Payments

What charges apply when you receive a SWIFT transfer in India?

Author:: Editorial team, serviceexportguide.com
Verified by:: Editorial team
Published: 28 October 2026
Last modified: 30 October 2026
Reading time: 7 min read

Short answer

Correspondent banks can deduct their own fees from a SWIFT payment in transit.² Under the OUR option, the sender covers the transfer fees.¹ Under SHA, intermediary banks deduct their charges from the amount sent.¹ Indian banks' published inward charges range from nil to a percentage with a minimum.³⁴⁵⁶ GST applies to bank fees and to the value of currency converted.³

Applies to	Governed by	Deadline	Penalty	Last verified
Exporters receiving SWIFT wires into Indian bank accounts³⁴⁵⁶	Each bank's published schedule of charges; FEMA (Export and Import of Goods and Services) Regulations, 2026, regulation 19³⁹	Not applicable	Not applicable	2026-10-30
Exporters closing a short receipt in their export records⁹	FEMA (Export and Import of Goods and Services) Regulations, 2026, regulation 6⁹	Not applicable	Not applicable	2026-10-30

A UX agency in Pune bills a client in Chicago $5,000 and receives the rupee equivalent of noticeably less. Some of the gap is the exchange rate. The rest is fees, taken at different points along the SWIFT chain, often by banks you have never dealt with. This guide explains who charges what on an inward wire, how the charge code changes it, and what six Indian banks publish, as of October 2026.¹³

Who charges fees on a SWIFT transfer to India?

Up to four parties can take a fee on a SWIFT transfer to India: the sender's bank, correspondent banks, your Indian bank and, through GST, the government.²³

Sender's bank: charges its customer for sending. Your client sees this; you usually do not.
Correspondent (intermediary) banks: banks that pass the payment along may deduct their own fees from the amount being sent. Wise says it cannot control these fees and that they reduce what the recipient gets.²
Your Indian bank: may charge an inward remittance fee, a fee for a remittance certificate (FIRC or FIRA), or a commission if the money is credited without conversion.³⁴⁶
GST: the government collects GST on the bank's fees and on the value of currency converted.³

Swift says its GPI service gives visibility over deductions and processing times, which is why a tracked payment can show where an amount was taken.¹⁰

Who bears SWIFT charges under OUR and SHA?

The SWIFT charge code tells the banks who bears the fees: under OUR the sender pays them, and under SHA intermediary banks deduct theirs from the amount sent.¹

Charge code	Who bears transfer fees	What the recipient gets	Best for
OUR	The sender asks their bank to cover all transfer fees¹	The exact amount sent, if every bank honours the instruction¹²	Exporters who want the invoice amount in full
SHA (shared)	Intermediary banks deduct their charges from the sending amount¹	Less than the amount sent¹	Clients who will not pay the fees themselves
BEN	Not defined on the bank and provider pages checked	Ask your bank before agreeing to it	Not applicable until your bank confirms its treatment

IDFC FIRST Bank and IndusInd Bank both ask overseas senders to use OUR if the sender is to bear the fees.⁵⁷ For definitions, see OUR, SHA and BEN charges.

Note: Even an OUR payment can arrive short if a bank in the chain does not honour the instruction. Wise says it uses a prediction tool for correspondent fees but cannot guarantee it works for every payment.²

How do you reduce SWIFT deductions on export receipts?

You reduce SWIFT deductions by asking for OUR, checking your bank's published charges, closing short receipts properly and comparing the rupees that land across channels.¹⁹

Ask for OUR: put it in your contract and invoice, and say who bears bank charges. See export invoice format.
Check your bank's published schedule: from 1 October 2026, banks must keep a documented policy listing charges for each process, keep charges reasonable and proportional, and disclose the policy on their website.⁹
Close short receipts properly: if a fee reduces the amount, ask your bank for a reduction in export value; for invoices up to ₹10 lakh a declaration is enough.⁹ See reduction in export invoice value.
Compare total landed rupees: compare channels for the same invoice, including the exchange rate. See FX markup on export payments and the international payment fee calculator.

For more ways to cut costs, read how to reduce forex charges as an exporter.

What do Indian banks charge to receive a foreign SWIFT wire?

Indian banks publish different structures for receiving a foreign SWIFT wire, and several distinguish between retail, business and large corporate customers. This table shows what each bank's page states, in alphabetical order:³⁴⁵⁶⁷⁸

Bank	Inward remittance charge (as published)	Certificate (FIRC)	Other points on the page	Best for
HDFC Bank	No charge	₹200 per FIRC	Excludes charges by originating or correspondent banks; GST extra	Customers who want no inward fee on the page checked
ICICI Bank (trade services)	Retail customers: nil, but ₹500 for current accounts opened on or after 1 August 2025; large corporate and wholesale: 0.12%, minimum ₹2,000, maximum ₹10,000. From 1 December 2026, retail: ₹500	Duplicate FIRC: ₹500	Correspondent bank charges on inward remittances "at actuals"; commission in lieu of exchange 0.12%, minimum ₹2,000, nil for credits to an EEFC account	Customers crediting an EEFC account
IDFC FIRST Bank	Resident Indian: nil	Not stated	GST levied on the converted gross INR amount; correspondent banks may levy charges outside the bank's control	Resident individuals receiving occasional wires
IndusInd Bank	Not stated on the inward remittance page	Not stated	Asks senders to choose OUR in field 71	Exporters whose clients can send OUR
Kotak Mahindra Bank (corporate)	Not published; the page says to contact a relationship manager or branch	Not stated	Receives in 17 currencies	Corporate customers with a relationship manager
State Bank of India	Export remittances up to ₹10 lakh: nil for export credit customers, ₹50 per IRM for others; above ₹10 lakh: ₹500 per remittance for non-export-credit customers	e-FIRC: no charge for issuance; ₹200 for use with another bank	Commission in lieu of exchange 0.10%, minimum ₹500, maximum ₹25,000, not applied to transactions from foreign currency held with SBI	Export credit customers

