Watch out for mark-up on the exchange rate when remitting money

Go with a player that states both the exchange rate and the transaction fee transparently

Karthik Jerome
Photo: Bloomberg

Check the total cost of transferring money abroad and not just an individual element

In November 2022 (the latest month for which data from the Reserve Bank of India is available), individuals transmitted $1.92 billion abroad. This amounts to a scorching growth rate of 38.4 per cent compounded annually over the past decade.
“Currently, remittance for student education forms the largest chunk, followed by transfers for maintenance and gifting,” says TC Guruprasad, managing director, EbixCash World Money, and board member, EbixCash.
The pace of transfer tends to accelerate between January and March. “This is the period when admissions into many foreign universities take place,” says Sudarshan Motwani, founder and chief executive officer, BookMyForex.

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First Published: Jan 27 2023 | 9:14 PM IST

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