AU Small Finance Bank slashes hidden fees for global money transfers
AU Small Finance Bank (AU SFB) has launched a new forex proposition aimed at simplifying international remittances. The offering removes hidden fees and provides transparent pricing for customers transferring money across borders. The bank’s latest initiative eliminates forex mark-ups, which previously reached up to 2% and reduced the value of transfers. Customers will now receive currency conversion at the bank’s Interbank Reference Rate (IBR) with no transaction charges or additional fees.
The proposition covers both inward and outward remittances. Resident Indians can send money abroad under the Liberalised Remittance Scheme (LRS) without forex margins or bank charges. Non-resident Indians (NRIs) using NRE and NRO accounts also benefit, with zero forex margin on inward transfers and access to competitive deposit products. AU SFB is positioning itself as a customer-focused player in India’s growing cross-border remittance market. The move follows the bank’s in-principle approval from the Reserve Bank of India to transition into a universal bank, expanding its product offerings.
The new forex proposition targets a broad range of users, including students, families, and affluent customers with global financial needs. By removing hidden charges and simplifying pricing, AU SFB aims to make international money transfers more transparent and cost-effective.