These are the banks' published standard charges. Your account variant, relationship pricing or a negotiated arrangement may differ, so ask your branch for the charge on your account in writing.³⁴⁵⁶⁷⁸

How much GST applies to an inward SWIFT remittance?

GST applies to an inward SWIFT remittance at two points: on the bank's fees and on the amount of currency exchanged. HDFC Bank's page says GST is charged at 18% on the bank's commission, fees and charges, and separately on the amount of currency exchanged using this slab:³

Amount of currency exchanged	GST as published by HDFC Bank
Up to ₹1 lakh	0.18%, minimum ₹45
₹1 lakh to ₹10 lakh	₹180 plus 0.09% of the amount
Above ₹10 lakh	₹990 plus 0.018% of the amount, maximum ₹10,800

IDFC FIRST Bank also says GST is levied on the converted gross INR amount.⁵ See GST on foreign currency conversion.

What happens if a SWIFT payment arrives short of the invoice?

A SWIFT payment that arrives short of the invoice can be closed in your export records by asking your bank for a reduction in export value.⁹

Reduction in export value: the bank can allow a reduction under regulation 6 of the 2026 Regulations.⁹
Small invoices: for invoices up to ₹10 lakh, a declaration from you is enough.⁹
Evidence: keep the bank advice showing the deductions, and the GPI tracking where available.¹⁰

Agreeing OUR with the client in advance reduces the chance of a short receipt.¹

Which payment platforms charge for SWIFT receipts?

Some payment platforms charge a fee when a client sends a SWIFT wire to account details the platform issued. Neither platform below publishes enough pricing for a full cost estimate, so they are listed A to Z.

Platform	Published SWIFT receipt fee	Best for
Currenxie	USD 8.00 per SWIFT payment sent or received¹²	Companies registered outside India¹³¹⁴
Wise	6.11 USD per USD wire or Swift payment received; domestic (non-Swift) payments are free¹¹	Bank transfers to local account details¹⁵

A local transfer to local account details usually avoids the correspondent chain; see local collection accounts.

What are the common mistakes with SWIFT transfer charges?

The most common mistake is invoicing without saying who bears bank charges, which leaves the client free to send SHA and the correspondent fees to come out of your receipt.¹

Assuming OUR always works: a bank in the chain may not honour the instruction.²
Ignoring GST on conversion: GST applies to the amount exchanged as well as to fees.³
Leaving short receipts open: ask for a reduction in export value.⁹
Accepting BEN without checking: the pages checked do not define it, so ask your bank first.

Ask your bank for its written charges before your first large receipt.

How did we verify this?

We checked this page against the sources below on 30 October 2026. Read our methodology or report an error.

Frequently asked questions

Why did I receive less than my invoice amount by SWIFT?+

A SWIFT receipt usually falls short because correspondent banks deducted their fees from the amount in transit, which happens when the sender does not choose OUR, or because your own bank charged an inward remittance or certificate fee.¹²³ The exchange rate used on conversion also affects the rupees you finally receive.

Does my Indian bank charge for receiving a foreign SWIFT wire?+

Whether an Indian bank charges for a foreign SWIFT wire depends on the bank and your customer category. HDFC Bank and IDFC FIRST Bank list no inward remittance charge on the pages checked, while SBI and ICICI Bank publish charges for some customer types.³⁴⁵⁶ Ask your branch for the charge in writing.

What does HDFC Bank charge in GST on currency conversion?+

HDFC Bank publishes a GST slab on the amount of currency exchanged that starts at 0.18% for amounts up to ₹1 lakh, with a minimum of ₹45.³ HDFC Bank also charges GST at 18% on its commission, fees and charges, so a converted inward remittance can carry GST at both points.

Can my bank charge whatever it likes for export receipts?+

An Indian bank cannot set export receipt charges without limits. From 1 October 2026, regulation 19 of the 2026 Regulations requires banks to keep a documented policy listing charges, keep charges reasonable and proportional to the service, and disclose the policy on their website.⁹ Check that policy before you dispute a charge.

Can I close a short SWIFT payment in my export records?+

An exporter can close a short SWIFT payment by asking the bank for a reduction in export value under regulation 6 of the 2026 Regulations.⁹ For invoices up to ₹10 lakh, a declaration from the exporter is enough.⁹ Keep the bank advice that shows the deducted fees with the invoice.

Does Swift GPI show where a deduction was taken?+

Swift says its GPI service gives visibility over deductions and processing times on a payment.¹⁰ That is why a tracked payment can show which bank in the chain took an amount. Ask your client's bank or your own bank for the GPI tracking details if a receipt arrives short.

This page is general information for Indian service exporters, not tax or legal advice. Rules change and outcomes depend on your facts, so confirm with a chartered accountant before acting.

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