Which bank gives the best exchange rates for money transfer?

Mani Karthik

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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.

A bank exchange rate is the rate at which a bank will exchange one currency for another.

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.

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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)

Send AmountExchange Rate
up to 999 USD78.90 INR
1000 to 1999 USD79.06 INR
2000 to 9999 USD79.22 INR
10000 USD and above79.46 INR

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.

Pros and Cons
The pros of ICICI Bank’s Money2India service include the ability to send money to India quickly and easily, as well as the fact that the service is available in a number of different currencies. The cons of the service include the fact that there is a limit on the amount of money that can be sent, and that there are fees associated with using the service.

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.

ICICI Money2India v/a SBI Express Remit

Both ICICI Money2India and SBI Express Remit service are popular money transfer services offered by banks in India. Both services allow customers to send money from their bank account to another bank account in India.

The main difference between the two services is that ICICI Money2India is a bit more expensive than SBI Express Remit. For example, if you want to send Rs.10,000 from your ICICI bank account to another bank account in India, you will need to pay a fee of Rs.300. On the other hand, if you use SBI Express Remit to send the same amount of money, you will only need to pay a fee of Rs.100.

Another difference between the two services is that ICICI Money2India allows you to send money online while SBI Express Remit requires you to visit a branch in order to send money.

Overall, both ICICI Money2India and SBI Express Remit are good options for sending money to India. If you are looking for a cheaper option, then you should use SBI Express Remit. If you prefer the convenience of sending money online, then you should use ICICI Money2India.

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.

HDFC Quickremit v/s SBI Express Remit
There are a few key differences between HDFC Quickremit and SBI Express remit. HDFC Quickremit is a bit more expensive, with a transfer fee of Rs. 2,500 for amounts up to Rs. 10 lakh. SBI Express remit, on the other hand, has a transfer fee of Rs. 1,000 for the same amount. HDFC Quickremit also offers a faster turnaround time, with transfers typically taking 2-3 days. SBI Express remit can take up to 5 days for transfers to be completed.

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.

Which bank gives the best exchange rates for money transfer?

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.

HDFC Quickremit v/s AxisBank Remit Money
There are a few key differences between HDFC Quickremit and AxisBank Remit Money services. For one, HDFC Quickremit offers more currency options for remittances, while AxisBank only supports a handful of currencies. Additionally, HDFC Quickremit is a bit more expensive, with fees starting at around $5 per transaction. Finally, HDFC Quickremit offers more customer support options, including phone and email support, while AxisBank only offers email support.

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.

Kotak Remit v/s Axis Bank Remit

Kotak Remit and Axis Bank Remit are both online money transfer services that allow users to send money to India. Both services have a similar process for sending money, but there are some key differences between the two.

Kotak Remit is a service offered by Kotak Mahindra Bank, one of the largest private banks in India. Axis Bank is one of the largest public sector banks in India.

Kotak Remit has a more user-friendly interface and offers a live chat option for customer support. Axis Bank Remit does not offer a live chat option.

Kotak Remit offers a higher exchange rate than Axis Bank Remit. Kotak Remit also has lower fees for sending money.

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.

Pros and Cons
There are many pros and cons to Bank of Baroda’s remittance services. Some pros include the fact that they offer a wide range of services, have a large network, and provide good customer service. However, some cons include the fact that they have high fees, their online platform is not very user-friendly, and they have been known to have slow processing times.

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.

Which bank gives the best exchange rates for money transfer?

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.

HDFC Bank's QuickRemit v/s Indus Ind Bank's FastRemit

IndusInd Bank’s FastRemit Services and HDFC Bank QuickRemit are both online money transfer services that allow users to send money to India from abroad. Both services offer competitive exchange rates and low fees, making them both good options for sending money to India.

However, there are some key differences between the two services. IndusInd Bank’s FastRemit service offers more flexibility when it comes to sending money, as it allows users to send money using a variety of methods including bank transfer, credit/debit card, and even PayPal. In contrast, HDFC Bank QuickRemit only allows users to send money via bank transfer.

Another key difference is that IndusInd Bank’s FastRemit service offers instant money transfers to India, whereas HDFC Bank QuickRemit can take up to 3 days for the money to arrive.

Finally, IndusInd Bank’s FastRemit service has a mobile app that allows users to track their transfers and receive updates on the status of their payments. HDFC Bank QuickRemit does not have a mobile app.

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!

10 Comments on “Which bank gives the best exchange rates for money transfer?”

  1. Can you tell me the reverse information ie sending outward remittance from India to US/Canada- Which Banks in India give the best rates for sending , Thanks !!
    And do we look at the Selling Rate when we remit funds (or Buying rate). I suppose its selling rate but just to confirm !

  2. I wanted to buy something from USA through debit card in amazon which deliver product to USA and then a cheap carrier service which ship that product to India…… They sell in usd but I have inr….. I don’t know anything about forex rates….. Present I have a debit card from Andhra bank…. I wanted to shift to any other bank and get a debit card from them…. Which banks debit card has less foreign exchange rate that I can use in USA too for my transactions overseas??

  3. In this article you discussed on money transfer to India from abroad.which bank is good for transferring money abroad from India.

  4. Good Information – How about Updating – the above 2017 may be out of date and also it is not clear whether the Institutions mentioned give the actual market rate and prevailing what time of day, when it is not Fixed rate

  5. Thanks for great compilation. I have certain doubts. Request you to clarify.
    1. How the service tax can vary from one bank to another as it is dictated by govt’s rules?
    2. In general which banks offer better conversion rates ( excluding commissions )?
    3. Does the time of the day decide the rate of conversion or does it remains same through out a particularly day?

  6. great piece of work, I like your above article. It helps me on my question thats make this post a great post.. thanks again..

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