If you send money home on a frequent basis from the U.S., chances are you might be looking out for cheap remittance options. You know those standing outside their shops yelling “Zero Money Transfer Fees” or “Zero Commission” or “Best Rates”.
But, the harsh reality is that there is no such thing as zero fee remittance. It’s a disguise used by many under which they hide the outrageous mark-up fee that they charge over the exchange rates.
No Set Exchange Rates: This is where all the Shenanigans Begin!
So, there’s something called exchange rates. It’s the foundation on which the whole remittance world operates. This is the rate you’ll get when you transfer money from the U.S. to India. These rates are determined by banks and forex traders who trade in foreign currency.
As per today’s exchange rate on Wise (our remittance partner), 1 USD = 76.33 INR. So if you plan to transfer money now, this is the rate at which your money will be transferred home.
Most currencies have “floating” exchange rates because bankers and forex traders constantly buy and sell them. Thus, the rates keep fluctuating from time to time and vary from platform to platform. So, there is no-one-fixed rate across the whole remittance market. Due to a lack of one-set rate across the market, the opportunity to mint money from you, in the form of hidden charges, creeps in.
And, thus comes the need for transparency or transparent rates. So which is the safest option you have?
Mid Market Rate a.k.a. The Real/Fair Rate
Bankers and forex traders are willing to pay a certain price for a currency, they are also willing to sell it for a certain price. Mid-market rate is the mid point of these prices.
It’s neither too high nor too low. It’s the rate which the market naturally sets. That’s why it’s the fairest and realest rate in the market.
Enter - Zolve as the Transparent and Safe Remittance Option
Mid-market rate is the rate which Zolve gives you when you send money from the U.S. to India.
What most remittance providers do is they mark-up the mid-market rate by a significant profit margin and then advertise it to you as a zero fee money transfer service.
But we don’t hide it from you. We keep everything on the table. We do charge you a fee, but it’s hardly anything when you compare it with what other platforms charge you. And you’re informed about the fees when you make the transfer. Told you, we were an open book.
Even after charging you a nominal fee, your folks back home receive more money than other platforms. We are actually the cheapest. Don’t believe us? We have legit data to back our transparency and the benefit we’re offering you. Check out this table below.
The below table shows how Zolve is compared to other players in terms of exchange rate when you try to transfer 1000 USD to INR on 15th April, 2022.
To make transparency and pocket-friendly as the core of our remittance offering, we have partnered with a reliable and trustworthy corporation: Wise.
We think that rests our case. Even after being so transparent about fees, your folks back in India get more money than other money transfer platforms. The choice is a fairly simple one. Actually, it’s the fairest one.
Start remitting money with Zolve: www.zolve.com today.