Sending money abroad: Choose platform that discloses exchange rates, fees

For the same amount remitted, compare how much the recipient will get across different service providers

Indian families spent an estimated ₹1,700 crore in 2024 on bank fees and exchange rate mark-ups when sending money abroad for education, according to a report by Redseer Strategy Consultants and Wise, a global cross-border payments company. The report calls hidden remittance charges a growing financial burden on households funding children’s overseas education. 

“Our research shows traditional banks often charge fixed fees and mark up exchange rates, regardless of transfer size. That’s why transparency is key,” says Taneia Bhardwaj, South Asia expansion lead, Wise. 

Break-up of Charges 

Banks or payment platforms may levy a transaction or processing fee, either as