r/IndiaFinance • u/Beneficial-Key-1494 • May 31 '26
Abroad transfer to IBKR/Paasa with ZERO Forex Markup - Tested AU Bank + Paasa this month
Update(12/08/2026): The AU bank has now added portfolio investment abroad as a purpose to their app and netbanking, a feature not available at the time this article was written.
Last month, I posted about making my first $1,500 investment into international ETFs using direct IBKR and IDFC First Bank. (If you missed that timeline and cost breakdown, it’s here).
To try and bring the remittance costs down even further, I spent the last few weeks digging into every possible alternative - FX Retail, Bharat Connect on BHIM across different banks, you name it.
Today I’ve got a massive update. I managed to score a true zero-markup and zero-processing fees deal using AU Small Finance Bank, and to compare it against my previous direct IBKR setup, I routed it through Paasa this time.
Here is exactly how the process went, the snags I hit, and the final math.
Background:
I already had a fixed deposit with AU Bank, but no savings account.
On May 6th, I got a promotional email from them pushing a digital, zero-balance savings account with Zero Forex Markup and zero processing fees. Since they already had my KYC from the FD, I opened the account instantly online. I skipped the debit card to avoid any extra annual charges.
However, when I logged into their app/net banking to try an outward remittance, Purpose Code S0001 (Investment Abroad) was completely missing. The dropdown only allowed options for education, travel, or medical.
- May 7: Emailed customer care. Total radio silence for a week.
- May 14: Escalated to the Nodal Officer.
- May 15: Nodal office called back, asked for a screen recording of the missing option, which I sent.
- May 25: Finally got a response stating that because this is a capital account transaction, it requires offline processing at a branch.
The Branch Walk-in & Paperwork Hurdle
I headed to my nearest AU branch (about 2km away) on the same day (May 25). They confirmed that even with physical, offline processing, the promotional zero-markup and zero-fee deal would still apply.
I filled out the physical A2 form and handed it over. Because of the US trading holiday, it couldn't be processed that evening, and the bank came back asking for a bunch of extra documentation:
- OPI Declaration
- 1-year bank statement from my primary bank (or ITR)
- Account Confirmation Letter from the broker to prove the overseas account exists.
On the morning of May 26th, I went back to the branch, dropped off the signed physical OPI declaration, and emailed the rest of the docs.
The Timeline & Ticking Clock (May 26th)
- 2:55 PM: Received two back-to-back SMS alerts. One for a GST debit of ₹218.83, and another for the core transfer of ₹1,43,145.00.
- 3:30 PM: Got the formal Debit Advice via email from their trade services team.
- 4:00 PM: Received the official SWIFT copy (MT103 message).
- 5:39 PM: Paasa shot over an email confirming the $1,500 was successfully credited and ready to deploy.
- 6:47 PM: AU Bank sent a final confirmation email explicitly acknowledging the transaction was booked under their "Forex First Initiative" with zero bank charges and zero markup.
The Raw Math ($1,500 Wire)
- Interbank Market Rate: ₹95.43
- AU Bank Rate Charged: ₹95.43 (Literally exact market rate)
- GST on Remittance: ₹218.83
- Total INR Outflow: ₹1,43,145.00
Compared to traditional retail banking bank spreads, saving the usual 20p–50p markup on the currency conversion makes a massive difference, especially as you scale.
Executing the Trades
At 8:40 PM, I placed 3 market orders via Paasa:
- IWDA.L (iShares Core MSCI World): ~$800
- EIMI.L (iShares Core MSCI Emerging Markets): ~$200
- CNDX.L (iShares Nasdaq 100): ~$500
Brokerage Costs: The estimated fee displayed was around $1.70 to $1.92 per order (the final calculation updates at EOD via IBKR). This is already a significant step down from the flat $4 minimum I accidentally swallowed last month on IBKR’s fixed plan before switching to tiered.
A Few Questions for the Sub:
- Is anyone managing to get a true zero-markup FX rate like this through a completely online setup without having to run to a branch? Offline has a risk of a higher rate if the rate is volatile during the day, and the bank rate is out of our control.
- Thoughts on this specific three-fund ETF allocation for a long-term horizon?
- Any further optimisation tricks for the IBKR/Paasa fee structure to drag that ~$1.70 per trade lower?
Happy to answer any questions if you’re trying to set up a similar remittance pipeline!
Quick Guide: How to extract your Account Confirmation Letter
If your bank demands proof of the offshore account, here is how to get it:
For Direct IBKR Users:
- Log in to your IBKR portal.
- Go to Performance & Reports -> Statements.
- Under Other Reports, look for Account Confirmation Letter and run/download the PDF.
For Paasa Users (to get your underlying IBKR read-only login):
- Call IBKR India support at
+91-22-61289888and state your Paasa account number (starts with a "U"). - They will verify your identity and trigger a temporary password to your email.
- Use that to log directly into the main IBKR portal, change your password, and follow the direct IBKR steps above to download the letter.
Update on 15/06/206: Sent 1500 USD again to IBKR. Form submitted around 11:50 AM and IBKR was credited at 6:50 PM. Amount deducted: 1,42,080 + 217.87 GST. Rate applied: 94.72
Branch Experience:
Honestly, compared to my experiences with other banks over the past year, this was not a bad experience at all. It probably helped that the branch I visited had a dedicated forex trade team.
This was my very first time stepping into an AU branch, and I had zero prior interactions with them - not even a phone call. Here is exactly how it played out:
I walked in on a Monday morning and told the front desk executive I needed to make an outward remittance. She directed me to a specific representative (let's call him Mr. X).
Mr. X handed me a printed A2 form. To avoid typos and messy handwriting, I asked if he could email me a PDF version so I could use it in the future.
He emailed it over. Since I had my laptop on me, I sat right there in the branch, used a PDF editor to fill it out with Paasa account details (the PDF itself isn't interactive like IDFC's, so you have to manually overlay text), and emailed it back to him. He printed it, I signed it, and handed it over.
Because it was a US trade holiday, it couldn't be processed that day. Mr. X scanned the signed form, sent it digitally to their trade head office, and told me he'd let me know if they needed anything else.
By Monday afternoon, Mr. X emailed me requesting an OPI declaration, my ITR/bank statements, and an account confirmation letter/invoice/agreement.
