Bank Charges for Inward Remittance & Forex Rates Today in India (2026): HDFC, ICICI, SBI, Axis & PNB Compared
TL;DR - Summary
- What are inward remittance charges? - Inward remittance charges are the fees, foreign exchange costs and taxes that may be deducted when you receive money from abroad into an Indian bank account.
- What charges can apply to an inward remittance? - Depending on the bank and type of payment, you may pay receiving bank fees, forex conversion costs, intermediary or SWIFT charges, FIRC/BIRC-related fees and GST.
- How much do Indian banks charge for inward remittances? - Charges vary by bank, account type and whether the payment is a personal remittance or an export receipt. Personal remittances may be free at some banks, while other banks charge a flat fee; export receipts can attract separate processing charges.
- How much forex markup do banks charge on inward remittances? - Banks generally do not publish their forex markup as a separate percentage. Their TT buying rates can be below the mid-market rate, so comparing the bank's quoted rate with the mid-market rate shows the effective FX cost.
What Are Inward Remittance Charges in India?
Inward remittance charges in India are the fees and conversion costs deducted when money sent from abroad is credited to an Indian bank account. They include the receiving bank's fee, the forex markup on conversion to INR, intermediary bank deductions, FIRC fees and GST, and on today's rates they take 0.5% to 2% of a $15,000 payment, depending on the bank.
An inward remittance is any payment that enters India from another country. For a freelancer, that's a client invoice paid by SWIFT wire. For an exporter, it's the proceeds of a shipment. For an NRI's family, it's money sent home.
Who pays which charge depends on the charge code the sender picks on the SWIFT transfer:
- OUR: The sender pays all charges, including intermediary fees. You should receive the full amount, though your Indian bank can still deduct its own fee.
- SHA (shared): The sender pays their bank's fee and you pay everything after that. This is the default for most business payments.
- BEN (beneficiary): You pay all charges, including the sender's bank fee, which is deducted from the amount before it leaves.
For example, say a US client sends $2,000 under SHA. An intermediary bank deducts $20 in transit, so $1,980 reaches your Indian bank. Your bank then converts it at its own rate, which sits below the market rate, and adds its fee and GST. The flat fee you see on the bank's website is usually the smallest of these costs.
What Are the Different Types of Bank Charges for Inward Remittance?
The 5 types of bank charges for inward remittance in India are the receiving bank fee, the forex markup, intermediary or SWIFT charges, FIRC or BIRC charges, and GST. Only the receiving bank fee and certificate fee appear in a bank's schedule of charges; the forex markup and intermediary deductions are built into the amount you receive.
| Charge | Who levies it | When it hits | Shown upfront? |
|---|---|---|---|
| Receiving bank fee | Your Indian bank | When funds are credited | Yes, in the schedule of charges |
| Forex markup | Your Indian bank | At conversion to INR | No, built into the exchange rate |
| Intermediary or SWIFT charges | Correspondent bank(s) abroad | In transit, before the money reaches India | No, deducted from the amount |
| FIRC or BIRC charges | Your Indian bank | When you request the certificate | Usually yes |
| GST | Government, collected by your bank | On the bank fee and on the conversion | Rarely itemized clearly |
Receiving Bank Fee
This is the flat handling charge your Indian bank takes for processing the incoming wire. Among the 5 banks here, it ranges from nil for personal remittances at HDFC and SBI to ₹500 per export receipt at SBI and PNB. It's the only cost most people check, and it's usually the smallest.
Forex Markup
Banks convert your foreign currency at their TT buying rate, which sits below the mid-market rate you see on Google. The gap between the two is the markup. Banks publish their TT buying rates but not the markup as a percentage. On today's sheets it ranges from 0.23% at PNB to 1.80% at HDFC and Axis, which on $5,000 means ₹1,100 to ₹8,700.
Intermediary or SWIFT Charges
When the sender's bank has no direct relationship with your bank, the payment passes through 1 or more correspondent banks. Each one can deduct a fee, often $10 to $40, before the money reaches India. Your Indian bank has no control over these, which is why $1,000 sent can arrive as $975.
FIRC or BIRC Charges
A FIRC (Foreign Inward Remittance Certificate) or BIRC (Bank Inward Remittance Certificate) is proof that foreign money entered India. Exporters and freelancers need it for GST export claims and income tax records. Banks charge per certificate, from ₹200 at HDFC to ₹500 at PNB, and duplicates cost extra. Most banks now issue an electronic e-FIRC or e-FIRA linked to RBI's EDPMS instead of a paper certificate.
