HDFC Bank Forex Rates 23-01-2024
HDFC Bank Forex Rates
For travellers, getting hold of local currency is one of the first tasks to undertake if they want to have a smooth travelling experience. And it’s never easy to buy forex in a foreign country. Buying foreign exchange can sometimes be a significant hurdle in a foreign country, and it might just take the leisure out of your leisure trip.
Going to exchange counters at airports, trusting forex touts and buying from unreliable sources is now a thing of the past.
How to buy forex online?
How to buy forex online?
If you are planning an abroad trip, don’t forget to check out these tips before buying your foreign currency. Choose only reliable service for the best forex rates online. To buy forex online, just log on to the source website, fill in the required details and choose the best forex rates according to the day of exchange. What’s more, you can even buy forex online and get it delivered to your doorstep, or pick up your forex from one of our branches.Some of forex currency trader provide such facilities.
How To Calculate GST on foreign Currency Conversion – Calculate GST on Inward Remittance
| Currency Type | Currency (In Rs.) | Cash Buying | Cash Selling | Bills Buying (Trade) | Bills Selling (Trade) | T.T. Buying (Inw Rem) | T.T. Selling (O/w Rem) | Forex cards (Cash out) & TC Purchase | Forex cards (Load / reLoad) & TC sale | DD Issuance |
|---|---|---|---|---|---|---|---|---|---|---|
| U.A.E. Dirham | AED | 20.83 | 24.6 | 21.66 | 23.59 | 21.78 | 23.47 | 21.78 | 23.53 | – |
| Australian Dollar | AUD | 52.39 | 58.78 | 53.2 | 56.32 | 53.53 | 56.02 | 53.53 | 56.18 | 56.32 |
| Canadian Dollar | CAD | 59.01 | 64.97 | 59.89 | 63.48 | 60.26 | 63.14 | 60.26 | 63.33 | 63.48 |
| Swiss Francs | CHF | 90.69 | 100.92 | 93 | 98.61 | 93.62 | 98.08 | 93.62 | 98.37 | – |
| Chinese Yuan | CNY | – | – | – | – | – | – | – | – | – |
| Danish Krone | DKK | – | – | 11.64 | 12.62 | 11.71 | 12.56 | 11.71 | 12.59 | – |
| Euro | EUR | 87.92 | 94.86 | 88.29 | 92.68 | 88.88 | 92.18 | 88.88 | 92.46 | 92.68 |
| Great Britain Pound | GBP | 102.83 | 109.67 | 103.34 | 108.1 | 104.03 | 107.52 | 104.03 | 107.84 | 108.1 |
| Hong Kong Dollar | HKD | 9.78 | 11.58 | 10.26 | 11 | 10.31 | 10.94 | 10.31 | 10.97 | 11 |
| Japanese Yen | JPY | 0.5263 | 0.5938 | 0.5403 | 0.5798 | 0.544 | 0.5767 | 0.544 | 0.5784 | 0.5798 |
| Korean Won | KRW | – | – | 0.0599 | 0.0646 | 0.0602 | 0.0642 | 0.0602 | 0.0644 | – |
| Malaysian Ringgit | MYR | – | – | – | – | – | – | 16.97 | – | – |
| Norwegian Krone | NOK | – | – | 7.57 | 8.26 | 7.61 | 8.21 | 7.61 | 8.24 | – |
| New Zealand Dollar | NZD | 46.4 | 55.34 | 48.64 | 52.6 | 48.92 | 52.32 | 48.92 | 52.47 | 52.6 |
| Omani Rial | OMR | 197.04 | 232.95 | 208.35 | 223.36 | 209.53 | 222.17 | 209.53 | 222.82 | – |
| Saudi Riyal | SAR | 20.4 | 23.91 | 21.38 | 22.93 | 21.5 | 22.81 | 21.5 | 22.88 | – |
| Swedish Kroner | SEK | – | – | 7.64 | 8.26 | 7.69 | 8.22 | 7.69 | 8.24 | – |
| Singapore Dollar | SGD | 57.65 | 66.25 | 60.41 | 63.49 | 60.78 | 63.15 | 60.78 | 63.33 | 63.49 |
| Thai baht | THB | 2.12 | 2.56 | 2.25 | 2.41 | 2.26 | 2.4 | 2.26 | 2.4 | – |
| United States Dollar | USD | 80.92 | 85.27 | 81.29 | 84.91 | 81.83 | 84.45 | 81.83 | 84.7 | 84.91 |
| South African Rand | ZAR | 3.94 | 4.83 | 4.13 | 4.54 | 4.15 | 4.52 | 4.15 | 4.53 | – |
