AU Small Finance Bank slashes hidden fees in new forex service launch
AU Small Finance Bank (AU SFB) has launched a new forex service aimed at simplifying cross-border transactions. The offering removes hidden fees and introduces full pricing transparency for customers sending money abroad. This move targets India’s expanding remittance market with a focus on fairness and clarity. The bank’s new proposition eliminates embedded forex mark-ups, which previously added up to 2% in extra costs. Customers will now receive currency conversion at the bank’s Interbank Reference Rate (IBR) with no additional transaction charges or fees from AU SFB.
The service covers outward remittances under the Liberalised Remittance Scheme (LRS) for resident Indians. It also supports inward and outward transfers for non-resident Indians (NRIs) using NRE and NRO accounts. For NRIs, the bank offers zero forex margin on incoming remittances alongside competitive deposit options, including FCNR (B) and NRE fixed deposits. Designed for a wide range of users, the proposition caters to students, families, and high-net-worth individuals with global financial needs. By removing hidden charges, AU SFB aims to stand out as a customer-first player in India’s growing remittance sector.
The new forex service ensures transparent pricing and lower costs for international money transfers. Resident Indians and NRIs will benefit from zero bank charges and fairer exchange rates. This change reflects AU SFB’s push to build trust in cross-border financial transactions.
