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Remitting money? Use lock-in facility to get best forex rate, say experts

Take into account transaction fee, conversion fee, and exchange-rate mark-up when comparing players' costs

money transfer

Customers can walk into the nearest branch or use the remittance facility provided on banks’ digital platforms. Banks such as Axis Bank also let customers remit money via the mobile phone

Bindisha Sarang Mumbai
With the rupee hitting a record low of 77.73 to the dollar in May, all those who need to send money abroad at regular intervals are under pressure. For them, it has become all the more crucial to select a cost-effective remittance service provider.

Indians send money overseas largely for education and travel. According to T C Guruprasad, managing director, EbixCash World Money, “They send more than $10 billion annually and this figure is growing at a compounded annual rate of 20 per cent.”

Know the rules

Under the Liberalised Remittance Scheme (LRS), all resident individuals, including minors, can remit

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First Published: May 27 2022 | 8:03 PM IST

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