INR to AED Transfer Cost for a Dubai Property: Bank Rates, SWIFT Charges and Indian Forex Charges
Funding a Dubai flat from India costs you in four places: the bank's exchange-rate margin, its SWIFT commission, charges deducted by correspondent banks, and GST on the currency conversion. The margin is the big one: SBI's card rate for the dirham in late September 2026 was roughly 2% to 2.5% above the market rate, which on an AED 1 million purchase is about Rs 5.2 lakh to Rs 6.5 lakh.
Key takeaways
- The exchange rate, not the fee, is where the money goes: 1% on AED 1 million is about Rs 2.6 lakh.
- Bank SWIFT commissions are small: Rs 500 to Rs 1,000 plus GST per transfer at the large private banks, and Rs 500 to Rs 2,000 at SBI depending on the transfer.
- GST on currency conversion is an Indian tax on a slab-based value, capped at Rs 10,800 per transaction. It rises if you split one payment into many small ones.
- Choose OUR or a full-value option when paying a developer's escrow account, so no intermediary bank shaves the amount that arrives.
- On large transfers, ask for a negotiated rate and compare it with an LRS-compliant platform.
What this page covers, and what it leaves to other guides
This is the forex bill only. The order in which you stage instalments, the purpose code and Form A2 paperwork, and the 4% DLD transfer fee sit in our guide on how to buy property in Dubai from India. The 20% tax collected at source above Rs 10 lakh is credited back to you, so it is not a transfer cost; how that works, and how to claim it, is in our tax guide for Indian buyers and in our page on getting TCS back after a foreign remittance.
Rupee figures use AED 1 = about Rs 26.1: the dirham's 3.6725 dollar peg against a rupee at about 95.8 to the dollar on 25 September 2026.
The exchange-rate margin: card rate against market rate
For an outward wire, the line on a bank's daily card rate that matters is the TT selling rate. The gap between it and the market (mid-market) rate on a currency converter is the bank's margin, and it never shows as a separate line on your debit advice.
SBI's card rate sheet for 24 September 2026 put the dirham's TT selling rate at about Rs 26.69 to Rs 26.76, depending on which published copy you read. Against a market rate near Rs 26.1 to Rs 26.17 that week, the margin works out to roughly 2% to 2.5%. Comparison sites put typical bank markups at 1.5% to 5%.
Card rate is an opening price
On a large transfer the card rate is not the only rate on offer. One comparison of bank practice found SBI quoting around 40 paise per dollar over the market rate on amounts above Rs 10 lakh, against about 70 paise on smaller sums. Other banks let a relationship manager negotiate the margin. Ask for the negotiated rate before you sign the Form A2.
SWIFT commission and what each bank lists
The visible fee is the bank's commission, charged per transfer.
| Bank | Commission per outward transfer (as published) | Option for correspondent charges |
|---|---|---|
| HDFC Bank | Rs 500 up to USD 500; Rs 1,000 above, plus GST | Full Value facility for USD, EUR and GBP, so no correspondent deduction |
| ICICI Bank (Money2World) | Rs 750 plus GST; Rs 1,000 plus GST for some major currency corridors | Charged as per its schedule of charges |
| Axis Bank | Rs 1,000 plus GST on savings accounts, Rs 500 priority, Rs 100 Burgundy; digital commission reported waived | OUR charge tiered by currency; Assured Pay on USD for an extra USD 15 |
| SBI | Commission reported at 0.125% (minimum Rs 125, maximum Rs 2,500) plus a SWIFT fee, in total roughly Rs 500 to Rs 2,000 | Intermediary deductions of about USD 15 to 30 reported on USD wires |
GST at 18% is added to each bank's commission and to any full-value or OUR charge, separately from the GST on currency conversion described below. Schedules change; check your bank's current page on the day.
OUR, SHA and BEN: who pays the banks in between
A SWIFT payment can pass through correspondent banks before it reaches Dubai. Field 71A of the message says who pays them.
- OUR: you pay all charges, so the developer or seller receives the full amount you sent.
- SHA: you pay your bank's fee; intermediaries and the receiving bank take theirs out of the transfer.
- BEN: the recipient bears everything, deducted from the amount.
Intermediary deductions have no fixed figure; published estimates run from about USD 10 to USD 30 per hop. Small money, but an escrow instalment that lands AED 100 short leaves a shortfall on the developer's statement. Pick OUR or your bank's full-value product. And if you send dollars to a dirham account, the UAE bank converts at its own buying rate; sending dirhams keeps the whole conversion on a rate you can see in advance.
