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Retail customers can save big on forex costs soon, thanks to the RBI

For now, the facility will be available only for dollars, but more currencies will be introduced later

forex
The maximum cap though would be $500,000

Need $1,000 for that long-dreamt US trip next week? Happy with the exchange rate getting flashed on the television screen? Supporting documents ready? Then, all you need to do is head to the nearest bank branch and pick up the greenbacks.  But wait, if not known already, you are likely heading for a shock when you see that the card rate at the branch is nowhere close to what you have seen on your screen.  Welcome to the world of fat margins enjoyed by banks offering currency notes. When the customer tries to buy dollars, it is usually at a 2 per cent premium, and when ...