Compared FX rate INDmoney gave me on deposit vs withdrawal in same week. The gap is unexpected.
​
Added ₹20,000 last month and pulled out similar amount on same week, mainly to see both rates next to each other.
Deposit landed about 1.1% worse than the market rate that day. Withdrawal was about 1.1% worse the other way.
₹435 gone on ₹20,000 with the stock price flat. Brokerage on the same trade was ₹50.
Charges page lists forex conversion at 0.5% to 1.2%, charged by the bank. Mine sat near the top of that range on HDFC. Five partner banks and a spread that wide means the bank is deciding more of my cost than the broker is.
On ₹20,000 the distance between the two ends of that range is about ₹280.
Raised a ticket. Got the usually answer about market rates and partner bank rates.
Small amount sitting on Bloom now to compare rates, 90% still here.
The thing I changed is frequency. Cost is percentage based, and it applies on both legs, so money going in and out often is what bleeds, and I have stopped the monthly top-up habit and moved to larger transfers a few times a year.
What I want is the markup shown in rupees on the confirm screen, same as brokerage. Till then I am checking against Google before every transfer.