With AU Bank's zero-markup offer, what does a real $1,500 remittance to a foreign broker cost in rupees, including GST?
1 Answers
The Raw Math ($1,500 Wire)
- Interbank Market Rate: ₹95.43
- AU Bank Rate Charged: ₹95.43 (Literally exact market rate)
- GST on Remittance: ₹218.83
- Total INR Outflow: ₹1,43,145.00
Compared to traditional retail banking bank spreads, saving the usual 20p–50p markup on the currency conversion makes a massive difference, especially as you scale.
Update on 15/06/206: Sent 1500 USD again to IBKR. Form submitted around 11:50 AM and IBKR was credited at 6:50 PM. Amount deducted: 1,42,080 + 217.87 GST. Rate applied: 94.72
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