Which bank gives the best exchange rates for money transfer?

Wondering which bank gives the best exchange rates? Read on.

The exchange rate is nothing but the rate at which one currency is exchanged for another. It can also be termed as the value of the currency in one country in terms of the currency of another country. The exchange rate is also called as foreign exchange rate or forex rate or FX rate. The value changes every day depending on the economic condition of the countries.

For example, if 1 dollar = Rs. 62 in a day and if you want to transfer $100 to India, you may not receive Rs.6200 at the other end because the banks may add transaction fee, service tax, etc and you will get an amount less than Rs.6200 and that depends on the bank through which you are transferring money.

Different banks in India will have different exchange rates and other charges. So one has to choose the bank which offers the best value with fewer fees.

The exchange rate may be either an Indicative exchange rate or a confirmed exchange rate. In the Indicative method, the exchange rate will be applied on the date and time of conversion of the money whereas, in the confirmed rate method, the exchange rate is fixed at the time of initiation of the transfer. So it is also called Fixed Rupee Transfer.

Banks giving The best money exchange rates to India

Let’s take a look at which banks give the best exchange rates from India to the USA.

ICICI – Money2India

ICICI Bank’s Money2India service enables customers to send money from any bank account in the US to any bank account in India. The service offers a fast, safe and convenient way to send money to India. Customers can send money online or through the ICICI Bank Mobile App. The service is available 24/7 and customers can track their transfers online.

ICICI Bank offers the Money2India facility for transferring money to more than 100 banks in India from the USA. The current exchange rate can be found on the website. The remittance charge varies depending on the mode of transfer and the amount.

Here is an example of today’s exchange rates (Aug 26, 2022)

The service tax is calculated as below.

For amount <= Rs.1 lakh – 0.12%
For amount > Rs. 1 lakh and <= Rs. 10 lakh 0.06%
For amount >=Rs.10 lakh – 0.012%

In addition to service tax, an education cess of 3% on the tax is also applicable. The exchange rate usually has two slabs, one for amounts < $10000 and another for amounts >= $10000. The second exchange rate is better than the first one. The delivery of the transfer amount can be a demand draft, bank account, remittance card, or visa card account. ICICI Bank has both fixed and indicative exchange rates.

SBI Express Remit

SBI Express Remit is a fast, safe and convenient way to send money to India from another country. It is one of the most popular money transfer services in Singapore with over 10,000 agent locations.

Some of the key features of SBI Express Remit include:

• Fast and reliable: Money is transferred within minutes
• Safe and secure: All transactions are protected by 128-bit SSL encryption
• Convenient: Send money from any location in Singapore
• Competitive rates: Get competitive exchange rates for your transaction
• 24/7 customer support: Customer support is available 24/7 to help with any queries

SBI Express Remit is one of the safest ways for transferring money to India. SBI does not charge anything for remittance but it has other fixed charges like currency conversion charge – Rs.25, Interbank money transfer charge – Rs.6 (up to $500). The service tax is calculated as below.

For amount <= Rs.1 lakh – 0.12%
For amount > Rs. 1 lakh and <= Rs. 10 lakh 0.06%
For amount >=Rs.10 lakh – 0.012%

In addition to service tax, an education cess of 3% on the tax is also applicable.

HDFC Bank – Quick Remit

HDFC Quickremit is a fast, convenient and safe way to send money to India from anywhere in the world. With Quickremit, you can send money to your loved ones in India in just a few clicks. Quickremit is available online and through the HDFC Bank mobile app.

Some of the key features of HDFC Quickremit include:

• Fast: Money is transferred to your recipient’s bank account in India in just a few minutes
• Convenient: You can send money anytime, anywhere – 24/7
• Safe and secure: Quickremit is powered by HDFC Bank, one of India’s leading banks. Your money is always safe and secure
• Easy to use: Quickremit is easy to use and requires no registration. Just enter your recipient’s bank account details and the amount you want to send, and you’re done!

HDFC Bank offers Quickremit facility for transferring money to India from the USA.

In addition to service tax, an education cess of 2% and GST are also applicable. The minimum and the maximum amount per transaction are $100 and $5000.The transfer can be tracked online.

Axis Bank -Remit Money

AxisBank Remit Money is a safe, secure, and convenient way to send money to India from anywhere in the world. With AxisBank Remit Money, you can send money to your loved ones in India in just a few clicks. All you need is an internet connection and a valid email id.

Some of the features of AxisBank Remit Money are:

• Send money to any bank account in India
• Instant money transfer
• Option to schedule transfers
• Track your transactions
• Competitive exchange rates
• Safe and secure

Axis Bank’s Remit Money service offers two types of transfers namely ACH transfer and Smart wire transfer. The exchange rates are based on the transfer amount which can come under the 4 or 5 slabs given. There is no remittance charge in ACH transfer. In Smart wire transfer, the remittance charge is $10 if the amount <= $10,000.

