Adani Enterp. 2514.00↓-20.05(-0.79%)
Adani Ports 736.45↓-1.05(-0.14%)
Apollo Hospitals 4608.70↓-31.75(-0.68%)
Asian Paints 3143.00↑5.60(0.18%)
Axis Bank 937.40↑7.60(0.82%)
B P C L 360.60↓-1.10(-0.30%)
Bajaj Auto 4598.35↓-20.15(-0.44%)
Bajaj Finance 7010.00↑77.95(1.12%)
Bajaj Finserv 1465.25↑15.70(1.08%)
Bharti Airtel 819.00↓-2.25(-0.27%)
Britannia Inds. 4574.75↓-0.50(-0.01%)
Cipla 960.00↑3.75(0.39%)
Coal India 244.30↓-1.80(-0.73%)
Divi's Lab. 3463.25↓-14.60(-0.42%)
Dr Reddy's Labs 4514.10↓-42.15(-0.93%)
Eicher Motors 3680.75↓-30.70(-0.83%)
Grasim Inds 1725.80↑12.50(0.73%)
H D F C 2684.80↓-5.75(-0.21%)
HCL Technologies 1135.10↑8.90(0.79%)
HDFC Bank 1633.30↓-2.20(-0.13%)
HDFC Life Insur. 582.90↑3.85(0.66%)
Hero Motocorp 2778.70↑1.80(0.06%)
Hind. Unilever 2657.00↑6.70(0.25%)
Hindalco Inds. 413.30↓-6.60(-1.57%)
ICICI Bank 949.95↑1.80(0.19%)
IndusInd Bank 1291.65↑6.70(0.52%)
Infosys 1321.90↑7.50(0.57%)
ITC 449.80↑0.70(0.16%)
JSW Steel 705.00↑2.80(0.40%)
Kotak Mah. Bank 1977.00↑23.80(1.22%)
Larsen & Toubro 2210.10↓-14.45(-0.65%)
M & M 1328.95↓-1.20(-0.09%)
Maruti Suzuki 9381.85↑48.35(0.52%)
Nestle India 21575.15↓-154.30(-0.71%)
NTPC 176.60↑0.30(0.17%)
O N G C 158.80↓-0.20(-0.13%)
Power Grid Corpn 234.95↑0.45(0.19%)
Reliance Industr 2521.35↑0.75(0.03%)
SBI Life Insuran 1215.55↓-2.55(-0.21%)
St Bk of India 593.35↓-1.65(-0.28%)
Sun Pharma.Inds. 958.70↓-9.75(-1.01%)
Tata Consumer 791.40↓-2.85(-0.36%)
Tata Motors 518.95↓-2.50(-0.48%)
Tata Steel 107.10↓-1.35(-1.24%)
TCS 3314.35↓-6.00(-0.18%)
Tech Mahindra 1099.70↓-14.35(-1.29%)
Titan Company 2806.75↓-5.50(-0.20%)
UltraTech Cem. 7906.65↑66.10(0.84%)
UPL 689.00↓-1.00(-0.14%)
Wipro 402.95↑3.15(0.79%)

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

Premium

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

4 min read Last Updated : Jan 27 2023 | 10:34 PM IST

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.