HDFC International Money Transfer Vs Axis Bank International Transfer: When planning for overseas education, several things come as a concern. These concerns include finding the right accommodation, international money transfer, the right university, the right course, and much more. Arranging finances is one such major issue to be resolved before planning to study abroad.
Apart from arranging finances, transferring international money is another concerning thing. In this blog, we will explore and compare the process of transferring international money with the help of HDFC Bank and Axis Bank.
Table of contents
Also Read: A Comprehensive Guide To Track International Wire Transfer
HDFC International Money Transfer
HDFC is India’s largest private sector bank and is considered one of the most preferable choices for international money transfer. The primary question which strikes our mind while choosing a bank is their transfer fees.
| Cost of Transfer | HDFC Bank |
| Transfer fee | Depends on the value of the payment |
| Exchange rate markup | A percentage rolled up in the exchange rate |
| Correspondent bank fees | Paid to other banks involved in processing the payment |
HDFC Bank offers a variety of options to transfer international money. These include
- You can transfer money with the help of wire Transfer (SWIFT/IBAN). It is considered the traditional method of ensuring the security of your funds.
- Quickremit and RupeeDollar is a preferred method of transferring money by NRIs. It offers competitive rates with low transaction fees.
- While travelling abroad, you can use Forex prepaid cards as well. The fluctuations in exchange rates are protected by the bank in this case.
- Demand Draft is another option that is widely used and acceptable across the globe.
Axis Bank International Money Transfer
Axis Bank is another preferable choice for international money transfers. The transfer fees may vary depending on the amount of the transaction. The bank offers a wide array of options to transfer international money. These include
- For a wide range of international transactions wire transfer with the help of SWIFT codes is a preferable option.
- Axis Bank’s outward remittance service provides an option to transfer international money for education, health, and investment purposes. Competitive exchange rates are offered.
- For travellers, Axis Bank’s multi-currency travel cards offer an ideal choice.
- Similar to HDFC Bank, Axis Bank provides foreign currency demand drafts for making secure payments abroad without a foreign bank account.
Also Read: A Comprehensive Guide For The Documents Required To Transfer Money Abroad For Education
Difference between HDFC and Axis International Transfer
Although there is not much difference between HDFC and Axis international transfer, the transaction cost and exchange rates may vary. There are several other things which may differ in both cases. Check out the major differences between the two.
| Category | HDFC Bank | Axis Bank |
| Transfer Service | Wire Transfer, Remittance, Forex Cards, DD | Wire Transfer, Outward Remittance, Travel Cards, Demand Drafts |
| Exchange Rates | Upto Rs. 1 lakh GST – 0.18% of ACE Between Rs. 1 lakh and up to Rs. 10 lakh GST – INR 180 + 0.09% of ACE Above Rs. 10 lakh GST – INR 990 + 0.018% of ACE *Exchange rates include a markup | INR 50,000 – 3% exchange rate markup adds 1,500 INR to the total 100,000 INR – 3% exchange rate markup adds 3,000 INR to the total INR 500,000 – 3% exchange rate markup adds 15,000 INR to the total *Exchange rates include a markup |
| Transaction Fees | HDFC: 1,000 INR + exchange rate markup + correspondent bank fees Wise: 1,816.60 INR transfer fee and no markup on the mid-market exchange rate. Western Union: No transfer fee, but a markup is added to the mid-market exchange rate | Up to USD 500 or equivalent – Rs. 500/- per transaction Above USD 500 or equivalent – Rs. 1000/- per transaction Note: On the amount of commission, fees and charges paid – @ 18% of the amount of the commission/fees/charges. |
| Transfer Fees | 500 INR transfer fee + 500 INR SWIFT fee | 1,000 INR + exchange rate markup + 500 INR SWIFT charges. |
| Transfer Speed | HDFC: up to 3 days Wise: 80% of payments arrive in 24 hours Western Union: 0 – 1 business days | Typically 1-5 business days for standard transfers; express options are available |
| Transfer Limit | 250,000 USD/year | 250,000 USD/year |
| Additional Services | Forex Prepaid Cards, Demand Drafts | Travel Currency Cards, Foreign Currency Demand Drafts |
| Pros | Send in up to 22 currenciesRemittances can be made up to RBI limitsFamiliar and reliable service | Send payments in over 100 currencies Make transfers online or in the branch |
| Cons | Visit a branch to arrange your transfer Overall costs can be high and include SWIFT fees Exchange rates are likely to include a markup | Exchange rates include a markupSeveral fees, including agent charges, may apply |
FAQs
Some of the specialized digital providers like Wise offer a lower overall cost.
All the Indian Banks charge wire transfer fees.
Generally, most of the banks take 3-5 business days to complete the transfer process.
To know more about the international money transfer process, the best international bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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