My relationship manager says they'll use the TT selling rate minus 45 paise, not the Google rate. How does that compare with the market rate, and what are the better options?
My bank offers the "TT rate minus 45 paise" for an outward remittance. Is that a good deal?
Viewed 0
1 Answers
ok, so they might be giving you 45p discount on TT rate mentioned on their website: https://www.hdfc.bank.in/content/dam/hdfcbankpws/in/en/personal-banking/discover-products/interest-rates/hdfc-bank-treasury-forex-card-rates.pdf
Right now it's 98.07 in this pdf, so you will get a net rate of 97.62, plus processing/swift fees extra
Push back, really bad deal. its 110-120p above xe/google rate.
Better to just use Bharat Connect FX retail and there you will get 20p above xe rate even with HDFC.
If you plan to use Paasa, there also, you will get better rate with HDFC with zero swift/transfer fees. See below screenshot
70p on top of xe rate; w/o processing/swift fees is a good rate for complete online processing.
It's one of the best w/o any special bank relationships/negotiations online w/o any hassles.
Offline with a physical form, you can get better in AU (zero markup, zero processing) or IDFC (like I got 25p with a private banking relationship)
Related: Worthify's LRS remittance calculator, work out what a quoted rate really costs you.
Related
AU Bank's account number field only accepts numbers, but my IBKR or Paasa account has a letter. What do I enter?
1 answers
Why was my AU Bank outward remittance converted at a worse rate than the live rate on Google?
1 answers
Does AU Bank charge SWIFT or processing fees on outward remittances?
1 answers
Which account number should I enter for IBKR as the beneficiary in a wire transfer?
1 answers
How do I make sure IBKR credits my wire transfer quickly?
1 answers
How long does an AU Bank online remittance take to reach IBKR?
1 answers