My relationship manager at IDFC First Bank can offer a discounted forex rate for outward remittances. Can I use that rate through net banking or the app, or do I have to visit a branch? And are there other banks that waive the processing and SWIFT charges?
1 Answers
IDFC's net banking and app do not have a provision to use the negotiated discounted rate, so you will have to visit a branch to submit the wire transfer physical form.
AU bank online netbanking/app is showing zero forex markup rate, but it does not show investment into equity abroad purpose in their dropdown. I think they have limited it to education/travel/healthcare expenses. I called the bank, and they said, you can visit the branch and get it done using a physical form.
I could find any other bank waiving processing/swift charges directly.
HDFC on Paasa has also a good rate.
IDFC does not charge processing fees on all accounts so its not limited to just private banking customers, but markup rates may differ for different relationship statuses.
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