Kotak Bank provides many services such as Money Transfers, Wire Transfers, Remittances from Exchange House, Foreign Currency Cheques, wealth management, and Investment and Insurance. If you are a student studying abroad and want to transfer money internationally, then you can use Kotak Bank International Money Transfer service. With Kotak International Transfer you can transfer money in 15 currencies. The bank charges transfer fees and exchange rate fees on each overseas fund transfer. Keep reading the blog to learn details of Kotak International Transfer.
| Bank Name | Kotak Bank |
| Headquarters | Mumbai |
| Number of Employees | 72,500 |
| Services Provide | Financial services |
About Kotak Bank
Kotak Mahindra Bank, commonly known as Kotak Bank, is a prominent private-sector bank in India. It was established in 1985 and is headquartered in Mumbai. Kotak Bank offers a wide range of financial products and services to individuals, businesses, and corporates.
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Charges and Fees for Sending Money with Kotak
While processing the Kotak Bank international transfer there is a fee of 1000 INR plus GST for each transaction. Instead of the mid-market exchange rate that can be found on Reuters or Google, you get the Kotak bank exchange rate.
| Exchange rate | USD | INR |
| Kotak Remiit | $1 | ₹70.77 |
| Mid-Market | $1 | ₹69.44 |
Charges and Fees to Receive Money with Kotak
In the process of Kotak Bank international transfer, Kotak does not charge a cost for receiving money, but there is a price that is subtracted through the exchange rate. The exchange rate that Kotak determines is less than the rate that appears on Reuters or Google. The mid-market exchange rate is the rate that banks use to transfer funds among themselves.
| Exchange Rate | $1 | $1000 |
| Mid Market | ₹69.45 | ₹69,450 |
| Kotak | ₹68.77 | ₹68,770 |
| Difference | ₹0.68 | ₹680 |
Receive international Funds with Kotak
- Kotak offers a service called Click2Remit that allows users to send money to India from anywhere in the world.
- Both Kotak account holders and those without accounts can use Click2Remit. Therefore, your sender can still utilize Click2Remit to deposit money into your Indian bank account even if you don’t have a Kotak account.
- Before using their services, your sender must first sign up for a Click2Remit account. Using Click2Remit, you can send money via wire transfer, bank transfer, or direct transfer.
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How to Send Money Abroad with Kotak
To initiate a kotak bank international transfer, you would typically follow these general steps:
- Visit a Kotak Bank branch or access their online banking platform, if available, and log in to your account.
- Provide the necessary details such as the recipient’s name, bank account number, and bank details (including the SWIFT code and branch address). Ensure that you have accurate and up-to-date information to avoid any delays or issues.
- Select the amount you wish to transfer and the currency in which you want the transfer to be made.
- Depending on the bank’s policies, you may be required to provide additional information, such as the purpose of the transfer.
- Pay the applicable fees and charges associated with the international money transfer. Kotak Bank will provide you with the details of the fees involved.
- Review the transfer details, including the exchange rate, fees, and transfer amount, to ensure accuracy.
- Once you confirm the transfer, Kotak Bank will process your request. The time taken for the transfer to reach the recipient’s account may vary depending on various factors, including the destination country and the intermediary banks involved in the transfer.
How Much Time Does it Take to Receive Money with Kotak?
The Kotak Bank international transfer Depending on the method your sender chooses, the time will vary.
- It can take 5-7 business days for a direct deposit.
- Transfers by wire and bank can take 2-4 business days.
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Sending Money Abroad with Kotak
Residents of India and NRIs with Kotak NRE accounts can move money to a bank account abroad with the help of Kotak Bank’s remit platform. You don’t need to have a Kotak account to use Kotak Remit if you live in India. The service accepts 15 different currencies and can be used for the following purposes:
- Maintaining close family members overseas
- Studying abroad
- Treatment overseas for illness
- Foreign immigration
- Working overseas
- Student tuition
- Travelling for learning
- Travelling for medical care
- Gift
documents required
You can either make Kotak international money transfer through online mode or by visiting a nearby branch. For making the transfer, you will have to provide the bank with a range of documents. They can vary depending on your nationality, your current residence status as well as the payment purpose.
If you’re an Indian citizen who wants to send money overseas in order to fund education, then you will have to provide:
- PAN card
- Combined A2 and LRS application cum declaration
- A student visa if available
- Offer letter from an accredited educational institute
FAQs
Ans: To open an account with Kotak Bank, you can visit their nearest branch and provide the necessary documents, such as identification proof, address proof, and photographs. You may also have the option to open an account online, if available.
Ans: Kotak Bank offers various types of accounts, including savings accounts, current accounts, fixed deposit accounts, recurring deposit accounts, and demat accounts.
Ans: Kotak Bank provides online banking facilities. You can access your account online by visiting their official website or by using their mobile banking app. You will need to register for Internet banking and create login credentials to access your account digitally.
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