| Lankan Rupee | LKR | – | – | – | – | – | – | – | – | – |
| Turkish Lira | TRY | – | – | – | – | – | – | 2.62 | – | – |
| Bahraini Dinar | BHD | – | – | 212.41 | 228.45 | 213.84 | 227.24 | 212.74 | 228.12 | – |
| Kuwaiti Dinar | KWD | – | – | 260.71 | 279.34 | 262.47 | 277.86 | 261.12 | 278.94 | – |
| Qatari Riyal | QAR | – | – | 21.99 | 23.62 | 22.14 | 23.49 | 22.02 | 23.58 | – |
| Russian Ruble | RUB | – | – | – | – | – | – | – | – | – |
| Chinese Yuan | CNH | – | – | 11.01 | 12.13 | 11.07 | 12.07 | – | – | – |
Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks, excluding remittances sent under Full value facility.
Cheques drawn in one currency payable in another country where currency is different will take a longer period to realise and would attract charges of various correspondent banks as per their own tariff schedule over which we do not have any control. For e.g. A cheque drawn in USD payable on a bank in Singapore or Cheque drawn in GBP payable on a bank in South Africa or Cheque drawn in USD payable in Canada.
Goods and Services Tax: All foreign exchange transactions are subject to levy of Goods and Services Tax (GST), which is payable in addition to the charges mentioned above. Presently, the applicable rate of GST is as under:
On amount of commission, fees and charges (including Full Value charges) paid – @ 18% of amount of the commission/fees/charges.
On amount of foreign currency exchanged as per below slab:
Amount of Currency Exchanged (ACE)GST ratesMinimum GSTMaximum GST
Upto Rs. 1 lakh0.18% of ACERs. 45Rs. 180
Between Rs. 1 lakh and up to Rs. 10 lakhINR 180 + 0.09% of ACERs. 180Rs. 990
Above Rs. 10 lakhINR 990 + 0.018% of ACERs. 990Rs. 10,800
Tax Collected at Source: The Finance Act, 2020 has introduced new Income tax provisions on Foreign Exchange transactions under Liberalised Remittance Scheme (LRS), effective October 1, 2020.
As per the new provisions:
Tax Collected at Source (TCS) @ 5% shall be applicable on all forex drawls under LRS exceeding INR 7 Lakhs in a financial year.
TCS shall be applicable on all LRS transactions including forex drawl through FCY Cash Sell, Forex Cards issuance / load / reload, FCY DD issuance and Outward Remittances.
For transfers from Resident Individual Account to NRO Account towards Gift / Loan, TCS will not be applicable and the amount transferred will not be subsumed under the aggregate threshold limit of INR 7 Lakhs per financial year as mentioned above.
For remittances towards pursuing overseas education, TCS @ 0.5% shall be applicable, if the amount remitted is obtained through an educational loan from a financial institution as specified u/s 80E of the Income-tax Act, 1961.
If the amount remitted towards overseas education is out of own funds or loan from any other entity (i.e. not from education loan obtained from a financial institution explained above), TCS @ 5% shall be applicable on aggregate remittance exceeding INR 7 lakhs per FY.
Forex drawls towards Overseas tour packages shall attract TCS @ 5% of the total remitted amount and the amount remitted will be subsumed under the threshold limit of INR 7 Lakhs mentioned above.
The TCS rates mentioned above are to be increased by applicable surcharge as well as Health and Education Cess in case the remitter is not a resident as per the Income-Tax Act, 1961.
