Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Why is the exchange rate applied on my remittance different from what is available with Newswires and websites such as Economic Times Online?

April 26, 2017applied different Economic exchange rate newswires online remittance times Websites

0

Posted

Why is the exchange rate applied on my remittance different from what is available with Newswires and websites such as Economic Times Online?

1 Answer

0

Posted

The newswires and online information services like The Economic Times Online provide currency exchange rate information that is based on transactions of high volume between banks. While the market exchange rate as reported in such services may be a certain rate, customer transactions are seldom processed at that rate by these services. Given this scenario, we ensure that our rates are better than most similar remittance services.