HDFC International Money Transfer Vs Axis Bank International Transfer: Know the Difference

HDFC International Money Transfer Vs Axis Bank International Transfer
Home » International Money Transfer » HDFC International Money Transfer Vs Axis Bank International Transfer: Know the Difference

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.

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 TransferHDFC Bank
Transfer feeDepends on the value of the payment
Exchange rate markupA percentage rolled up in the exchange rate
Correspondent bank feesPaid 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.

CategoryHDFC BankAxis Bank
Transfer ServiceWire Transfer, Remittance, Forex Cards, DDWire Transfer, Outward Remittance, Travel Cards, Demand Drafts
Exchange RatesUpto 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 FeesHDFC:  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 Fees500 INR transfer fee + 500 INR SWIFT fee1,000 INR + exchange rate markup + 500 INR SWIFT charges.
Transfer SpeedHDFC: 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 Limit250,000 USD/year250,000 USD/year
Additional ServicesForex Prepaid Cards, Demand DraftsTravel Currency Cards, Foreign Currency Demand Drafts
ProsSend in up to 22 currenciesRemittances can be made up to RBI limitsFamiliar and reliable serviceSend payments in over 100 currencies   Make transfers online or in the branch 
ConsVisit 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

What is the best way to transfer money internationally?

Some of the specialized digital providers like Wise offer a lower overall cost.

Is there any Bank that doesn’t charge wire transfer fees?

All the Indian Banks charge wire transfer fees.

How long does an international money transfer take?

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 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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About Farina Khan

Farina Khan is a journalist by profession and a writer by passion. She carries over a decade of experience in Journalism and Mass Communication and worked with some renowned media organisations like Doordarshan and Zee Media. She performed numerous roles during her work tenure including reporting, anchoring, and heading output as well. Her passion for writing, combined with dedication in delivering high-quality content, drives her to excel in the dynamic field of content writing. From thought-provoking articles to SEO-friendly blog posts, or engaging website content, She is here to bring the ideas to life through words.

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