If you send money home on a frequent basis from the U.S., chances are you might be looking out for cheap remittance options. You know those standing outside their shops yelling “Zero Money Transfer Fees” or “Zero Commission” or “Best Rates”.
But, the harsh reality is that there is no such thing as zero fee remittance. It’s a disguise used by many under which they hide the outrageous mark-up fee that they charge over the exchange rates.
No Set Exchange Rates: This is where all the Shenanigans Begin!
So, there’s something called exchange rates. It’s the foundation on which the whole remittance world operates. This is the rate you’ll get when you transfer money from the U.S. to India. These rates are determined by banks and forex traders who trade in foreign currency. Read More