Indians sending money abroad for education, family support, or business pay hidden fees that can amount to lakhs over time. Parents funding their child's education in the US, UK, or Australia lose 2-4% on every tuition payment through bank forex — on a $40,000 annual tuition, that's ₹60,000-1,20,000 lost to unfavorable exchange rates alone. Freelancers receiving payments from international clients through PayPal pay 4.4% plus conversion markup. NRIs sending money back to India face bank charges on both ends. Business owners paying international suppliers through SWIFT transfers pay ₹2,000-4,000 per wire plus exchange rate markups. Travelers loading forex cards pay 2-3% markup plus issuance fees. The traditional banking system profits from opacity — showing a "competitive rate" that's actually 2-4% worse than the real mid-market rate. Wise uses the actual mid-market exchange rate with a small, transparent fee shown before you send — so you know exactly what the recipient gets.
Comparison
| Service | Exchange Rate | Fee | Speed | Transparency |
|---|---|---|---|---|
| Wise | Mid-market | 0.5-1.5% | 1-2 days | Full |
| Banks | Marked up 2-4% | ₹2-4K+hidden | 3-5 days | Low |
| PayPal | Marked up | 4-5% | Instant | Medium |
| Forex cards | Marked up 2-3% | Issuance fee | Instant | Medium |
Transfer Smarter
Send with Wise — real exchange rate, transparent fees, fast delivery. Learn personal finance on Udemy — courses from ₹449.
Why Wise for India
- Real rate: Mid-market — no hidden markup like banks charge
- Education payments: Save ₹60K-1.2L/year on foreign tuition fees
- Transparent: See exact fee and delivery amount upfront
- RBI authorized: Fully compliant — licensed for Indian transactions
- Fast: 1-2 days — faster than traditional bank SWIFT
FAQ
RBI approved?
Yes. Authorized dealer — fully compliant with Indian forex regulations.
For student fees?
Best use case. Save lakhs on tuition payments — real exchange rate matters most here.
LRS limit?
Within RBI's LRS of $250,000/year — standard forex regulations apply.
For business?
Wise Business available — multi-currency for international operations.
Related: Wise India | Money Transfer India | Forex India