Introduction
Sending money abroad can often be a costly affair, with high transfer fees and unfavorable exchange rates reducing the total 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 fee and any exchange rate markup. The data was collected through publicly available information.
How We DidÂ
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 | Base rate+1.68% | ₹1000 | ₹88980 | ₹1920 cheaper | Up to 2.16% cheaper |
| International Money Transfer Platforms | 1000 USD | Base rate | ₹1580 | ₹88120 | ₹1060 cheaper | Up to 1.20% cheaper |
| AD II Institutions | 1000 USD | Base rate+1.63% | ₹500 | ₹88450 | ₹1390 cheaper | Up to 1.57% cheaper |
| BookMyForex | 1000 USD | Base rate+0.6% | ZERO (use Promo Code: ZEROBANKFEE) | ₹87060 | - | - |
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 | Base rate+1.68% | ₹1000 | ₹440900 | ₹6100 cheaper | Up to 1.38% cheaper |
| International Money Transfer Platforms | 5000 USD | Base rate | ₹6234 | ₹438934 | ₹4134 cheaper | Up to 0.94% cheaper |
| AD II Institutions | 5000 USD | Base rate+1.63% | ₹500 | ₹440250 | ₹5450 cheaper | Up to 1.24% cheaper |
| BookMyForex | 5000 USD | Base rate+0.6% | ZERO (use Promo Code: ZEROBANKFEE) Get an additional ₹450 cashback. Use promo code: REMITSPL | ₹434800 | - | - |
*The USD to INR base exchange rate prevailing at the time of this analysis was 86.53.
**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 some international money transfer platforms may advertise attractive rates like the mid-market base rate, these rates often come with high transfer fees and hidden charges that drive up the net cost to the customer. BookMyForex, on the other hand, provides complete transparency in rates, zero transfer fees, and additional cashback, ensuring you get the most value for your money.
Results
By choosing BookMyForex, you can save up to ₹1920 on a transfer of 1000 USD and up to ₹6100 on a transfer of 5000 USD. This results in savings of more than 2% 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.
About the Author
Bhawna Nijhawan is the Content Manager at BookMyForex and the go-to person for creating engaging, informative content that resonates with the platform’s diverse audience. With over 8 years of experience in content writing and more than 4 years in the forex industry, she knows exactly how to simplify complex forex topics into something everyone can relate to.