GST on Inward Remittance
GST at 18% applies in 2 places. First, on the bank's fee. Second, on the currency conversion itself, calculated on a notional value under Rule 32 of the CGST Rules:
| INR amount converted | Taxable value | GST at 18% |
|---|---|---|
| Up to ₹1,00,000 | 1% of the amount, minimum ₹250 | ₹45 to ₹180 |
| ₹1,00,001 to ₹10,00,000 | ₹1,000 + 0.5% of the amount above ₹1 lakh | ₹180 to ₹990 |
| Above ₹10,00,000 | ₹5,500 + 0.1% of the amount above ₹10 lakh, capped at ₹60,000 | ₹990 to ₹10,800 |
For example, converting ₹4,20,000 gives a taxable value of ₹2,600 (₹1,000 + 0.5% of ₹3,20,000), so GST is ₹468. Source: ICICI Bank GST rules
Add these 5 together and the real cost of receiving a payment is almost always higher than the fee on the bank's website. The next section puts the published fees and today's rates for each bank side by side.
TT Buying and TT Selling Rates Today at HDFC, ICICI, SBI, Axis and PNB
The TT buying rate for USD across India's 5 largest banks on today's published sheets
| Bank | USD TT buying (inward) | USD TT selling (outward) | Buy-sell spread | Buying rate vs mid-market | Sheet |
|---|---|---|---|---|---|
| HDFC Bank | ₹94.97 | ₹98.43 | ₹3.46 | 1.80% below | 8 Oct, 09:20 AM |
| ICICI Bank | ₹95.05 | ₹98.08 | ₹3.03 | 1.72% below | 8 Oct, 09:11 AM |
| SBI | ₹96.35 | ₹97.20 | ₹0.85 | 0.37% below | 8 Oct, 09:13 AM (₹10 lakh to ₹20 lakh) |
| Axis Bank | ₹95.04 | ₹98.34 | ₹3.30 | 1.73% below | 8 Oct, 09:20 AM |
| PNB | ₹96.49 | ₹97.19 | ₹0.70 | 0.23% below | 8 Oct, 04:00 PM (provisional) |
Each bank's rate is measured against the interbank rate at that sheet's time. Published rates are indicative, and the rate on your credit advice is the one that counts.
- TT selling is outward only: TT selling doesn't apply to money you receive; it's the rate for sending money abroad.
- Receiving money: The TT buying rate applies. A higher buying rate means more rupees for you.
- Sending money: The TT selling rate applies. A lower selling rate means fewer rupees per dollar.
- Export bills: If you export goods and your payment comes against export bills handled through the bank, the bills buying rate applies instead of the TT buying rate.
- Size limits: HDFC's sheet covers up to ₹20 lakh, ICICI's up to USD 25,000, and SBI's only ₹10 lakh to ₹20 lakh. Axis prices above ₹25 lakh through your RM.
For 10-currency tables and each bank's full card rate sheet, open the bank's page from the table above.
What Do TT Buying and TT Selling Rates Mean?
The TT buying rate is the rate at which a bank buys foreign currency from you and pays you rupees, used when you receive money from abroad. The TT selling rate is the rate at which it sells you foreign currency, used when you send money abroad. TT stands for telegraphic transfer, meaning an electronic wire between banks.
| Rate | What it means | When it applies |
|---|---|---|
| Mid-market rate | Midpoint between global buy and sell prices, the rate on Google | Reference only, banks don't deal at it |
| TT buying rate | Bank buys your foreign currency, pays you INR | Receiving money from abroad |
| TT selling rate | Bank sells you foreign currency for INR | Sending money abroad |
| Card and cash rates | Separate columns for forex cards and currency notes | Travel cards and cash, usually with wider margins |
- Named from the bank's side: When you receive dollars, the bank buys them, so the buying rate applies.
- Always either side of mid-market: The buying rate sits below mid-market and the selling rate above it, and both gaps are the bank's margin.
For example, $1,000 received at HDFC Bank today converts at ₹94.97, giving ₹94,970. The same $1,000 sent abroad costs ₹98,430 at its TT selling rate, a ₹3,460 round-trip spread.
