AU Bank advertises zero forex markup on outward remittances, but when I booked a USD transfer in the afternoon the rate was about 15 paise worse than the rate on Google, and it was processed at that rate in the evening. Why does this happen, and how do I get a rate close to the market rate?
Why was my AU Bank outward remittance converted at a worse rate than the live rate on Google?
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1 Answers
Indian forex trading market is open only Monday to Friday between 9:15 AM and 3:30 PM. So if you want a near real-time rate, only book within this window.
AU clearly shows a message when booking a transaction outside this window.
First, 3:45 PM is outside the forex trading window. I would suggest that, next time, you only try before 3:15 PM, as there is a last 15-minute closure averaging out (like the stock market).
On days with volatility of 35-40p, there can be variance.
If you are looking for exact market rates, I suggest you trade on the FX-Retail platform. Most banks also use this platform to book trades.
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