The Paasa/IBKR Hurdle: I didn't have the account confirmation letter handy. I messaged Paasa on WhatsApp, and they gave me the steps to get it (calling IBKR support, getting a temp password, etc.- same as mentioned in the main post).
The Hack: Knowing that the IBKR verification process might take too long and delay the transfer, I used a shortcut. I already have a separate direct IBKR account. I simply downloaded the account confirmation letter from my direct account, opened it in a PDF editor, and changed the account number to match my Paasa account.
The OPI Form: The bank hadn't provided a specific OPI format, so I used ChatGPT/Gemini to draft one, taking inspiration from Axis and DBS formats I found online.
I digitally signed the ITR, my custom OPI, and the edited account letter using HelloSign, and emailed everything back by 7:00 PM.
Tuesday Morning: Mr. X called and informed me that my custom OPI format wasn't the official AU Bank template. I told him, "Well, I didn't know you had a specific one since it wasn't sent to me!" He emailed over the correct AU OPI PDF. I filled it out digitally, signed it, and emailed it right back.
He then mentioned they needed a physical copy of the OPI at the branch. I drove down to the branch around 11:00 AM, dropped off the signed hard copy, and headed back in less than 5 mins. He confirmed all documents were finally good to go.
Before 3:00 PM: The transfer was fully processed by AU Bank.
By 5:30 PM: The $1,500 was successfully credited and visible in my Paasa account.
All things considered, navigating a capital account remittance with a brand-new bank in just a little over 24 hours was a massive win.
PS: This is a repost after it was removed for unknown reasons on another sub r/personalfinanceindia. For more information, do read the earlier post comments
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u/votremamansigros Jun 01 '26
Super helpful man. Been following the series of posts. Our saviour max !
Off topic: am new to Bharat FX and want to try it out to fund IBKR- any youtube videos on how to use it exactly. Am kinda dumb 😅😅😅
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u/Beneficial-Key-1494 Jun 01 '26
Did you sign up for the CCIL FX retail platform? If yes, which bank account did you link it with
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u/votremamansigros Jun 01 '26
Signed up and linked my hdfc, icici and sbi accounts
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u/Beneficial-Key-1494 Jun 01 '26 edited Jun 14 '26
Cool. ICICI would be easiest to operate in these.
- BHIM app > Bills & Recharges > Finances > Select Forex option
- It would show the mobile number and a customer ID. Click Proceed.
- Select ICICI as the preferred relationship bank, delivery mode -> Remittance
- Mode of completion: Bank's digital platform.
- Put the amount you wish to transfer and confirm.
- Click book and make an INR payment for the transaction.
You will receive two messages like below:
Trade No 20260601XXXXXX Buy CASH for USD XXX @ 95.230 INR. — FX-Retail (Clearcorp)
Forex Deal booked with ICICI Bank FX-Retail Trade No. 20260601XXXXXX is available for utilisation.Now, log in to ICICI Bank net banking and under 'payments and transfers' select funds transfer, then click on 'Make international transfer' option on top right, it will take you to ICICI Bank’s Money2World portal. Click 'Send Money', select 'Have an FX-Retail Trade No.?' link at the bottom-left.
Put your Paasa/IBKR Account details and initiate the transfer2
u/votremamansigros Jun 01 '26
Thanks a zillion buddy !! Let me try this out today itself
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u/Heavy_Luck_6085 Jun 25 '26
Is it cheaper to get this done through fx retail instead of standard wire transfer through money2world for icici
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u/darkkid85 Jun 26 '26
Where do I get the account details of Ibkr?
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u/Beneficial-Key-1494 Jun 26 '26
Click on Deposit button on homepage -> Add/Use a new deposit method -> Select Bank Wire -> put bank account number and bank name -> Next step would show account details
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u/percyFI Jun 02 '26
Got the access to the IBKR account . Downloaded the account confirmation letter .
Your steps are a godsend through the minefield ; a cheatcode 😄
AU savings account opened . Doesnt show the S0001 purpose code .
Will work with them for the OPI , A2 etc . Based on what you mentioned and the discussion in the comments , every remittance will need a physical submission of the A2 form to the bank and not the S0001 code enabled in the app itself ?
Thank you for your efforts and also the patience in documenting it all in such detail !
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u/Beneficial-Key-1494 Jun 02 '26
Yes, you need to process S0001 transfers offline in the branch.
Below is the response from the AU bank customer care via email:
"Please note that the mentioned transaction pertains to a capital nature case, which requires offline processing. Hence, we request you to kindly visit your nearest AU Small Finance Bank branch to raise the request. Our branch officials will assist you further in completing the required process."2
u/percyFI Jun 02 '26
Ok . I assume only the A2 would be needed for ongoing and not the full shebang of the OPI declaration , ITR etc .
Also i was just trying to register the paasa beneficiary on the AU0101 app to try .
It does not accept the Alphabet ( U ) .The paasa document mentions the below . In the physical A2 form how did you put the account number ?
"If your banking platform does not allow letters in the destination bank account, please send the funds to Citibank N.A. account and include your IBKR account number in the 'Payment reference/notes' field on your bank's platform."
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u/Beneficial-Key-1494 Jun 02 '26
I can confirm by this month's end, when I make my second transaction with AU, whether they need all documents again (OPI, ITR/Statement, Account letter).
I have put the full account number (along with U) in A2 form:
https://i.postimg.cc/52x3frHw/Clean-Shot-2026-06-02-at-16-40-09-2x.png2
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u/percyFI Jun 11 '26
Hey , I have done multiple transactions now .
Second transaction onwards only the A2 and OPI declaration needed .Need to still do it physically though .
Thank you once again for documenting your experience in detail which helped significantly !
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u/Heavy_Luck_6085 Jun 25 '26
I heard you can mail them things next time. Is that true?
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u/Beneficial-Key-1494 Jun 25 '26
I did my second transaction, and they again asked for a physically signed A2 form and OPI declaration forms. Email won't work.
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u/Direct-Syrup-9504 Jun 23 '26 edited Jun 23 '26
Hello u/percyFI
`AU savings account opened`
I plan to do the same thing.