Inward Remittance Charges Compared: HDFC vs ICICI vs SBI vs Axis vs PNB (2026)
Inward remittance charges at HDFC, ICICI, SBI, Axis and PNB range from nil to ₹500 per transaction for the bank's own fee, before GST. On today's published rates, PNB and SBI have the thinnest markups, while HDFC, ICICI and Axis sit 1.72% to 1.80% below mid-market.
| Bank | Receiving fee (resident, personal) | Export or business remittance | FIRC / e-FIRC fee | USD TT buying rate today | Markup vs mid-market |
|---|---|---|---|---|---|
| HDFC Bank | Nil | Set by account variant, check with branch | ₹200 per FIRC | ₹94.97 | 1.80% |
| ICICI Bank | Not published as a single fee, varies by account | BIRC issued for export proceeds, fee by account | Varies by account | ₹95.05 | 1.72% |
| SBI | Nil | ₹500 per remittance (nil for export credit customers) | e-FIRC: nil to issue, ₹200 for usage | ₹96.35 (₹10 lakh to ₹20 lakh only) | 0.37% |
| Axis Bank | ₹250 (₹100 Priority, nil Burgundy) | ₹300 per remittance | ₹250 per export certificate | ₹95.04 | 1.73% |
| PNB | ₹100 up to ₹10 lakh, ₹250 above | ₹500 per export receipt | ₹500 per e-FIRC | ₹96.49 (provisional) | 0.23% |
Rates from each bank's own card rate sheet: HDFC 8 Oct 2026, 09:20 AM, ICICI 8 Oct 2026, 09:11 AM, SBI 8 Oct 2026, 09:13 AM, Axis 8 Oct 2026, 09:20 AM, PNB 8 Oct 2026, 04:00 PM. Each markup is measured against the interbank rate at that sheet's time. All fees are before 18% GST.
Sources: HDFC remittance charges · HDFC card rates · ICICI trade remittances · ICICI card rates · SBI forex charges · SBI card rates · Axis inward wire charges · Axis trade and forex charges · Axis card rates · PNB forex charges · PNB card rates
Full rates and charges for each bank: HDFC Bank · ICICI Bank · SBI · Axis Bank · PNB
GST on the currency conversion is extra and follows the same slab at every bank. Intermediary bank deductions happen before the money reaches any of these banks, so none of them control it.
The flat fees differ by a few hundred rupees at most. On a $5,000 payment, a 1% difference in the exchange rate is worth about ₹4,800 at today's rate, which is why the rate matters more than the fee when you compare banks.
HDFC Bank Inward Remittance Charges
HDFC Bank charges nil to credit a personal inward remittance and ₹200 plus GST for a FIRC. Its USD TT buying rate is ₹94.97 today, 1.80% below mid-market, so the markup is its main cost.
| HDFC Bank | 2026 |
|---|---|
| Receiving fee (personal) | Nil |
| Export or current account receipts | Set by account variant |
| FIRC | ₹200 + GST |
| USD TT buying / selling today | ₹94.97 / ₹98.43 |
| Card rate limit | Up to ₹20 lakh |
See HDFC Bank's full forex rates and inward remittance charges →
ICICI Bank Inward Remittance Charges
ICICI Bank doesn't publish a single inward remittance fee; it's set by your account and segment. Its USD TT buying rate is ₹95.05 today, 1.72% below mid-market, and it issues a BIRC for export proceeds.
| ICICI Bank | 2026 |
|---|---|
| Receiving fee | Varies by account and segment |
| Certificate | BIRC for exports, FIRC only for FDI or FII |
| USD TT buying / selling today | ₹95.05 / ₹98.08 |
| Card rate limit | Up to USD 25,000 |
See ICICI Bank's full forex rates and inward remittance charges →
SBI Inward Remittance Charges
SBI charges nil on personal inward remittances and ₹500 plus GST per export remittance without an export credit limit. Its USD TT buying rate is ₹96.35 today, just 0.37% below mid-market, but that rate applies only between ₹10 lakh and ₹20 lakh.
| SBI | 2026 |
|---|---|
| Receiving fee (personal) | Nil |
| Export remittance | ₹500 (nil for export credit customers) |
| e-FIRC | Nil to issue, ₹200 for usage |
| USD TT buying / selling today | ₹96.35 / ₹97.20 |
| Card rate band | ₹10 lakh to ₹20 lakh; below that, branch-quoted |
See SBI's full forex rates and inward remittance charges →
Axis Bank Inward Remittance Charges
Axis Bank charges ₹250 plus GST per inward wire for most resident customers and ₹300 for current accounts and export receipts. Its USD TT buying rate is ₹95.04 today, 1.73% below mid-market, the lowest of the 5.
| Axis Bank | 2026 |
|---|---|
| Receiving fee (resident) | ₹250 (₹100 Priority, nil Burgundy) |
| Export receipts / current account | ₹300 |
| Export certificate | ₹250 (duplicate ₹100, eBRC nil) |
| USD TT buying / selling today | ₹95.04 / ₹98.34 |
See Axis Bank's full forex rates and inward remittance charges →
PNB Inward Remittance Charges
PNB charges ₹100 plus GST on inward remittances up to ₹10 lakh, ₹250 above, and ₹500 on export receipts and each e-FIRC. Its USD TT buying rate is ₹96.49 today, only 0.23% below mid-market, though PNB marks its rates provisional.
