Kotak Bank International Transfer

Claire Millard
Şeyma Mektepli
Last updated
29 August 2022

Kotak Mahindra Bank offers in person and online payments to a range of global currencies. However, before you get started with your Kotak international money transfer, you’ll want to know about the Kotak international bank transfer process, how much it costs, the exchange rate and limits. This guide has you covered.

Kotak is the third largest bank in India - but it might not be the cheapest or fastest choice for your overseas transfer. Specialist services like Wise and Western Union which operate online and in-app, and may be able to offer a more convenient option with lower overall fees and a better exchange rate.

Learn more about Wise

Kotak international money transfer comparison

Before you transfer money abroad with Kotak it’s important to know that you could run into several different fees:

  • Transfer fee - this is based on the way you arrange the transfer - online or in branch

  • Exchange rate markup - a percentage rolled up in the exchange rate

  • Correspondent bank fees - if you arrange the payment in a branch you can have the recipient pay these instead of you, if you’d prefer

To give an idea of how Kotak compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending an online transfer of 100,000 INR to a GBP denominated account, with Kotak and a few specialist services.

ProviderTotal costTransfer time
Kotak bank500 INR + exchange rate markup + 500 INR correspondent bank feesSWIFT payments can take 3 - 5 days
Wise2,102.12 INR transfer fee 80% of payments arrive in 24 hours
Western UnionNo transfer fee, but a markup is added to the mid-market exchange rate 0 - 1 business days
Go to Wise

If you arrange your transfer online with Kotak you’ll have to pay both a transfer fee and correspondent bank charges. On top of that, there will likely be an exchange rate markup added to the rate applied. Overall, that can be the most costly fee you’ll run into when sending money overseas - and it’s also the most difficult to spot.

Online specialist services can often offer an easy way to send international payments faster, and with more transparent fees. Because they’re designed for online and in-app use, it’s also easy to create an account and get verified, without needing to visit a bank branch.

Kotak international transfer fees

Here’s what you need to know about Kotak international remittance fees:

Transfer typeKotak international transfer fee 
Standard telegraphic transfer - in branch

1,000 INR + exchange rate markup + 1,000 INR correspondent bank fees if you choose to pay them

Correspondent bank fees can be passed onto the recipient for payment if you prefer

Standard telegraphic transfer - online500 INR + exchange rate markup + 500 INR correspondent bank fees
Receiving an international paymentFees may apply, depending on the account type you hold

Kotak exchange rate

The Kotak international transfer exchange rate is published online. However, it’s useful to know that the online rates are indicative only, as they’re taken from the day in question at 9am. The rate that’s applied to your payment will be the live rate at the time you transfer, which may be slightly different.

It’s also worth noting that payments in excess of 10,000 USD (or the currency equivalent) may be eligible for preferential exchange rates. Contact your local branch to check if you’re making a high value transfer.

In either case, the Kotak exchange rate you’re offered will normally include a markup on the mid-market exchange rate. While this varies by currency, typical bank markups can be in the region of 3% or more. It’s a tricky fee because you can only figure out what it is by comparing the Kotak rate against the mid-market exchange rate yourself.

To give some context, here’s  how a 3% fee rolled into the exchange rate would add up up for different transfer amounts:

  • Sending 50,000 INR - a 3% exchange rate markup adds 1,500 INR to the total

  • Sending 100,000 INR - a 3% exchange rate markup adds 3,000 INR to the total

  • Sending 500,000 INR - a 3%  exchange rate markup adds 15,000 INR to the total

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you send 100,000 INR online, to a GBP denominated account:

  • Kotak:  500 INR + exchange rate markup + 500 INR correspondent bank fees

  • Wise fees: 2,102.12 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

Kotak additional fees

We mentioned that you’ll need to pay a 500 INR correspondent bank fee if you send your transfer online. If you cover this charge for an in-branch payment, the correspondent fee rises to 1,000 INR.

These fees occur because the transfer is processed through the SWIFT system. Correspondent banks help to pass the money from your account to the beneficiary - and apply a charge for their services. If you’re sending your transfer in a branch you can opt to have the recipient cover this cost. However, in this case they’ll get less in the end as the fee is deducted from the funds as the correspondent bank processes the payment.