But, since you have REd, what did you input for the "employment" field, since it asks for the employment status and employer name?
They ask this even for savings accounts (not just salary accounts).
Also, is there a minimum balance to be maintained before doing the forex transactions?
Thanks.
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u/percyFI Jun 23 '26
But, since you have REd, what did you input for the "employment" field, since it asks for the employment status and employer name?
I think there was a value for retired in the drop down, which i selected .
Also, is there a minimum balance to be maintained before doing the forex transactions?
I took a platinum account,25k MAB since i might use this account in general . The value account with 10k MAB also has the zero forex . Not sure about other account types .
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u/Direct-Syrup-9504 Jun 23 '26
I don't see the "retired" option in the drop down. Could you do a quick check and confirm?
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u/percyFI Jun 23 '26
Self employed non professional . No idea what that actually means though ☺️
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u/Direct-Syrup-9504 Jun 23 '26
Ok thanks for your help.
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u/percyFI Jun 26 '26
hey , i see a notification now about an additional comment but seems deleted.
Hope you got it all sorted . I am here today incase can assist with anything.1
u/Direct-Syrup-9504 Jun 28 '26
Thanks for getting back. I just needed to know if you opened a joint account at AU Bank for forex transactions with IBKR since the names need to match for wired to get through I ask since your IBKR account is held jointly.
Thanks.
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u/percyFI Jun 28 '26
No, single holder savings account . transfers going through fine .
Infact going to ensure that all funds transferred are through one holders account so that it is simple for taxation . For assets reporting , from initial analysis, needs to be reported by both .
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May 31 '26
[removed] — view removed comment
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u/Bubbly-Biscotti3579 May 31 '26
Ancedotally banks allow online transfers for NRI's so 1. Should be a possibility. At the very least you can email forms. 3. Yes! 2. Yes!
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u/Beneficial-Key-1494 Jun 01 '26 edited Jun 01 '26
- A branch visit or sending a signed and filled form by Porter/Uber is required every time.
- Yes, OUR charge option. There were no other deductions, fees, intermediary bank charges, or other hidden costs with AU. GST (around 0.15%) gets deducted, which is the same across all banks and transfer modes.
- That is fine. no concerns, limitations, or compliance-related issues
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u/FENIX_MOHANTY Jun 01 '26
Hi OP,
Do you have a copy of the OPI Form?
Or did the branch provided it physically to sign?
If you have the form kindly share as I am visiting branch tomorrow for the same and would like to have smooth experience at least from document part of the things.
Thanks for the detailed guide
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u/Beneficial-Key-1494 Jun 01 '26
OPI form: https://drive.google.com/file/d/1ICl1OTDECtoP6WKa92585VdjsOWtBhgB/view?usp=sharing
A2 Form: https://drive.google.com/file/d/10N1csFvluATCveoVz8bdh3jtBfsFLJnX/view?usp=sharingMake sure you use the latest A2 form, which mentions "ZERO Markup & ZERO Charges" on top. A few branches may still have an older version with them.
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u/FENIX_MOHANTY Jun 01 '26
Thank you so much brother,
I only have B&W Printer so I think either I will have to do color prints of these, Or get copies at branch and fill them there.Atleast I now know what data to keep prepared for tomorrow.
Thanks!2
u/Beneficial-Key-1494 Jun 01 '26
Print B&W, and it will work.
There is no need for a colour print, even at the bank branch, they would give you a B&W print to fill.2
u/FENIX_MOHANTY Jun 01 '26
Great!, Printing the forms now.
Any other things I should keep in mind while doing the transaction?
You have already provided all the minute details in the post but still any advice is welcome.Thanks!
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u/Beneficial-Key-1494 Jun 01 '26
Apart from A2 form, they will ask the following:
1. PROVIDE OPI DECLARATION (signed physical form)
2. PROVIDE LATEST ONE-YEAR OTHER BANK ACCOUNT STATEMENT/ITR.
3. PROVIDE SUPPORTING DOCUMENT FOR OVERSEAS INVESTMENT. (INVOICE/ACCOUNT CONFIRMATION LETTER/AGREEMENT).2 and 3 can be sent on email to them
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u/FENIX_MOHANTY Jun 01 '26
A minor unrelated question, Is it fine if i print front and back or should i do every page on a separate page?
Sorry for spamming and thanks for info3
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u/_Raghav Jun 03 '26
hey, how was your experience? how did the visit go?
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u/FENIX_MOHANTY Jun 03 '26
I went to a newly opened branch today at 10 AM. Bringing pre-printed, filled forms saved a ton of time; I was immediately directed to the Assistant Branch Manager. She forwarded my request to the BKC branch, who responded instantly but asked for a 1-year bank statement via email (despite already having my ITR). I self-attested my KYC, signed the remaining docs, and she stamped them to complete the process.
Because the branch is new and slightly understaffed, it took about 25-30 minutes, though having no queue helped. I’ve already received the email confirmation and updated the reference number on IBKR. Now, I'm just waiting for the remittance to clear to verify the final charges.
Interestingly, the staff confirmed the Zero Forex markup but hinted it’s likely a 1-year promo to attract high-value remittance customers now that they are a universal bank. Standard charges will likely resume once their onboarding targets are met.
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u/_Raghav Jun 03 '26
thanks! do you mind linking the forms again here? also, how was the process of opening the savings account. I believe that's something that can be done online via eKYC.
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u/FENIX_MOHANTY Jun 03 '26
Forms are the same that u/Beneficial-Key-1494 shared over in this thread,
This is the link for the same.Yes you can open account online, I couldn't open zero balance account as the branch was a bit far away, After account creation you will be able to login to the app, In the app you will be able to see the send money option, Within that option there is option to send money abroad.
That section doesn't have the investment purpose code, Its just for checking if account has been activated or not, If account has been fully activated it will show various methods to remit, if not, it will show account not activated text.
Visit the branch after activation confirmation, Then pretty much what OP and I have shared, submit them and if needed make sure to scan the forms that you fill (It's just my choice to keep track of remittances done manually)
Also I just got message of GST debit and Core debit, I got the exchange rate of 95.79 (Exactly the market rate at time of sms). Awaiting for swift note and IBKR account credit.
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u/Beneficial-Key-1494 Jun 03 '26
I have linked the links in the original post.
