Kotak International Transfer: Your full guide

Aditya Shrivastava

Kotak Mahindra Bank, or Kotak, is a private sector bank based out of Mumbai that provides financial services for personal, business and corporations. While they are a great option, let’s make sure we have clarity on the costs of receiving and sending money with Kotak bank.

It is important to note down the charges and fees that come with using banks for sending money abroad. New providers like Wise can be a better option to get more money to your loved ones, and are often cheaper for sending money abroad.

Compare exchange rates with Wise

Table of contents

Kotak Mahindra Bank Remit to India

NRIs who are living abroad can remit or send money to India easily. There are a number of reasons to send money or remit to India such as:

  • Family support.
  • Savings.
  • Purchase property
  • Fund NRI accounts.
  • Gifts.

There are a few options that Kotak Bank suggests for sending money to India, and they all require that you have an account at the bank. Take a look at some ways to send money to a Kotak Bank account.

International Wire Transfer to Kotak Bank

An international wire transfer, also called a SWIFT transfer, is the traditional way to send money to an account from abroad. Most banks are part of the SWIFT network which allows for transfers from one bank account to another. If you are an NRI overseas, you can send a transfer using your local bank’s online banking or through a bank branch.

Kotak Bank has correspondent banks which they work with to help complete a transfer. You will need to submit a wire transfer request and then fund the NOSTRO account, after which the Indian account will be funded in one to two days.

The bank you use to send money will typically charge a SWIFT fee for the cost of the transfer. The fee can differ depending on your bank and location. You can also expect an exchange rate fee, which is a small fee put on the exchange rate you receive. It's an additional amount that makes the exchange rate more expensive than the mid-market exchange rate you see on Google.

By adding the exchange rate fee, the bank is able to take a cut of every dollar, euro or pound you convert- it seems small, but it can eat into your transfer. If you are looking for an exchange rate without an extra fee, take a look at Wise in the next section.

Remittance from Exchange House to Kotak Bank

Remittances from exchange houses are specifically available for NRIs in the Middle East. You can exchange and transfer money at a local exchange house which gets deposited in your Kotak Mahindra Bank account. Each exchange house will have their own fees, exchange rate and process. The fees can include a transfer fee or a service fee and the exchange rate may have a mark-up which can be an additional hidden fee.

If possible, it is a good idea to compare options to find the one with the least fees so you can deposit more in India.

Foreign Currency Cheques deposit to Kotak Bank

A foreign currency cheque deposit is another way to exchange money into a Kotak bank account, but it can take longer than other options. It requires you to write a cheque from your local bank account abroad in the foreign currency, mail it with instructions to your Kotak bank branch and then have it exchanged and deposited to your account. The cheque can also be deposited in person.

Since this method requires a physical cheque, it can take up to several weeks for this process to complete. There is also an additional risk in case the cheque gets lost in the mail.

Kotak Mahindra Bank only accepts foreign currency cheques in US dollars, Euros, British pounds or Canadian dollars. Check with your bank branch for charges for a foreign currency cheque deposit.


Click2Remit is offered by Kotak Mahindra Bank to send remittances to India from the U.S., Australia, United Kingdom, Europe, Singapore, Canada, Switzerland, Japan and more.

Depending on where you are located, you can use Click2Remit to send a direct transfer, bank transfer or online wire transfer. You do have to complete an online application and provide information like your passport number and occupation before you can use the service.

Wise: an alternative for low-cost and fast remittance

Sending money to India is fast, simple and convenient with Wise. Wise lets you transfer money directly to bank accounts in India with just one low transfer fee and the mid-market exchange rate. No markups or hidden fees here. And the money can arrive in India within a few minutes on popular transfer routes.

Send money to India with Wise 👉

Receive international funds with Kotak

Kotak has Click2Remit, a service to receive funds from around the world into India. Click2Remit works for Kotak account holders and non-account holders. So even if you don’t have a Kotak account, your sender can use Click2Remit to deposit the funds in your Indian bank account1. Your sender will have to first register for a Click2Remit account before using their services. You can transfer funds using Click2Remit with wire transfer, bank transfer, or direct transfer.

Wire Transfer with Kotak Click2Remit

Wire Transfers are available for sending money from USD, EUR, CAD, GBP, SGD, AED, JPY, CHF, DKK and SEK directly into your INR bank account or through demand draft. Make sure you provide your bank account number and Kotak’s Correspondent Bank account number and SWIFT or IFSC code. This method can be done online but also may require your sender to visit a local bank branch depending on their home country.²

Bank Transfer with Kotak Click2Remit

This is available for Singapore, UAE, and Australian senders and is fully online through Click2Remit. As a recipient, you can receive the funds directly into your Indian account or by demand draft. There is a minimum receiving amount per transaction of 100 AED/AUD/SGD, and a maximum in a month of 50,000 AED/SGD; 10,000 AUD in INR equivalent.³

Direct Transfer with Kotak Click2Remit

Direct transfer is available for senders from the US and Canada and can be credited to your Indian bank account or demand draft. This is likely the most convenient and fastest way to transfer funds from these countries using Click2Remit. The minimum you can receive in a transaction is $100 USD/CAD, and the maximum is $20,000 USD/CAD per month in INR equivalent.⁴

Charges and fees to receive money with Kotak

While Kotak does not charge to receive money, there is a hidden fee that is taken out through the currency exchange rate. Kotak sets their own exchange rate which is lower than the rate you see on Google. This rate is called the mid-market exchange rate and is the rate that banks use between themselves to move money. Wise is one such service which uses this rate for money transfers. But by setting their rate lower than the mid-market exchange rate, Kotak is able to take a cut off of every transaction. This leaves you with less money in hand.

