Which banks are cheapest for sending money to a foreign broker, comparing markup and fees?

SocialFinance Team 19
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Apart from brokerage, the costs of investing abroad are the forex markup and the remittance, SWIFT and processing charges. How do AU Bank, ICICI, HDFC, Bank of Baroda and IDFC First compare on these (as of mid-2026)?

outward-remittance forex foreign-investment
1 Answers

Summing it up:

A. Lowest markup on the forex rate:

  1. AU bank: Zero
  2. ICICI/HDFC/BoB on FX Retail Bharat Connect: 20p
  3. IDFC offline: 25p(negotiated on private banking relationship, maynnot be available to everyone)
  4. IDFC online: 75-85p with coupon
  5. HDFC on Paasa: 70-80p

B. Processing fees/Remittance and Swift Charges

  1. AU bank: Zero
  2. ICICI/HDFC/BoB on FX Retail Bharat Connect: 1000+GST
  3. IDFC offline: None
  4. IDFC online: None
  5. HDFC on Paasa: None
    GST is a government rate and is the same for all banks.

Related: Worthify's LRS remittance calculator, compare the all-in cost for your own amount.

Pankaj Batra5287
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