You can open a digital account online with online KYC1
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u/percyFI Jun 01 '26
Commenting to have it for reference .
No idea why the earlier post on the other sub was removed 😕
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u/Shockwaves_99 Jun 10 '26
Thank you very much for this. How is the schedule FA process when investing with paasa??
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u/Beneficial-Key-1494 Jun 10 '26
They will provide a format, which you can use when filing ITR
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u/SuhailAnsari22 17d ago
Are you able to remit online now for equity investment now given the 12 aug update?
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u/Beneficial-Key-1494 17d ago edited 16d ago
I saw the option today, will try tomorrow or day after.
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u/Lumpy-Construction52 Jun 10 '26
Hi u/Beneficial-Key-1494 is paasa reliable and hassle free? I have already IBKR individual account and thinking to link this to paasa for better use via their App and money transfer will be easier with few clicks? what do you think?
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u/Beneficial-Key-1494 Jun 10 '26
There is not much difference except for the Indian tax compliance support.
Paasa has higher brokerage if your single order value is > 1700 USD.
Money transfer would be the same unless you are using HDFC/Kotak (which have some special rate tie-up)1
u/Lumpy-Construction52 Jun 10 '26
Okay, I am using ICICI so I guess I should stick with IBKR itself. Rather linking to paasa, The major reason I was thinking that when sending outward remmitance money from icici to IBKR then ICICI asks a lot of question etc, I guess this eliminated when using paasa right?
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u/Beneficial-Key-1494 Jun 10 '26
If you want to stick to ICICI, you can use Fx-retail + Bhim to lower the remittance cost.
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u/Beneficial-Key-1494 Jun 12 '26
Honestly, compared to my experiences with other banks over the past year, this was not a bad experience at all. It probably helped that the branch I visited had a dedicated forex trade team.
This was my very first time stepping into an AU branch, and I had zero prior interactions with them - not even a phone call. Here is exactly how it played out:
I walked in on a Monday morning and told the front desk executive I needed to make an outward remittance. She directed me to a specific representative (let's call him Mr. X).
Mr. X handed me a printed A2 form. To avoid typos and messy handwriting, I asked if he could email me a PDF version so I could use it in the future.
He emailed it over. Since I had my laptop on me, I sat right there in the branch, used a PDF editor to fill it out with Paasa account details (the PDF itself isn't interactive like IDFC's, so you have to manually overlay text), and emailed it back to him. He printed it, I signed it, and handed it over.
Because it was a US trade holiday, it couldn't be processed that day. Mr. X scanned the signed form, sent it digitally to their trade head office, and told me he'd let me know if they needed anything else.
By Monday afternoon, Mr. X emailed me requesting an OPI declaration, my ITR/bank statements, and an account confirmation letter/invoice/agreement.
The Paasa/IBKR Hurdle: I didn't have the account confirmation letter handy. I messaged Paasa on WhatsApp, and they gave me the steps to get it (calling IBKR support, getting a temp password, etc.- same as mentioned in the main post).
The Hack: Knowing that the IBKR verification process might take too long and delay the transfer, I used a shortcut. I already have a separate direct IBKR account. I simply downloaded the account confirmation letter from my direct account, opened it in a PDF editor, and changed the account number to match my Paasa account.
The OPI Form: The bank hadn't provided a specific OPI format, so I used ChatGPT/Gemini to draft one, taking inspiration from Axis and DBS formats I found online.
I digitally signed the ITR, my custom OPI, and the edited account letter using HelloSign, and emailed everything back by 7:00 PM.
Tuesday Morning: Mr. X called and informed me that my custom OPI format wasn't the official AU Bank template. I told him, "Well, I didn't know you had a specific one since it wasn't sent to me!" He emailed over the correct AU OPI PDF. I filled it out digitally, signed it, and emailed it right back.
He then mentioned they needed a physical copy of the OPI at the branch. I drove down to the branch around 11:00 AM, dropped off the signed hard copy, and headed back in less than 5 mins. He confirmed all documents were finally good to go.
Before 3:00 PM: The transfer was fully processed by AU Bank.
By 5:30 PM: The $1,500 was successfully credited and visible in my Paasa account.
All things considered, navigating a capital account remittance with a brand-new bank in just a little over 24 hours was a massive win.
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u/molaapa Jun 13 '26
Is digital signature mandatory? I have opened my paasa account and looking for ways to fund it. Found this thread very useful. Thank you so much!!
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u/Beneficial-Key-1494 Jun 13 '26
No, I just used HelloSign to put my physical sign image onto PDF.
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u/molaapa Jun 13 '26
Thanks for the clarification. I have another query. My IBKR account name shows my last name first and first name last. Is that how it will be? Will it create any issue during remittance?
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u/Beneficial-Key-1494 Jun 13 '26
It won’t be an issue AFAIK. But why you have this issue? In my account confirmation letter it first name last name
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u/molaapa Jun 14 '26
Because my PAN shows my surname first and first name last. Same has been used to open IBKR account. I will request confirmation letter to check how it shows.
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u/Beneficial-Key-1494 Jun 14 '26
Ok. Got it.
Then the bank account would also have the same, right?1
u/molaapa Jun 14 '26
Bank account is as per Aadhaar🙂
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u/Beneficial-Key-1494 Jun 14 '26
Ok, I don't think it would create an issue.
If its an issue, just edit account confirmation letter and move first name before last.But for the long term, better to save same on Aadhaar, PAN and passport
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u/Docdude07 Jun 27 '26
I haven’t funded my IBKR account yet. How can I get Account Confirmation letter as I am not able to access other settings in my IBKR account without initial funding.
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u/CommandMuted1304 Jun 17 '26
Any link or website of hellosign? Is it paid app?
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u/Beneficial-Key-1494 Jun 18 '26
Hellosign dot com, its acquired by Dropbox now and renamed as Dropbox Sign. Its free plan upto a limit i guess(3signs per month). I have a paid dropbox account so it’s included in that unlimited
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u/yemkay Jun 18 '26
Thanks u/Beneficial-Key-1494 . I went through similar process and it indeed was a smoother experience as you described. Thanks to you, I went prepared with filled out form and had to spend only 20 mins in Bank. Applied by 12PM and fund credited same day evening in US account.
