Currency exchange rates fluctuate constantly based on supply and demand, economic indicators, interest rate differentials between countries, inflation, and geopolitical events. For Indian users, USD/INR and AED/INR are the most relevant (NRI remittances). The rates shown here are interbank rates, the actual rates you get from banks, money changers, or wire transfers will typically be 1-3% worse due to margin and fees.
Worked Example:
Converting $1,000 USD to INR | Example rate: 1 USD = โน90 (use the live rate above for today's actual figure)
INR = 1,000 ร 90 = โน90,000
Bank charges 1.5% spread โ actual rate = โน88.65 โ You get โน88,650
What is the best way to transfer money abroad from India?โพ
For large amounts (above โน50,000 equivalent), wire transfer (SWIFT) via your bank is cheapest. For regular transfers, apps like Wise or Remitly offer rates 1-3% better than banks. Avoid airport forex, worst rates.
What is TCS on foreign remittance?โพ
From April 2025, TCS applies on foreign remittances above โน10 lakh per year under LRS - 20% for most purposes, but only 5% for education and medical remittances above that threshold (and nil if the education remittance is funded by an education loan). This TCS is refundable when you file your ITR, it's a tax deposit, not a tax loss.
What is the RBI limit for sending money abroad?โพ
Under LRS, Indian residents can remit up to USD 250,000 per financial year abroad without special RBI approval, for education, travel, gifts, investments, etc.
Why does the exchange rate I get differ from what I see online?โพ
The rate you see online is the mid-market interbank rate. Banks and money changers add a margin/spread of 0.5-3% on top. Always compare by calculating the total amount you receive, not just the quoted rate.