Best forex rates online for outward remittance?

[theglobalinvestor]

Which banks offer the best forex rates with completely online remittance facility? For large amounts like ₹50L INR to USD. ICICI, HDFC, SBI all have high margins. IndusInd is unethical and unreliable. SBM and fintech partners are currently restricted. Others?

PS: Please don't suggest transferwise and other online options that support only limited amounts and have other restrictions. TIA.

 

[lucifer]

try DBS bank

 

[rdargar]

Which banks offer the best forex rates with completely online remittance facility? For large amounts like ₹50L INR to USD. ICICI, HDFC, SBI all have high margins. IndusInd is unethical and unreliable. SBM and fintech partners are currently restricted. Others?

PS: Please don't suggest transferwise and other online options that support only limited amounts and have other restrictions. TIA.

Which bank did you finally settled with?

 

[ramirami]

Could you please elaborate about ethics issues at IndusInd Bank?

 

[theglobalinvestor]

Could you please elaborate about ethics issues at IndusInd Bank?

Long story short: I made an online wire transfer order through Indus forex. Their website says the order will be processed in 2 business days. 4 days passed no response. Finally I emailed them and they canceled the order saying "internal compliance policy" without any explanation. They charged about ₹6000 in fees citing exchange rate fluctuation. Which does not make any sense as the forex had changed in my favour within those 4 days.

They had processed an identical forex order 2 months prior without any issues; but in that case the forex rate 2 days later when they processed the order had been in their favour.

So my understanding is they accept your forex order and hold it till the forex rate fluctuates in their favor (arbitrage) and they process it making a further profit. If the rate goes against them, they cancel the order and pass the loss from holding to the customer.

 

[Rajatkumar1]

I highly recommend using the BookMyForex platform to send money abroad. They had the lowest rates of all the platforms I checked, and the entire process was hassle-free. I liked the platform's ease of use and transparency in displaying live exchange rates. Best of all, there were no transfer fees. They gave me a promo code that waived the transfer fee.

 

[paxauquabriba-4876]

Indian Overseas Bank ?