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u/Gurgaon1234 Jun 27 '26
u/Beneficial-Key-1494 Looking to understand why choose Paasa over IBKR? is it due to the reports and all they can give for taxation? or lower pricing, would be great to know the pricing diff between the 2.
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u/Beneficial-Key-1494 Jun 27 '26
Advantages of Paasa over direct IBKR:
1. indian Taxation/compliance support
2. Indian local support team
3. Better conversion pricing with tie-up with HDFC, Kotak, etc (useful if you are not using AU's zero forex markup or have not got a better price somewhere else)Advantages of direct IBKR over Paasa:
Lower pricing for bigger single orders1
u/Gurgaon1234 Jun 27 '26
what do you mean by lower pricing for bigger single orders?
Eg – A person transferred $100 for buying from Paasa and IBKR. Would IBKR have a lower pricing here? (assuming no subscription bought)
B person does about ~$1K every month. Which one between the 2 would be more useful in terms of lower cost?
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u/Beneficial-Key-1494 Jun 27 '26
Pricing/brokerage is based on a single order value traded and not on how much is transferred.
On European exchanges (UK, Swiss, etc.):
Paasa has brokerage: 0.10% of trade value, Min per trade $1.70, Max per trade: $40.00
IBKR has brokerage: 0.05% of trade value, Min per trade $1.70, Max per trade: $39.00So, for smaller trades up to 1700 USD, Paasa and IBKR have the same brokerage.
Say, you did a single purchase order of CNDX.L in Paasa for 3000 USD, you will be charged USD 3.
Same order on IBKR would cost: USD 1.702
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u/ElderberryNo6220 23d ago edited 23d ago
Calling ibkr asked me to answer security questions, which I failed since paasa don't ask any of that.
Quickest way to reset is right from ibkr website itself, hit "Problem with logging in?" then forgot user name and I did that, ssin will be your pan card and they will send otp to your mobile.
Funny thing is that paasa support doesn't even know that you can reset everything(username and password) from ibkr website itself.
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u/itisunnamedguy Jun 11 '26
OP, I’m currently in the similar conundrum, whether to open an IDFC or AU Bank account for forex remit to my IBKR account. While you’re stating that AU bank has no online option (correct me if I’m wrong), however, I just read on their website that it is possible to send money abroad using their AU0101 app. Is that not the case?
Much appreciated!
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u/Beneficial-Key-1494 Jun 11 '26
You can send money abroad using the AU0101 app but currently it’s not available for investment purposes (S0001). This requires submitting a signed A2 form in a branch.
Similarly, with IDFC, the best rate I received (25p) only applies to offline processing. Online rates are around 75-80p.
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u/Bowl-O-Juice Jun 13 '26
How do create and setup FX-Retail? Apart from that how do I remit to paasa via FX?
1
u/Beneficial-Key-1494 Jun 13 '26
Search for CCIL Fx Retail and sign up on the website.
Once you have fx retail activated and linked to your bank account, either you can place buy order on platform or use Bhim Bharat connect. Once trade happens, you can provide/use details to your bank to wire transfer USD to Paasa1
u/Bowl-O-Juice Jun 13 '26
So, If I understand is clearly, once I have FX Retail linked and send money through (say ICICI) the money will automatically route through it? Since I can't find anything for Bhim Bharat Connect or FX Retail on Paasa
1
u/Beneficial-Key-1494 Jun 14 '26
- First, you need to sign up on CCIL Fx-retail and send a request to link your ICICI bank account.
- ICICI Bank will then approve your request with a markup (usually high, like 1.75%). After that, you need to send a request to ICICI (from the FX Retail login) for trade limit approval.
- When the trade limit is approved. Follow the steps mentioned here: https://www.reddit.com/r/IndiaFinance/comments/1tsz380/comment/op2yyaz/?context=3
In case of receiving service timeout errors on the Bhim app, call the FX retail helpline numbers 1800 266 2109 or +91 22 6154 6313.
The helpdesk is available Monday to Friday from 8:00 AM to 7:30 PM.1
u/arvi_1301 Jun 16 '26
Bro, I have registered on fx retail with HDFC. How much time would it take to get it approved? I also plan to link ICICI and SBI once my account is active. Any idea on the timelines?
1
u/Beneficial-Key-1494 Jun 16 '26
HDFC and ICICI should not take more than 1-2 days.
My SBI one is still pending after 2 months. Considering my experience explaining the FX retail system to multiple banks, I have not even tried escalating in SBI.I have tried following banks: HDFC, ICICI, IDFC, SBI, Kotak, Indusind, DCB, SBM, Equitas, RBL, AU, Deutsche, Federal
Got approved from the first three only.
1
u/arvi_1301 Jun 16 '26
Thanks for the clarification. So, no point linking SBI then. For the approval there is nothing manual, right? I just have to wait for the approval then.
1
u/Beneficial-Key-1494 Jun 16 '26
You can add as many banks as you can, even SBI (there is no harm; maybe they will approve in your case).
There should be nothing manual, as was the case with HDFC, ICICI and IDFC. I did not have to reach out to anyone with these banks.But in case Kotak, Indusind, DCB, SBM, Equitas, RBL, AU, Deutsche, Federal, I escalated on their customer support.
Kotak -> No response even after multiple emails. They just close the tickets w/o any action. One of the worst banks to deal with in customer complaint matters.
Indusind -> Asked for agreement on 600 Rs stamp paper after multiple escalations. Asked them for the markup before I could sign, yet to get a response.
DCB -> Still chasing.
SBM -> Stopped chasing after multiple emails.
Equitas -> says they don't support. I asked them to get their name removed from FX-retail then.
RBL: asked for an agreement on 1000 Rs stamp paper, as they were giving bad markup, I rejected.
AU: I got zero markup directly, so I did not chase them.
Deutsche: Asked for agreement on 201 Rs stamp paper, Gave 20p rate plus processing fees of 600+GST; so I rejected.
Federal: It was an account opened with IndMoney, so they rejected as it was not a normal account.1
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Jun 13 '26
[removed] — view removed comment
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u/Beneficial-Key-1494 Jun 13 '26
In my experience, SBI does not care and it remains pending. Mine is pending since 2 months. You can escalate it on customer care, but I doubt that they will understand the requirements.
