How to Read Exchange Rates
- •Rates here are mid-market — the midpoint between global buy and sell prices, updated daily.
- •Banks and transfer apps add a margin of roughly 0.5%–2% over mid-market, plus fixed fees.
- •GST applies on the currency-conversion service (a small slab-based amount, not on the full sum).
- •Sending money out of India above the LRS threshold can attract TCS; money received from abroad by family is generally not taxed.
The Real Problem This Solves
The rate on Google is not the rate you get. Banks quote a marked-up rate, apps advertise "zero fees" while hiding the margin inside the rate, and by the time you compare three services the market has moved.
The fix is knowing the mid-market benchmark. If the dollar is at ₹96 wholesale and a service offers you ₹94.50, that gap is costing you 1.5% — on a ₹5 lakh transfer, ₹7,500 quietly gone. This converter gives you that benchmark for 20+ currencies, refreshed daily.
How Currency Conversion Actually Works
Every conversion is just multiplication: amount × rate. The complexity is in which rate. The mid-market rate is what banks trade at with each other; the "customer rate" is mid-market minus the provider's margin.
Example: Rakesh in Dubai sends 10,000 AED home when the mid-market rate is ₹26.25 per dirham — worth ₹2,62,500. His bank offers ₹25.85, so the transfer arrives as ₹2,58,500. The 40-paise margin cost him ₹4,000, far more than the ₹25 "transfer fee" he was comparing services on. Always compare the rate, not the fee.
Frequently Asked Questions
Why is the rate I get lower than the rate on this page?
This page shows the mid-market (interbank) rate. Every bank and transfer service adds a margin to it — typically 0.5% to 2% — which is how they earn even when advertising zero fees. The gap between their offer and the mid-market rate is your true cost.
How often are these rates updated?
Once daily, from mid-market data. Currency markets move continuously, so treat the figure as the day's reference level — accurate for planning remittances, budgets, and invoices, but not for intraday trading.
Which is the cheapest way to send money to India?
Compare the effective rate (amount received ÷ amount sent) across a bank wire, and specialist services. The winner changes by corridor and amount — the mid-market rate on this page is the benchmark every offer should be judged against.
Is money received from abroad taxable in India?
Remittances from close relatives (NRI sending money home for family maintenance) are generally treated as gifts from relatives and not taxed. Money from non-relatives above ₹50,000/year can be taxable as income. For business receipts, normal income tax rules apply — consult a CA.
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Sending money for education abroad?
Currency is only half the cost — plan the loan side too. Estimate EMIs, moratorium interest, and Section 80E benefits with our Education Loan Calculator.
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