The service tax is calculated as below.

For amount <= Rs.1 lakh – 0.12%
For amount > Rs. 1 lakh and <= Rs. 10 lakh 0.06%
For amount >=Rs.10 lakh – 0.012%

In addition to service tax, an education cess of 3% on the tax is also applicable. The current exchange rate can be found on the Exchange Rates page.

The pros of Axis Bank include the following:

• The bank offers a wide range of products and services, including remittances.
• The bank has a large network of branches and ATMs, which makes it convenient for customers.
• The bank provides good customer service and is responsive to customer queries.

The cons of Axis Bank include the following:

• The bank charges high fees for some of its products and services.
• The bank has been involved in some controversies (source), which may make some customers hesitant to use its services.

Kotak Mahindra Bank – Kotak Remit

Kotak Remit is a leading provider of online money transfer services in India. They offer a safe and convenient way to send and receive money internationally. Kotak Remit offers competitive exchange rates and low transfer fees, making it an affordable and convenient option for sending money abroad. Kotak Remit also offers a range of other money transfer services, such as domestic money transfers, mobile top-ups, and bill payments.

Kotak Mahindra Bank offers the Kotak Remit scheme for sending money to India. The sending mode can be direct transfer or online wire transfer and the receiving mode is demand draft, credit card, or bank account. There is no transaction or remittance fee for the money transfer.

The transaction limit is $5000 for direct transfers and $500000 for online wire transfers per day. In a direct transfer, money is sent by activating the overseas account and making a transfer request. In wire transfer, the wire transfer instructions are sent to the remitting bank. The current exchange rates can be found on the Exchange Rates page.

Bank of Baroda Remittance

The Bank of Baroda’s remittance services is designed to make it easy and convenient for customers to send money back home. The service offers a number of features and benefits that make it an attractive option for those looking for an affordable and reliable way to send money.

One of the main benefits of the Bank of Baroda’s remittance service is the low fees that are charged. The service is also very fast and efficient, with money typically being received within 24 hours. Another key benefit is the fact that the service is available in a number of different currencies, making it ideal for those sending money to countries all over the world.

Bank of Baroda offers remittance services for sending money to India and the transfer fees are calculated as below.

$11-$200 – $3
$201-$500 – $6
$501-$5000 – $9

The current exchange rate can be found on the Exchange Rates page.

Indian Bank’s Remit to India

Some of the features and benefits of Indian Bank’s remittance services include:

• The ability to send money to India from anywhere in the world
• Competitive exchange rates
• Fast and reliable service
• Convenient online platform
• 24/7 customer support

These are just some of the many reasons why Indian Bank’s remittance services are a great option for those looking to send money to India. If you’re looking for a reliable, fast, and convenient way to send money to India, Indian Bank’s remittance services are definitely worth considering.

Indian Bank offers the Remit to India for sending money to India and the transfer fees are calculated as below.

$11-$200 – $3
$201-$500 – $6
$501-$5000 – $9

The current exchange rate can be found on the Exchange Rates page. Online tracking of the transfer is available. The maximum amount per transaction is $5000.

IndusInd Bank’s FastRemit Services

IndusInd Bank’s FastRemit Services is a quick, easy and convenient way to send money to India. The service offers a host of features and benefits that makes it an ideal choice for those looking to send money back home.

Some of the key features of the service include:

• Competitive exchange rates: IndusInd Bank offers some of the most competitive exchange rates in the market, ensuring that you get more bang for your buck.
• Low transfer fees: The service charges a nominal fee for each transaction, making it very affordable to use.
• Multiple payment options: You can choose to pay for your transfer via bank transfer, debit/credit card, or even through IndusInd Bank’s own online banking platform.
• Quick and easy to use: The whole process is very simple and can be completed in just a few minutes.

The benefits of using IndusInd Bank’s FastRemit Services are numerous. With its competitive rates, low fees, and easy-to-use platform, it is the perfect way to send money back home to India.

The IndusInd bank offers the IndusFastRemit scheme for sending money to India from the USA.

The transaction fee is NIL in IndusIndBank and the money reaches the receiver in 3 to 4 days. The current exchange rate can be found on the Exchange Rates page.

Summary

Most Indian bank’s have their own inward remittance services and each of them are different in two key areas.

• Speed of transfer – Some banks offer faster turnaround times but most services take more than 3-4 days.
• Exchange rates – Exchange rates are less as compared to private money transfer services like Wise, Remitly, Xoom or RIA.

Banks can give you convenience if you are their current customers and they always give benefits to their best customers. If you are looking for better and competitive exchange rates, then private money transfer services are comparably better.

All the best!