Introduction
Sending money abroad can often be a costly affair, with high transfer fees and unfavorable exchange rates eating into the amount your loved ones receive. However, with BookMyForex, you can significantly cut costs on international money transfers.
Let’s compare the costs of sending money abroad using BookMyForex versus traditional banks and other international money transfer platforms, highlighting the substantial savings you can achieve.
What We Did
To provide a comprehensive comparison, we analyzed the costs associated with sending 1000 USD and 5000 USD from India using BookMyForex, traditional banks, and various other international money transfer platforms. The costs include the transfer fees(both bank fee and nostro fee) and any exchange rate markup. The data was collected through publicly available information.
How We Did
We compared BookMyForex with several banks, AD II institutions, and other popular international money transfer platforms. The comparison was based on the following criteria:
1. Exchange Rate Markup: The difference between the mid-market/ interbank rate and the rate offered by the provider.
2. Transfer Charges: The total fees charged by the provider for the transaction.
Here’s a detailed comparison of the costs involved in sending 1000 USD and 5000 USD from India using different providers:
For 1000 USD
| Platforms | Sending Amount | Exchange Rate* | Transfer Fee** | Net Cost to Customer* (INR) | BookMyForex is | Percent Savings^ |
|---|---|---|---|---|---|---|
| Banks | 1000 USD | 85.47 | ₹2500 | ₹87970 | ₹4000 cheaper | Up to 4.8% cheaper |
| International Money Transfer Platforms | 1000 USD | 83.47 | ₹1849 | ₹85319 | ₹1349 cheaper | Up to 1.6% cheaper |
| AD II Institutions | 1000 USD | 84.93 | ₹1200 | ₹86130 | ₹2160 cheaper | Up to 2.6% cheaper |
| BookMyForex | 1000 USD | 83.97 | ZERO | ₹83970 | - | - |
Note: To view the tables in their entirety on mobile devices, please use horizontal scroll.
For 5000 USD
| Platforms | Sending Amount | Exchange Rate* | Transfer Fee** | Net Cost to Customer* (INR) | BookMyForex is | Percent Savings |
|---|---|---|---|---|---|---|
| Banks | 5000 USD | 85.47 | ₹2500 | ₹429850 | ₹9700 cheaper | Up to 2.28% cheaper |
| International Money Transfer Platforms | 5000 USD | 83.47 | ₹8508 | ₹425858 | ₹5708 cheaper | Up to 1.35% cheaper |
| AD II Institutions | 5000 USD | 84.93 | ₹1200 | ₹425850 | ₹5700 cheaper | Up to 1.34% cheaper |
| BookMyForex | 5000 USD | 83.97 | ₹300 | ₹420150 | - | - |
*The USD to INR base exchange rate prevailing at the time of this analysis was 83.47.
**Note that the fees mentioned are exclusive of GST (Goods and Services Tax).
^The comparison is for informational purposes only. Your individual experience may vary.
What We Found
The comparison clearly shows that BookMyForex offers significant savings in both cases. While a few international money transfer platforms advertise attractive rates like the mid-market rate or close to it, these rates often come with high transfer fees that can eat into your transfer amount. BookMyForex, on the other hand, offers complete transparency with zero to minimal transfer fees, ensuring you get the most out of your money.
Results
By choosing BookMyForex, you can save up to ₹4000 on a transfer of 1000 USD and up to ₹9700 on a transfer of 5000 USD. This translates to up to 5% savings compared to other platforms.
Choose the Best, Choose BookMyForex!
Disclaimer: The results published here are intended for informational purposes only, and individual experience may vary. Money transfer platforms have the discretion to modify their rate markup and fees at any time.
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