| PNB | 2026 |
|---|---|
| Receiving fee | ₹100 up to ₹10 lakh, ₹250 above |
| NRE, NRO, FCNR credits | No commission |
| Export receipts / e-FIRC | ₹500 each |
| USD TT buying / selling today | ₹96.49 / ₹97.19 |
See PNB's full forex rates and inward remittance charges →
How Much Do You Actually Receive? Worked Example on a $15,000 Payment
On a $15,000 payment received through a bank wire, you get ₹6,600 to ₹29,100 less than the mid-market value on today's rates, depending on the bank. The forex markup is the biggest part of that loss at every bank, and it's why HDFC, ICICI and Axis cost 3 to 4 times more than SBI and PNB today.
Assumptions for this example:
- Amount: $15,000, which falls inside every bank's published card rate band, including SBI's ₹10 lakh to ₹20 lakh.
- Charge code: SHA, with $20 deducted by an intermediary bank, so $14,980 reaches India.
- Rates: Each bank's latest published TT buying rate, and the interbank rate at that sheet's time.
- Account: A resident personal savings account, with no FIRC requested.
| Cost line | HDFC | ICICI | SBI | Axis | PNB |
|---|---|---|---|---|---|
| TT buying rate | ₹94.97 | ₹95.05 | ₹96.35 | ₹95.04 | ₹96.49 |
| $14,980 converted | ₹14,22,651 | ₹14,23,849 | ₹14,43,323 | ₹14,23,699 | ₹14,45,420 |
| GST on conversion | ₹1,066 | ₹1,066 | ₹1,070 | ₹1,066 | ₹1,070 |
| Bank fee + 18% GST | ₹0 | Not published | ₹0 | ₹295 | ₹295 |
| You receive | ₹14,21,585 | ₹14,22,783 | ₹14,42,253 | ₹14,22,338 | ₹14,44,055 |
| Value at mid-market | ₹14,50,650 | ₹14,50,650 | ₹14,50,650 | ₹14,50,650 | ₹14,50,650 |
| Total cost | ₹29,065 | ₹27,867 | ₹8,397 | ₹28,312 | ₹6,595 |
| Cost as % | 2.00% | 1.92% | 0.58% | 1.95% | 0.45% |
ICICI's figure excludes its account-specific handling fee, which isn't published.
The result changes most with the markup, and published rates are a reference: the rate on your credit advice can differ. If the payment were export proceeds, add ₹590 at SBI and PNB for the export remittance charge with GST, and ₹354 at Axis. Add ₹236 at HDFC or SBI and ₹590 at PNB if you need an e-FIRC.
For example, a freelancer receiving $15,000 a month through HDFC loses about ₹3.5 lakh a year to these costs at today's rate, most of it invisible on the statement.
How to Reduce Inward Remittance Charges
To reduce inward remittance charges in India, focus on the exchange rate first, then the charge code, then the fixed fees. At HDFC, ICICI and Axis, the forex markup is many times larger than the bank fee, so a better rate saves more than switching to a zero-fee account.
- Compare the rate: Check your credit advice against the mid-market rate on the same day. If the gap is above 1.5%, ask your bank for a better rate on regular volumes.
- Ask for OUR: Request your client to send with charge code OUR so intermediary fees don't come out of your payment. ICICI recommends this in its wire instructions, and Axis waives US correspondent charges on USD sent to NRE or FCNR accounts under OUR.
- Batch small invoices: Every wire attracts a fixed intermediary deduction and bank fee. 1 payment of $3,000 costs less to receive than 3 of $1,000.
- Use your segment: Axis charges nil to Burgundy customers and ₹100 to Priority, against ₹250 for others. SBI cuts its forex service charges by 10% to 30% for MSMEs and high-volume exporters.
- Skip paper certificates: Ask for an e-FIRA or e-FIRC through EDPMS instead of a paper FIRC. SBI charges nothing to issue one.
- Use a local collection account: Platforms that give your client a local account in their country skip SWIFT and intermediary banks entirely.
For example, moving a $5,000 monthly payment from HDFC's 1.80% markup to zero markup saves about ₹8,700 a month, more than any bank fee waiver.
