travelling experience. And it’s never easy to buy forex in a foreign country. Buying foreign exchange can sometimes be a significant hurdle in a foreign country, and it might just take the leisure out of your leisure trip.
Going to exchange counters at airports, trusting forex touts and buying from unreliable sources is now a thing of the past.
How to buy forex online?
How to buy forex online?
If you are planning an abroad trip, don’t forget to check out these tips before buying your foreign currency. Choose only reliable service for the best forex rates online. To buy forex online, just log on to the source website, fill in the required details and choose the best forex rates according to the day of exchange. What’s more, you can even buy forex online and get it delivered to your doorstep, or pick up your forex from one of our branches.Some of forex currency trader provide such facilities.
|Description of Charges||Forex Services|
|Foreign Exchange Transactions|
|Remittance Outward*||Commission : Upto USD 500 or equivalent Rs. 500/- flat Above USD 500 or equivalent Rs. 1000/- flat|
|Remittance Inward||No Charge|
|Other Foreign Exchange Transactions|
|FCY Cash – Selling||No Charge|
|FCY Cash – Encashing||No Charge|
|FCY Demand Drafts – Issuance||Upto USD 500 or equivalent Rs. 200/- flat Above USD 500 to USD 10000 or equivalent Rs. 300/- flat Above USD 10000 or equivalent Rs. 500/- flat|
|FCY Demand Drafts – Cancellation||Rs. 50/- per Demand Draft|
|FCY Cheque Collection (FCY personal cheque, FCY DD’s sent for collection)*||0.25% of INR value (Min. Rs. 250/- per transaction) Plus Courier of Rs. 50/- per cheque For Transactions value upto USD 500 – Rs 200/- per transaction plus courier charge Rs. 50/- per instrutment
Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks.
|FCY Cheque Return*||Under Cash Letter arrangement – Rs. 100/- per cheque
Under Final Credit service arrangement – Rs. 250/- per cheque
Plus Correspondent Bank Charges as below :
USD Cheque – USD 10 per cheque
GBP Cheque – GBP 15 per cheque (For Any Amount below GBP 1000)
GBP Cheque – GBP 25 per cheque (For Any Amount above GBP 1000)
AUD Cheque – AUD 35 per cheque
SGD Cheque – SGD 12 per cheque
AED Cheque : INR 100 per cheque plus drawee bank charges
CAD Cheque – CAD 10 per cheque
EURO Cheque – EUR 100 per cheque plus drawee bank charges
Other Currencies – USD10 -50 per cheque plus drawee bank charge
|Card rates base file revised_NEW with SOFR.xlsx|
|Currency Type||Currency (In Rs.)||Cash Buying||Cash Selling||Bills Buying (Trade)||Bills Selling (Trade)||T.T. Buying (Inw Rem)||T.T.
Selling (O/w Rem)
|Forex cards (Cash out) & TC Purchase||Forex cards (Load / reLoad) & TC sale||DD
|Great Britain Pound||GBP||96.87||103.29||97.35||101.81||98||101.26||98||101.56||101.81|
|Hong Kong Dollar||HKD||8.88||10.51||9.31||9.99||9.37||9.93||9.37||9.96||9.99|
|New Zealand Dollar||NZD||46.61||55.61||48.85||52.85||49.13||52.57||49.13||52.73||52.85|
|United States Dollar||USD||73.27||77.21||73.6||76.88||74.09||76.46||74.09||76.69||76.88|
|South African Rand||ZAR||4.26||5.22||4.47||4.91||4.49||4.89||4.49||4.9||–|
Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks, excluding remittances sent under Full value facility.
Cheques drawn in one currency payable in another country where currency is different will take a longer period to realise and would attract charges of various correspondent banks as per their own tariff schedule over which we do not have any control. For e.g. A cheque drawn in USD payable on a bank in Singapore or Cheque drawn in GBP payable on a bank in South Africa or Cheque drawn in USD payable in Canada.
Goods and Services Tax: All foreign exchange transactions are subject to levy of Goods and Services Tax (GST), which is payable in addition to the charges mentioned above. Presently, the applicable rate of GST is as under:
On amount of commission, fees and charges (including Full Value charges) paid – @ 18% of amount of the commission/fees/charges.
On amount of foreign currency exchanged as per below slab:
Amount of Currency Exchanged (ACE) GST rates Minimum GST Maximum GST
Upto Rs. 1 lakh 0.18% of ACE Rs. 45 Rs. 180
Between Rs. 1 lakh and up to Rs. 10 lakh INR 180 + 0.09% of ACE Rs. 180 Rs. 990
Above Rs. 10 lakh INR 990 + 0.018% of ACE Rs. 990 Rs. 10,800
Tax Collected at Source: The Finance Act, 2020 has introduced new Income tax provisions on Foreign Exchange transactions under Liberalised Remittance Scheme (LRS), effective October 1, 2020.
As per the new provisions:
Tax Collected at Source (TCS) @ 5% shall be applicable on all forex drawls under LRS exceeding INR 7 Lakhs in a financial year.
TCS shall be applicable on all LRS transactions including forex drawl through FCY Cash Sell, Forex Cards issuance / load / reload, FCY DD issuance and Outward Remittances.
For transfers from Resident Individual Account to NRO Account towards Gift / Loan, TCS will not be applicable and the amount transferred will not be subsumed under the aggregate threshold limit of INR 7 Lakhs per financial year as mentioned above.
For remittances towards pursuing overseas education, TCS @ 0.5% shall be applicable, if the amount remitted is obtained through an educational loan from a financial institution as specified u/s 80E of the Income-tax Act, 1961.
If the amount remitted towards overseas education is out of own funds or loan from any other entity (i.e. not from education loan obtained from a financial institution explained above), TCS @ 5% shall be applicable on aggregate remittance exceeding INR 7 lakhs per FY.
Forex drawls towards Overseas tour packages shall attract TCS @ 5% of the total remitted amount and the amount remitted will be subsumed under the threshold limit of INR 7 Lakhs mentioned above.
The TCS rates mentioned above are to be increased by applicable surcharge as well as Health and Education Cess in case the remitter is not a resident as per the Income-Tax Act, 1961.
Income taxable in India Rate of TCS Surcharge Health and education cess Effective rate of TCS
Below Rs. 50 lakh 5% 0% 4% 5.20%
Rs. 50 lakh to Rs. 1 crore 5% 10% 4% 5.72%
Above Rs. 1 crore to Rs. 2 crore 5% 15% 4% 5.98%
Above Rs. 2 crore to Rs. 5 crore 5% 25% 4% 6.50%
Above Rs. 5 crore 5% 37% 4% 7.12%
The bank does not charge any fees for its Foreign Currency Cash services. Only GST charges will be levied.
All foreign exchange transactions are subject to levy of Goods and Services Tax (GST), which is payable in addition to the charges mentioned above.
Presently, the applicable rate of GST are as under :-
1. On amount of commission, fees and charges paid – @ 18% of amount of the commission/fees/charges.