Bank websites show USD rates about ₹2 above the rate on Google, yet people say they got rates close to the market rate. Which rate actually applies, and how do I make sure I get the interbank rate?
1 Answers
The rates published on the bank's websites are card rates, and they are useless and almost no one uses.
Ignore the rates their websites show.
AU right now is offering zero forex markup + zero processing fees on all outward remittances on all types of savings accounts.
https://www.au.bank.in/blogs/zero-forex-margin-international-remittances
Ask the bank what rate the transaction is being done.
Is it at (x paise + interbank rate), or is it (published rate - x paise)
Check live rate on Google (just search '1 USD to INR') or check on xe.com; that's the interbank rate. So you can compare what banks are offering with this rate.
Related: Worthify's USD-INR rate alerts, get notified when the market rate moves.
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