Bank vs Payment Platform: A Cheaper Way to Receive International Payments
A payment platform like Skydo is cheaper than a bank for most freelancers and exporters because it converts at the mid-market rate with zero forex markup and charges 1 flat fee. On a $15,000 payment, that means ₹1,460 to ₹23,930 more in your account than a bank wire, depending on the bank.
| On $15,000 | HDFC | ICICI | SBI | Axis | PNB |
|---|---|---|---|---|---|
| Bank wire, you receive | ₹14,21,585 | ₹14,22,783 | ₹14,42,253 | ₹14,22,338 | ₹14,44,055 |
| Skydo, you receive | ₹14,45,515 | ₹14,45,515 | ₹14,45,515 | ₹14,45,515 | ₹14,45,515 |
| Extra with Skydo | ₹23,930 | ₹22,732 | ₹3,262 | ₹23,177 | ₹1,460 |
Skydo figures use the same mid-market rate as each bank's column, less Skydo's 0.3% fee ($45 on $15,000) and 18% GST on that fee. ICICI's bank figure excludes its unpublished handling fee, so the real gap is larger.
| Bank wire | Skydo | |
|---|---|---|
| Exchange rate | TT buying rate, 0.23% to 1.80% below mid-market today | Mid-market rate, zero markup |
| Fee | Nil to ₹500 + GST per remittance | $19 under $2,000, $29 up to $10,000, 0.3% above, + 18% GST |
| Intermediary deductions | $10 to $40 under SHA or BEN | None, client pays into a local account |
| FIRC / FIRA | ₹200 to ₹500 + GST per certificate | Free, instant, on every payment |
| Time to credit | 2 to 5 working days | Within 24 hours |
- Pricing: Skydo charges $19 on payments under $2,000, $29 from $2,001 to $10,000, and 0.3% above $10,000. There's no markup hidden in the rate.
- Local accounts: Your client pays into a local account in their country, so the payment doesn't pass through intermediary banks.
- Compliance: Skydo applies the RBI purpose code and issues a FIRA on every payment, at no extra cost.
- Regulation: Skydo is authorised by the Reserve Bank of India as a Payment Aggregator, Cross Border (PA-CB).
If you receive international payments every month, the difference compounds. At $15,000 a month through HDFC or Axis, it's roughly ₹2.8 lakh a year that stays with you.
Which bank has the lowest inward remittance charges in India?
On published fees, HDFC Bank and SBI charge nil for personal inward remittances, while PNB charges ₹100 and Axis Bank ₹250 for standard resident accounts. On today's published rates, PNB (0.23%) and SBI (0.37%, for ₹10 lakh to ₹20 lakh) have the thinnest markups, while HDFC, ICICI and Axis sit 1.72% to 1.80% below mid-market.
Is GST charged on inward remittance in India?
Yes. GST at 18% applies to the bank's fee and to the currency conversion. The conversion GST is calculated on a notional value, so it's ₹180 on ₹1 lakh and ₹990 on ₹10 lakh.
Does SBI charge for inward remittance?
SBI charges nothing to credit a personal inward remittance by wire. Export-related remittances cost ₹500 each for customers without an SBI export credit limit, plus GST.
What are Axis Bank inward remittance charges for resident accounts?
Axis Bank charges ₹250 plus GST per inward SWIFT remittance for standard resident customers, ₹100 for Priority and nil for Burgundy. Individuals receiving into a current account and export receipts pay ₹300 plus GST.
How much does PNB charge for inward remittance?
PNB charges ₹100 for inward remittances up to ₹10 lakh and ₹250 above ₹10 lakh, plus GST. Credits to NRE, NRO and FCNR accounts carry no commission, and export receipts cost ₹500.
Why did I receive less than my client sent from abroad?
You received less because of intermediary bank deductions in transit, the bank's forex markup at conversion, the bank's fee, and GST. The markup is usually the largest part and isn't shown as a separate line.
Who pays intermediary bank charges on an inward remittance?
It depends on the charge code the sender picks. Under OUR the sender pays, under SHA the charges are split, and under BEN you pay all of them.
How much does a FIRC cost at Indian banks?
A FIRC or e-FIRC costs ₹200 at HDFC Bank, ₹250 for an export certificate at Axis Bank and ₹500 at PNB. SBI issues e-FIRCs free and charges ₹200 for usage, and ICICI sets its BIRC fee by account. Payment platforms like Skydo issue a FIRA free with every payment.
Which bank has the best TT buying rate today?
On today's published sheets, PNB has the highest USD TT buying rate at ₹96.49, followed by SBI at ₹96.35 for ₹10 lakh to ₹20 lakh. Axis Bank is lowest at ₹95.04.
Which rate applies when I receive money from abroad?