How long does an Kotak international money transfer take

SWIFT transfers are reliable but they’re not fast. In fact it’s likely to take 3 - 5 business days for your Kotak transfer to arrive. Here’s how that compares with the other providers we looked at earlier:

  • Kotak: 3 - 5 business days
  • Wise: 80% of payments arrive in 24 hours
  • Western Union: 0 - 1 business days
Go to Wise

Pros and cons of transferring money abroad with Kotak


  • Relatively low online fees

  • Send in up to 15 currencies

  • Choose to pay correspondent fees yourself or pass them to the recipient


  • Overall costs can be high, particularly for in branch payments

  • Exchange rates are likely to include a markup

  • Delivery times aren’t the best out there

Before you choose Kotak to send your international money transfer, take a look at specialist online services like Wise or Western Union. Providers like these can usually offer a faster online or in-app service - with more transparent fees and lower overall costs.

How to make an international transfer with Kotak

You can make Kotak international money transfers online or by visiting a branch. You’ll need to provide a range of documentation which can vary depending on your nationality, residence status and the payment purpose. To give an example, if you’re an Indian citizen sending money overseas to fund education, you’ll have to provide:

  • Combined A2 and LRS application cum declaration

  • PAN card

  • Offer letter from an eligible educational establishment or a student visa

If you’re a foreigner working in India and remitting money out of the country, the paperwork you’ll need will be different:

  • Combined A2 and LRS application cum declaration

  • Passport

  • Employment visa

  • Valid eFRRO

  • Form 16/salary slips/employer certificate confirming salary and deductions

There’s a full runthrough of the documents needed for different payment reasons, on the Kotak desktop site.

Once you’ve got all your documentation together you can start to process your international payment. If you want to arrange your transfer through the Kotak online banking service, you’ll need to do the following:

  • Login to Net Banking

  • Select Payments & Taxes

  • Click Send Money Abroad

  • Add beneficiary details and the amount to send

  • Check everything over and submit

What information do you need to make an international transfer with Kotak?

Whether you send your payment online, through mobile banking or by visiting a branch, the information needed will usually include:

  • Beneficiary full name

  • Beneficiary bank account number or IBAN

  • Beneficiary bank name and address

  • Additional information based on the country - like a sort code for the UK or routing number for the US

Transfer limits and available countries

Kotak international transfers can be made up to the limits set by the Reserve Bank of India under LRS (Liberalised Remittance Schemes). At the time of writing that’s set at the equivalent of  250,000 USD/year, with the relevant year running from April - March.

You can send a Kotak international money transfer in 15 major global currencies:

  • AED

  • AUD

  • CAD

  • CHF

  • DKK

  • EUR

  • GBP

  • HKD

  • JPY

  • NZD

  • SAR

  • SEK

  • SGD

  • USD

  • ZAR

Receiving money from abroad with Kotak

The exact information needed to receive an international payment into your Kotak account will depend on where the payment is coming from, the currency and the account type you hold. You can expect to need to give the sender some or all of the following information:

  • Kotak bank's correspondent bank Nostro account number and SWIFT Code - these vary depending on where the payment is coming from, and can be found on the Kotak website

  • Your account number

  • Your name and address

  • The purpose of the remittance

  • Kotak Mahindra Bank SWIFT Code

Read our article to learn more: Best Ways to Receive Money Internationally in India

Kotak SWIFT code

SWIFT codes are used to guide international payments to the right bank. If your sender doesn’t have the correct Kotak SWIFT code, their bank may refuse to process the payment, or the transfer may be delayed on its way to you. Make sure you give the sender the Kotak SWIFT code so you get your money as quickly as possible.

The Kotak SWIFT/BIC code is: KKBKINBB


Kotak international money transfers are available up to the maximum allowable under LRS, and can be arranged in a branch, online or through the Kotak mobile banking service. However, they’re not necessarily the fastest or cheapest way to send money from India to someone overseas.

Instead of making your payment with Kotak, check out specialist providers like Wise or Western Union, which offer fast online and in-app payments, with transparent fees and an easy sign up process.

Go to Wise


How much does a Kotak international transfer cost?

In a branch you’ll pay 1,000 INR + exchange rate markup + 1,000 INR correspondent bank fees if you choose to pay them. Online, the fees are slightly cheaper - 500 INR + exchange rate markup + 500 INR correspondent bank fees.

How long does a Kotak international money transfer take?

Kotak international transfers are sent through the SWIFT network and can take 3 - 5 business days to arrive.

How to transfer money internationally with Kotak?

Send an Kotak international transfer by visiting a local branch, or logging into the Kotak online or mobile banking services.