GST on currency conversion, an Indian tax
To be clear, this is Indian GST, collected by your Indian bank on converting rupees; the UAE levies nothing. The rate is 18%, applied not to the whole remittance but to a notional value set by Rule 32(2)(b) of the CGST Rules.
| Rupee amount converted in one transaction | Taxable value | GST at 18% |
|---|---|---|
| Up to Rs 1 lakh | 1% of the amount, minimum Rs 250 | Rs 45 to Rs 180 |
| Rs 1 lakh to Rs 10 lakh | Rs 1,000 plus 0.5% of the amount above Rs 1 lakh | Rs 180 to Rs 990 |
| Above Rs 10 lakh | Rs 5,500 plus 0.1% of the amount above Rs 10 lakh, capped at Rs 60,000 | Rs 990 up to a maximum of Rs 10,800 |
The cap is reached at about Rs 5.55 crore in a single transaction. Because the slabs are regressive, many small transfers pay more GST in total than one large one, as the example below shows.
A worked example: AED 1 million, three ways
At AED 1 = Rs 26.1, AED 1,000,000 is Rs 2,61,00,000 at the market rate. One person's LRS limit of USD 250,000 is about AED 918,000, so a purchase this size needs two remitters or two financial years; the costs below are for the total.
| Cost line | Bank at card rate | Bank at a negotiated rate | Remittance platform |
|---|---|---|---|
| Assumed margin over market | 2.5% | 1% | 0.5% |
| Margin in rupees | Rs 6,52,500 | Rs 2,61,000 | Rs 1,30,500 |
| Commission, 11 transfers at Rs 1,000 plus GST | Rs 12,980 | Rs 12,980 | Nil, if the platform waives fees |
| GST on conversion, 11 transfers of about Rs 23.7 lakh | about Rs 13,600 | about Rs 13,600 | about Rs 13,600 |
| Approximate total | Rs 6.79 lakh | Rs 2.88 lakh | Rs 1.44 lakh |
The GST line assumes HDFC's online cap of USD 25,000 per transfer, so eleven transfers of about Rs 23.7 lakh. Each has a taxable value of Rs 5,500 plus 0.1% of Rs 13.7 lakh, or Rs 6,870, and GST of about Rs 1,237. Eleven of them come to about Rs 13,600, while one single transfer of Rs 2.61 crore would attract just Rs 5,508 (taxable value Rs 30,600). Either way, it is small next to the margin.
Moving from a 2.5% card rate to a 1% negotiated rate saves about Rs 3.9 lakh; GST and commission together are under Rs 30,000.
Net-banking caps and branch visits
Online channels limit how much you can send at once. HDFC's RemitNow allows USD 25,000 per transaction and USD 50,000 a day. SBI's internet banking allows USD 40,000 per transaction or per day. ICICI's digital channels allow up to USD 100,000 in a single transaction within your USD 250,000 LRS year. Banks ask for the sale agreement or booking form on a property remittance, and several route it through the branch, which is also where you can ask for a negotiated rate.
Remittance platforms: cheaper, with caveats
LRS-compliant fintech platforms, working through a partner authorised dealer bank, quote margins from well under 1% on the major currencies. One comparison put their typical range at 0.3% to 1%, against 1.5% to 5% at banks. Before using one, check:
- That the platform accepts purpose code S0005, investment in real estate abroad. Some limit the purposes they support.
- Its per-transfer and per-day limits, which may force you to split a large payment.
Where transfers go wrong
- Comparing fees, not rates. Zero fee at a wide margin costs more than Rs 1,000 at a tight one.
- Rate slippage. Card rates are indicative; the rate applied is the one at processing.
- Paying the wrong account. Pay only the escrow account named in the agreement. Our guide to buying property in Dubai without visiting covers the checks.
- Keeping no paper. File each debit advice and SWIFT copy for your return and the eventual sale.
Frequently asked questions
What is the cheapest way to send money from India to Dubai for a property?
Usually a negotiated bank rate or an LRS-compliant remittance platform, compared on the rupee cost of the same dirham amount. The exchange-rate margin decides the result: 1% on AED 1 million is about Rs 2.6 lakh. Fees and GST are small next to that. Confirm the provider accepts real-estate remittances before you commit.
Is GST charged on the whole amount I remit?
No. GST at 18% applies to a notional value under Rule 32(2)(b) of the CGST Rules, not to the full remittance. Above Rs 10 lakh the value is Rs 5,500 plus 0.1% of the excess, capped at Rs 60,000, so the GST can never exceed Rs 10,800 on one transaction. It is an Indian tax, collected by your Indian bank.
Should I choose OUR or SHA when paying a Dubai developer?
Choose OUR, or your bank's full-value option, for payments to a developer's escrow account. Under SHA, intermediary banks deduct their fees from the transfer, so a smaller amount arrives and the instalment can show as short. OUR costs a little more up front but lands the exact figure the payment schedule demands.
How much can I send online in one transfer?
It depends on the bank. HDFC's RemitNow allows USD 25,000 per transaction and USD 50,000 a day, SBI allows USD 40,000 per transaction or day online, and ICICI allows up to USD 100,000 in one digital transaction. All sit inside your USD 250,000 LRS limit. Many banks still want property payments handled at a branch.
If you are planning a Dubai purchase and want the rupee cost worked out before the first instalment, Realty Hunting can walk you through the numbers alongside the projects we track in Dubai.