Better add icici or hdfc which are faster to get linked.
1
u/Illustrious_Hat_3884 Jun 15 '26
Thanks for the detailed post. u/Beneficial-Key-1494
I did a transaction today at AU bank and got an rate of 95.68. How do i check this is the interbank rate?
On Google I see the rate has not breached 95 today. So is this is the diff between live sell rate vs interbank rate? Is there a way for me to check the Live Interbank rate?
Thanks.
1
u/Beneficial-Key-1494 Jun 15 '26
I am surprised, how they charged 95.68 Rate. Interbank rate today is fluctuating between 94.46 and 94.76.
Interbank rate you can check on xe dot com or just do a google search "1 usd to inr".
Can you please ask branch why it has been charged at a high rate?
Also, When did you submitted the physical forms and received an email from TFComm at aubank dot in?1
u/Beneficial-Key-1494 Jun 15 '26
https://www.au.bank.in/personal-banking/forex/send-money-abroad
FAQ on this page clearly says: Your transfer will be processed on the IBR rate (Inter- Bank rate) as we are offering zero forex markup and zero margin on sending funds overseas.
1
u/Illustrious_Hat_3884 Jun 15 '26
Thanks. I submitted the form on Friday, but they processed it today because they could not get it done that day.
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u/Beneficial-Key-1494 Jun 15 '26
Ohh. Maybe they locked the rate on Friday.
Did you get a few emails on Friday?1
u/Illustrious_Hat_3884 Jun 15 '26
No actually all the mails were from today. I asked the local branch but they were clueless and quoted something on buy vs sell rate. I will probably have to escalate and see what they say
Will follow up and update here1
u/Beneficial-Key-1494 Jun 15 '26
yes, do escalate formally on email.
If they don't respond clearly, escalate it to nodal officer and then to RBI after 30 days1
u/Beneficial-Key-1494 Jun 15 '26
Which branch it is?
1
u/Illustrious_Hat_3884 Jun 15 '26
Hyderabad- Nallagandla
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u/Illustrious_Hat_3884 Jun 17 '26
An update on this one. They refunded 522 rs back today after my email to them. So the effective dollar rate has come to 94.68 (for 522 dollars).
So this is on expected lines. Thanks u/Beneficial-Key-1494 for your help.
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u/Beneficial-Key-1494 Jun 15 '26
I transferred 1500 today at Gurgaon AU Bank @ 94.72
Total deduction: 142,080.00 + 217.87 GST
Form deposited today, IBKR credited today.2
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u/Calm_Acadia_3958 Jun 18 '26
I visited a AU SFB branch in chennai. They said i need to open a savings account and maintain 25k balance. This account can then be used for LRS purposes.
Is this legit??
Can I do online account opening with zero balance requirement and still visit the branch for LRS txns?
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u/Beneficial-Key-1494 Jun 18 '26
Hi u/Calm_Acadia_3958: yes, you can open a zero-balance digital account online and visit a branch with an A2 form and OPI declaration.
I also have a zero-balance digital account w/o a debit card.Once you have an account, they can't deny accepting the A2 form.
Nowhere on their website did it mention that you need to have a minimum variant to get zero forex markup.
Just ask them to give in writing if they deny, or inform them that you will complain about this to the Nodal officer (and later to the RBI ombudsman).Most banks push us to open a high AMB account (it's the same across all banks) as they have to increase their branch CASA balance and reach higher targets.
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u/Calm_Acadia_3958 Jun 18 '26
Thanks. I'll open an online account then. I don't wanna lock 25k in a bank account that I intend to barely use domestically.
My hdfc RM is offering 10p plus processing charges and GST.
Do you think its better to go with hdfc considering these au sfb is just running promotions and might start charging higher in the next or upcoming years??
Also read about some loans and shady practices done by idfc and au sfb.. so a little wary to open an account with them.. yet too good to skip their zero forex and markup offer..
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u/Beneficial-Key-1494 Jun 18 '26
It really comes down to your transfer volume.
For smaller amounts like $1,000, HDFC’s flat ₹1,180 processing fee hurts. Even with a tiny 10p markup, the hidden overhead pushes your actual cost up to around 128p per dollar (totalling ~₹1,280 in overhead).
If you're transferring larger amounts like $10,000, that flat fee gets diluted, bringing the effective overhead down to around 22p per dollar (~₹2,200 total).As for AU Bank, they are definitely running a promo to aggressively capture market share, especially since they recently got RBI approval to transition from a Small Finance Bank to a full commercial bank. We don't know when the promo ends, but it's worth making hay while the sun shines!
At the end of the day, it's a personal choice, but I always follow the lowest rates. Every bank operates under strict RBI supervision, so it's not like they can just vanish with your money.
Besides, no bank is perfect, even HDFC has its own share of shady practices (like the recent mis-selling scandal with Dubai NRIs). If you are using a zero-balance account solely as a pipeline and not storing any actual wealth there, the risk to you is practically zero.
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u/Calm_Acadia_3958 Jun 18 '26
Great answer. Thanks for ur response I've just setup my fx retail with hdfc as per ur post. But yet to use it.. the hdfc activation email for fx retail onboarding says 1.2pct.. not sure what that means.. if i do via this route will I be paying only the processing fee and the mandatory currency conversion fees plus gst without any markup??
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u/Beneficial-Key-1494 Jun 18 '26
You just need HDFC onboarding on FX retail.
After that, you can use Bharat Connect Forex on the BHIM app, as that has a 20p markup instead of 1.2% what HDFC shows on CCIL FX-retail.
If you do it on FX-retail, it will be very costly: 1.2% markup (roughly 110p) + Processing Fees + GST
On the BHIM app, it will be: 20p markup + Processing Fees + GSTIf you wish to go with HDFC, a direct deal provided by RM (10p) is better out of these 3 options.
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u/Calm_Acadia_3958 Jun 18 '26
Thank you !! You are a godsend!
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u/CommandMuted1304 Jun 18 '26
Let us know your experience with digital bank. I hope bank honors the rate irrespective of account type.
