Are you planning to do your foreign remittance from India? RemitNow, the online foreign outward remittance portal of HDFC Bank is a dynamic platform to consider.
RemitNow can be accessed by HDFC account holders on their HDFC NetBanking website or mobile app. Hence, you can skip the tiring bank visits and long queues.
This blog compares the overseas money transfer process through HDFC RemitNow and ExTravelMoney to help you make an informed decision. By the end of your reading, you shall be able to choose the right forex partner for your next international money transfer.
How To Send Money Abroad from an HDFC Bank Account?
A first-time foreign outward remitter must initially register for third-party payment.1
1. Registration for Third-party Payment
- Login to the HDFC Bank Net Banking website and visit the ‘Funds Transfer’ section.
- Select ‘Foreign Outward Remittance’
- Input the necessary details and click ‘Confirm’ to proceed.
2. Addition of Overseas Beneficiary
- Click the ‘Transfer within the Bank’ option of the ‘Funds Transfer’ tab.
- Fill in the required information about the beneficiary and click ‘Confirm’.
- The beneficiary shall be added within 30 minutes.
3. Transfer of Funds
- Return to the ‘Funds Transfer’ dashboard.
- Click the ‘Foreign Outward Remittance’ option.
- Enter the essential details and confirm the transaction.
Currencies Available for HDFC RemitNow Fund Transfer2
Commission On Foreign Outward Remittance through HDFC RemitNow
A commission is additionally charged by the HDFC Bank for the RemitNow services, apart from the GST and TCS taxes levied on international transfers under the Liberalised Remittance Scheme (LRS) by the RBI.3
- Rs 500 per transaction for money transfers up to USD 500 or equivalent.
- Rs 1000 per transaction for money transfers above USD 500 or equivalent.
- 18% of GST applied to the commission charged.
ExTravelMoney collects no commission from its customers. However, customers must comply with the LRS scheme of RBI and pay GST and TCS charges depending upon their transaction volume.
Foreign Exchange Rate Offered by HDFC RemitNow
While analysing the exchange rate offered by HDFC Bank based on their daily published rates, it can be observed that the rates are substantially higher than the IBR (Inter Bank Rate).4
| Institutions | USD-INR Exchange Rate |
| Inter Bank Rate5 | INR 83.69 |
| ExTravelMoney6 | INR 84.29 |
| HDFC | INR 85.05 |
Let’s consider the same for USD 10,000.
The amount you have to pay for the money transfer via HDFC Bank shall be
INR 8,50,500+
INR 1,000 (commission)+
INR 180 (GST on commission)= INR 8,51,680 (excluding taxes)
However, the amount that would cost you with ExTravelMoney is only INR 8,29,000.
You can save up to INR 22,680!
HDFC or ExTravelMoney? Key Factors Not to Miss for Overseas Money Transfer
| Factors | HDFC Bank | ExTravelMoney |
| Users | Indian residents and NRIs having a bank account in HDFC Bank | Indian residents and NRIs with a bank account in any Indian bank |
| Number of Money Transfer Purposes Allowed | 13 | 15 |
| Daily limit for money transfer | USD 100- USD 25,000 or equivalent | Depends on the customer’s bank |
| Maximum number of transactions per day | No limit | No limit |
| Annual limit for money transfer | USD 250,000 for resident Indians and USD 1,000,000 for NRIs | USD 250,000 for resident Indians and USD 1,000,000 for NRIs |
| Non-processing days | Saturday, Sunday, Indian and international bank holidays | Saturday, Sunday, Indian and international bank holidays (orders shall be accepted but no processing is done) |
| Maximum time taken for processing | 48-72 hours | 24-48 hours |
Choosing the right platform for international money transfers can significantly impact your finances. By carefully considering the discussed fees and service flexibility, seize the chance to opt for the most cost- and time-effective international money transfer service provider wisely.
Also Read: How Much Money Can You Send Abroad from India Without Tax?
Article resources:
- RemitNow foreign remittance ↩︎
- Currencies available for RemitNow ↩︎
- HDFC RemitNow fees ↩︎
- HDFC forex rates ↩︎
- Inter bank rates ↩︎
- ExTravelMoney forex rates ↩︎
Ann Mariya Job is the Associate Content Writer at ExTravelMoney.com. Holding a Bachelor’s in Journalism, she excels in creating deeply researched, engaging, and crisp content. Her work helps readers understand the complexities of foreign exchange, overseas money transfers, and international travel.