News > Indians Paid ₹263 Billion In Foreign Exchange Fees In 2020: Report

Indians Paid ₹263 Billion In Foreign Exchange Fees In 2020: Report

BusinessWorld | 27/10/2021 04:37 PM | Click to read full article

Wise has released a new study revealing that Indians paid over ₹263 billion on foreign exchange fees in 2020, of which roughly ₹97 billion were hidden as exchange rate markups on currency conversions, payments and card purchases. The remaining ₹166 billion were spent on transaction fees. 

This highlights a lack of transparency in remittance fee structures, putting consumers at risk of hidden fees.