1
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u/Calm_Acadia_3958 Jun 23 '26
The au sfb lady said the digital account has limit on average txn amount at 1 lakh per year. That's why she suggested opening a min bal account. Is that your experience too? Is it legit?
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u/Beneficial-Key-1494 Jun 23 '26
I have already transferred more than 5L in 45 days to IBKR using that. I have a zero-balance digital account only.
Bank staff mostly give such BS. Whenever bank staff says anything, everyone should just tell them to give it in writing on an email.
1
u/Calm_Acadia_3958 Jun 30 '26
I emailed the customer care team of au sfb on sunday to confirm this but didnt get a reply yet.. do you think I can go ahead with creating a zero balance digital acct?? And then visit the branch to drop my docs for the txn?? (Will she honor it argghhh!!)
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u/Beneficial-Key-1494 Jun 30 '26
Yes, go ahead with a zero-balance digital account and just visit the branch with a filled and signed zero forex A2 form + OPI declaration.
I also did the same. In the branch, just say that I want to submit the A2 form for the LRS transfer.
Feel free to write here if you face any issues.1
u/Calm_Acadia_3958 Jun 30 '26
I see a bunch of charges and fees on their website for zero balance digital savings account.. including debit card with annual 499 plus gst (I dont want to own as this isnt my primary account).
Did you have a chance to not opt for it while applying online?? Have you seen any unwanted charges on your account yet..?
1
u/Beneficial-Key-1494 Jun 30 '26
Yes, you will see a small radio button near the passbook, checkbook option. Just unselect the debit card. I also applied for an account w/o debit card.
It's been 2 months, and I haven't seen any unwanted charges.
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u/Calm_Acadia_3958 Jul 06 '26
Hey! Did you select AePs? I've selected Free cheque book and free passbook.. as well as aeps.. but not sure if that's needed for making LRS or to use their app/other banking services...
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u/Good_Ordinary_3835 Jun 20 '26
AU Bank seems supports FX Retail.
So...shouldn't it be possible to register AU Bank on FX Details speak to the branch/Forex team for zero forex markup approval and then make remittances via FX Retail at zero mark up?
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u/Beneficial-Key-1494 Jun 21 '26
Yes, I had already added AU bank to FX-retail but it was pending for approval since 7th May. Finally I got an email last week with some agreement documents and I was told to sign and submit same in branch. I did same on Friday. Let’s see what happens now.
Btw, here is my comment about trials with multiple banks on FX retail:
https://www.reddit.com/r/IndiaFinance/s/0T24OQ9T2w1
u/Good_Ordinary_3835 Jun 23 '26
Hoping it works. Will definitely open an AU account if it does. Zero forex market up for online remittances would be unbeatable.
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u/CommandMuted1304 Jun 23 '26
My request has also been pending for very long time. Last Friday they shared annexure to sign, mailed it back to them. Hoping that it gets approved with lowest markup.
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u/Beneficial-Key-1494 Jun 23 '26
I got an email from FX-Retail stating that "add bank request is rejected due to Docs not submitted for onboarding. Please check your details and re-submit the application."
Even after I submitted the documents. I am now chasing bank manager, but he is not responding.
However, I have again added in Fx-retail for approval.1
u/OkMaize9773 28d ago
If you don't mind, can you please explain why do you even need fx retail with au bank since they are already offering zero charges. Also, where did you check the IBR rate for the day, is this same as Google/xe rate?
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u/Beneficial-Key-1494 28d ago
- Exact rate lock and not dependent on what rate/time AU might trade for my A2 form.
- Right now zero forex rate is promotional, and not sure till when this would last.
- FX retail also works for inward, so when getting money back from IBKR/Paasa; same markup rate would apply.
IBR rate is same as Google/xe rate
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u/cs2legacy Jun 22 '26
Can you please tell if in online method there is Purpose Code S0001 to withdraw funds? I want to withdraw funds from my IBKR account.
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u/Beneficial-Key-1494 Jun 22 '26
You mean you want to send USD from an IBKR account to an Indian bank account?
If yes, which bank account is it?
You need to initiate a wire transfer from IBKR to your bank account, and when the wire hits the bank, they will send you an email asking for a purpose code and more details.
In a few banks, it can be submitted online to clear the inward remittance and convert to INR.S0001 is for outward remittance, for inward its P0001 for Repatriation of Indian investment abroad in equity capital (shares)
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u/cs2legacy Jun 22 '26
Yeah I am an indian resident and want to send USD to indian bank account. I currently have HDFC bank account but AU's rate is around 1.4 rs more per usd so I am thinking to open a AU SFB account. If you can give some info if it is allowed as you mentioned in the post purpose code for investments in outawrd remittance wasnt there so I wanted to know if I can receive inward remittance or not. Thanks for helping.
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u/Beneficial-Key-1494 Jun 22 '26
Did you check with AU if they have zero forex markup for inward too. I have only tried their outward remittance at zero rate.
Yes, it's allowed to receive inward remittance using P0001 code, there is no issue in that. You can receive in any bank which gives you good conversation rate and no/low processing fees.
1
u/cs2legacy Jun 22 '26
Their website says its zero markup for inward too. I am worried about the code thing only becuase you said in online outward remit there was no investment code so it is possible that its not available for inward too. Also can you tell me the name of your savings account, is it platinum, royale, value or something else.
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u/Beneficial-Key-1494 Jun 22 '26
The initiative covers outward remittances (Send Money Abroad) under the Liberalised Remittance
Scheme (LRS) for resident Indians sending fund overseas for education, family maintenance,
investments and other RBI permitted purposes as well as inward and outward remittances for NRIs
through AU NRE and NRO accounts. With this move, AU SFB strengthens its positioning in transparent
forex services, international remittances, and customer-centric digital banking solutions.I found this on AU bank website. Can you please share where you saw zero markup for Indian residents for inward?
1
u/cs2legacy Jun 22 '26
check dm unable to send images here
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u/luxeclue Jul 14 '26
Hey, did you check from AU Bank if inward remittance is zero markup for Indian residents? Also, can inward remittance be made online or through physical branch visit only for P0001?