Exchange Rate $1 $1000
Mid-market ₹69.45 ₹69,450
Kotak ₹68.77 ₹68,770
Difference ₹0.68 ₹680

Collected on June 3, 2019

You can quickly see how a little difference in the exchange rate can lead to a sizable internal fee paid to Kotak.

How much time does it take to receive money with Kotak

The time depends on which method your sender has used⁵

  • A direct transfer can take 5-7 business days
  • Wire and bank transfers can take 2-4 business days

Want your transfer to arrive within 1 business day? 90% of Wise’s international transfers to India arrive in 24 hours from receiving payment. And you get the same rate you see on Google, plus transparent fee pricing. See how much time and money you can save just by using Wise.

Send money abroad with Kotak

Kotak Bank has a remit platform that makes it easy for resident Indians and NRIs with Kotak NRE accounts to send money to a bank account abroad. If you are an Indian resident, you don’t have to be a Kotak account holder to use Kotak Remit. The service is available for 15 currencies and is eligible to be used for the following reasons⁶:

  • Maintenance of close relatives abroad
  • Education abroad
  • Medical treatment abroad
  • Immigration abroad
  • Employment abroad
  • Student fees
  • Travel for education
  • Travel for medical treatment
  • Gift

How to send money abroad with Kotak

If you are a current Kotak account holder, you can log into your NetBanking and access the Kotak Remit platform from there.

If you are not a Kotak account holder, you will need to sign up at the Kotak Remit website and do the one-time registration process. Keep in mind this will require authentication through your Aadhaar Number and uploading a copy of your PAN Card. It is important to note that at the time of this article, Kotak Remit was not accepting any new registrations from non-Kotak account holders⁸.

Once your registration is accepted, you can send money immediately.

Add international beneficiary

Once you are registered on the site, enter your transfer details. Next, you will be prompted for your beneficiary’s details. This includes name, bank name, bank account number, typically a SWIFT code, and personal details. Verify your transaction and hit confirm.⁹

Send money to a beneficiary

You can pay for the transfer from your Kotak savings account, or use an NEFT or RTGS wire transfer from your other Indian bank account. The annual cap for sending money for Kotak Remit is $25,000 USD for Kotak account holders. The annual cap for non-account holders is $10,000 USD. If you do want to send more than $25,000 USD, you will need to physically visit the closest forex enabled Kotak bank branch and submit the paperwork and forms for an outward money transfer and the necessary documents.¹⁰

Charges and fees for sending money with Kotak

The charge per transaction is ₹1000 INR plus GST. You get the Kotak bank exchange rate, not the mid-market exchange rate you see on Google.

Exchange Rate USD INR
Kotak Remit $1 ₹70.57
Mid-Market $1 ₹69.44

collected on June 3, 2019

So to send $1 USD would require ₹70.57 INR, instead of the mid-market rate of ₹69.44. This becomes an additional type of fee to you as the sender, on top of the ₹1,000 INR fee.

How much time it takes to send money with Kotak

The transfer can take 2-5 days to arrive in the recipient’s bank account.

Check the status of money transfer

You can check the status of your transfer through the Kotak Remit platform. You can also contact the Kotak Remit call center with any questions.

The true cost of international transfers with Kotak

Compared to other banks in India, Kotak has been making strides in providing international transfer services for Indians and NRIs. But it still comes with a cost. First, the services are easier to access if you are a Kotak account holder already. Second, weak exchange rates can really eat away at what you are sending and end up being costlier than other providers. Third, transfers cannot be done in less than 2 days. Lastly, the caps on how much you are able to receive may not make sense for your circumstances.

Let’s take a look at Kotak Click2Remit and Wise for an example. If we were to send $1000 USD from the US to India through a wire or direct transfer with Kotak, or Wise’s smart technology service, the results would look like this:

Kotak Wise
Recipient receives ₹68651.60 ₹68,867.72
Time Needs 2 days minimum Can arrive within the hour

collected on June 3, 2019

A cheap, fast and transparent alternative: Wise


Wise is a cheaper and faster way to send money to India. Save your time and hard earned money and use Wise for your next deposit to India. And if you need any help along the way, head to the Wise website to compare exchange rates to make the best decision for you.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Sources used for this article:

1 http://www.click2remit.com/home/index.html
2 http://www.click2remit.com/send/wire-transfer-to-india.html#timelines
3 http://www.click2remit.com/send/bank-transfer-to-india.html
4 http://www.click2remit.com/send/direct-money-transfer-to-india.html
6 ,10 https://kotakremit.kotak.com/kotak/transfer/jsp/kb/FAQ_Kotak_Remit.pdf?1559538682301
7 https://www.kotak.com/en/digital-banking/insta-services/send-money-abroad.html
8 https://kotakremit.kotak.com/signup
9 https://kotakremit.kotak.com/

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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