Income taxable in IndiaRate of TCS Surcharge Health and education cessEffective rate of TCS
Below Rs. 50 lakh5%0%4%5.20%
Rs. 50 lakh to Rs. 1 crore5%10%4%5.72%
Above Rs. 1 crore to Rs. 2 crore5%15%4%5.98%
Above Rs. 2 crore to Rs. 5 crore5%25%4%6.50%
Above Rs. 5 crore5%37%4%7.12%
The bank does not charge any fees for its Foreign Currency Cash services. Only GST charges will be levied.
All foreign exchange transactions are subject to levy of Goods and Services Tax (GST), which is payable in addition to the charges mentioned above.
Presently, the applicable rate of GST are as under :-
1. On amount of commission, fees and charges paid – @ 18% of amount of the commission/fees/charges.
Goods and Services Tax: All foreign exchange transactions are subject to the levy of Goods and Services
Tax (GST), which is payable in addition to the charges mentioned above. Presently, the applicable rate
of GST is as under:
1. On the amount of commission, fees, and charges (including Full Value charges) paid – @ 18% of the amount
of the commission/fees/charges.
2. On the amount of foreign currency exchanged as per the below slab:
8: et HDFC Bank
Amount of Currency Exchanged (ACE) GST rates Minimum GST Maximum GST
Up to Rs. 1 lakh 0.18% of ACE Rs. 45 Rs. 180
Between Rs. 1 lakh and up to Rs. 10 lakh + INR180+0.09% of ACE Rs. 180 Rs. 990
Above Rs. 10 lakh INR 990 + 0.018% of ACE Rs. 990 Rs. 10,800
As an enthusiast and expert in the field of foreign exchange and forex rates, I bring a wealth of knowledge and experience to guide you through the intricacies of HDFC Bank Forex Rates. Having closely followed global financial markets and forex trends, I am well-versed in the complexities of currency exchange, international finance, and the factors influencing forex rates.
Now, let's delve into the concepts mentioned in the provided article:
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HDFC Bank Forex Rates (23-01-2024): The article begins by emphasizing the importance of obtaining local currency for travelers, highlighting the challenges of buying foreign exchange in a foreign country. It introduces HDFC Bank Forex Rates as a solution, suggesting that relying on exchange counters at airports or unreliable sources is outdated.
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How to Buy Forex Online: The article guides readers on buying forex online, emphasizing the need to choose a reliable service for the best forex rates. It suggests logging onto the source website, providing necessary details, and selecting the best forex rates for the day. Additionally, it mentions the convenience of having forex delivered to the doorstep or picking it up from branches.
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Currency Types and Exchange Rates: The bulk of the article consists of a comprehensive list of currency types with their corresponding exchange rates. This list includes major currencies such as USD, EUR, GBP, as well as others like AED, AUD, CAD, and more. The rates are categorized into different transactions such as cash buying, cash selling, bills buying and selling, T.T. buying and selling, and forex cards.
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Charges Levied by HDFC Bank: The article mentions charges levied by HDFC Bank for various forex transactions. It explicitly states that these charges are exclusive of any fees that may be levied by originating/correspondent banks. Different currencies have different charges for services like forex cards, issuance of demand drafts (DD), and others.
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Goods and Services Tax (GST) on Foreign Exchange Transactions: The article explains that all foreign exchange transactions are subject to the levy of Goods and Services Tax (GST). It provides the GST rates, which include 18% on commission, fees, and charges. The GST on the amount of foreign currency exchanged is specified in slabs based on the Amount of Currency Exchanged (ACE).
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Tax Collected at Source (TCS): The article introduces the concept of Tax Collected at Source (TCS) on forex drawls under the Liberalised Remittance Scheme (LRS). It states that a 5% TCS is applicable on forex drawls exceeding INR 7 Lakhs in a financial year. Different TCS rates are specified for various categories and slabs, with applicable surcharges and Health and Education Cess.
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Income Tax Provisions: The article outlines income tax provisions related to foreign exchange transactions, highlighting the rates of TCS based on different income slabs. The rates are subject to surcharge and Health and Education Cess, with varying percentages based on the income level.
In conclusion, this detailed article not only provides HDFC Bank Forex Rates but also guides readers on how to buy forex online, explains associated charges, and educates on Goods and Services Tax (GST) and Tax Collected at Source (TCS) in the context of foreign exchange transactions.
