Which bank gives you the best Foreign Exchange rate for remittances in India

Be it sending money outside India or receiving money from aboard, the foreign exchange rate offered by your bank comes into play. Previously, only limited banks offered Forex services but nowadays every other bank offers this service. But you should be careful whom you bank with in order to get the best possible rate for your money. Forex is a commission heavy business and it is easy to get a bad deal from your bank if you are not aware of the market rates. I’m writing this blog post after doing some research on this topic and having sent/received money with a few banks over the past few years.

I am using the rate from XE which is the most common benchmark we use for conversions. Sadly the real rate your bank might use will be different as they include their margins and their costs might be higher. Here are some of the best banks in terms of forex rates offered. Let me warn you that every bank might have some hidden charges over and above the actual forex part and there is also a GST option for the service which I have not accounted for. Just wanted to give you an idea about the difference in rates offered. I might not matter to someone who does occasional transactions but more and more people are sending money and receiving money in foreign currency, so I hope you find it useful.

Punjab National Bank75.9575950759500
Bank of India75.9375930759300
Canara Bank75.8875880758800
South Indian Bank75.8475840758400
Bandhan Bank75.6375630756300
IDBI Bank75.7675760757600
DCB Bank75.275200752000
Indus Ind Bank75.1475140751400
Kotak Mahindra Bank75.0475040750400
Yes Bank75.0175010750100
IDFC First Bank74.9574950749500
Citi Bank74.6874680746800
Federal Bank74.5774570745700

The rates might have changed since I started working on this post but the idea is still valid.

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Varun Krish

Varun Krish has been dabbling with computers and websites for almost 2 decades. He has traveled to over 30 countries and hopes to visit every country on earth one day. He is currently the Editor-in-Chief of FoneArena.com and also advises startups and product companies on how to build better products. You can follow him on @varunkrish

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