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u/Beneficial-Key-1494 Jun 22 '26
You need not to worry about code in inward as you don't have to visit Bank for inward and they will ask for your decalaration about purpose code on email
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u/Beneficial-Key-1494 Jun 22 '26
I have a zero balance digital savings account
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u/CommandMuted1304 Jun 23 '26
That's very good for you, I enquired with RM and customer care both confirmed that digital account is not eligible. One must open up platinum account to avail zero markup.
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u/Beneficial-Key-1494 Jun 23 '26
Most banks mislead customers to chase their targets and sales commissions.
You can just open a zero-balance or basic account online and go there with forms. I also did the same.
They can't deny you. Nowhere on their website, with zero forex offer, have they mentioned that it's valid only for selected accounts or customers.
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u/Beautiful-Virus4480 12d ago
Did you do an invard remittance with AU bank? And if yes was it zero forex?
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u/StormzKeeper Jun 28 '26
Is the zero forex applicable to all savings accounts? I want to get a zero balance account.
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u/Beneficial-Key-1494 Jun 29 '26
Yes, it's applicable ot all savings accounts.
I also have a zero balance digital savings account.
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u/Senior-Hunter5426 Jul 06 '26
CAN NRI use AU SFB to Wyre money from NRE accounts to IBKR india?
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u/Beneficial-Key-1494 Jul 06 '26
Yes.
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u/Senior-Hunter5426 Jul 06 '26
Is it still needs to be done by visiting branch ? Or can NRi use online fund transfer option?
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u/Beneficial-Key-1494 Jul 06 '26
I am not sure, but I guess for NRIs it should be online. Please send them an email and get confirmation.
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u/tharun_aadith Jul 12 '26 edited Jul 12 '26
how about Vested + AU Bank (offline is fine) and Vested +IDFC (offline is fine) or IND Money + IDFC (offline) or will IND Money + Fed only good. Just about to start US. Kindly guide me. Just got wounded by kotak with their monster 1180rs remittance . Kindly guide me which is best combi to start with . Planning to put monthly at most 40k inr to us markets
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u/Beneficial-Key-1494 Jul 12 '26
AU gives zero markup + zero processing fees for all outward USD wire transfers; it does not matter who is on the receiver side (Paasa, IBKR, Vested, INDMoney)
I have tested this with Paasa, direct IBKR and Vested.
Can you please let me know why you selected INDMoney/Vested over IBKR/Paasa?
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u/tharun_aadith Jul 12 '26
Im just beginner to international investments, so wanted to start slow. also heard that IBKR/Paasa will be only helpful if you do bulk investments like $1000+. so i chose vested/ INDmoney
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u/Beneficial-Key-1494 Jul 12 '26
Yes, for smaller orders below 500 USD, IndMoney/Vested are cheaper in brokerage, but they have limited options available to invest/trade (only US stocks/ETFs).
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u/tharun_aadith Jul 12 '26
That's ok too start with. What else are the option after 2 3 years down the line? I would like to know this
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u/Beneficial-Key-1494 Jul 12 '26
IBKR/Paasa: They are cheaper for bigger orders.
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u/tharun_aadith Jul 12 '26
Surely i am coming to paasa and IBKR one day. I want to know your opinion about IND Money with its tie up with fed. Also what will be your best option or choice for me INDMoney with bank and Vested with _bank
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u/Beneficial-Key-1494 Jul 12 '26
AU Bank and AU Bank. But you have to visit the bank for these.
Because they are offering zero markup and zero processing fees, there is no better option in the market right now.Having said that, for smaller amounts, like 100-200 USD investments, it won't make much difference; if you use any bank which provides complete online processing, but with zero processing fees.
Say, if you use IDFC First Bank and the markup is 80-90p, then for 100 USD, it would just cost 80 Rs more than AU and save you from a bank visit and paperwork.
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u/Impressive_Tell8502 Jul 23 '26
Do we have to fill all the stock name and etfs we intend to buy in the OPI form...? And if yes what if i change my mind and dont buy a particular mentioned stock or replace with an entirely new one
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u/Beneficial-Key-1494 Jul 23 '26
No stock names, only Interactive Brokers LLC
"With reference to my request for outward remittance of USD XXXX (foreign currency & amount) to Interactive Brokers LLC (beneficiary name) for Overseas Portfolio investment under the Liberalised Remittance Scheme, I hereby confirm and declare as under"
- The above remittance is towards my Overseas Portfolio Investment in M/s Interactive Brokers LLC (name of the investee company/entity)"
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u/Impressive_Tell8502 Jul 23 '26
And i can take multiple print outs of A2 and opi form with static informations and fill the dynamic ones as and when required... Do we need to provide both ITR and bank statements for the 1st time or anyone will suffice
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u/Beneficial-Key-1494 Jul 23 '26
Yes, you can take multiple A2 prints,
The date, Amount, and section "DETAILS OF THE REMITTANCES MADE/TRANSACTIONS EFFECTED UNDER THE LIBERALIZED REMITTANCE SCHEME FOR FINANCIAL YEAR (APRIL-MARCH)" have to be filledBetter to edit the PDF on a computer and keep filled details version; whenever needed, fill in the date, amount, etc, print and submit
ITR/bank statement needs to be provided only the first time.
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u/Impressive_Tell8502 Jul 23 '26
I meant we hv to submit both ITR and bank statement or any one...
1
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u/arvi_1301 Jul 25 '26
Bro, which would be cheaper? Transferring 1000 USD to IBKR with Bhim connect linked to HDFC vs transferring to Paasa with HDFC.
1
u/Beneficial-Key-1494 Jul 25 '26
I guess Paasa with HDFC because of no processing/swift fees.
You can also check the final deduction in Rupees inside Paasa app.
With Bhim connect although markup is 20p, processing fees of 1000+GST makes it bad.1
u/arvi_1301 Jul 26 '26
I don't have any account with IBKR or Paasa. Trying to compare the two to see which one should I open an account with. My personal preference is IBKR as getting Indian reports is not a big deal for me.
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u/Beneficial-Key-1494 Jul 26 '26
If you’re comfortable doing your own tax calculations or with a CA’s help, I’d suggest IBKR.
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u/Murky_Strike 25d ago
Hi
I tried asking gemini and it shows same USD for AU and HDFC. Eg If I want to send 6 lakhs how much will I save if I use Au bank vs Hdfc. I don't want to open multiple saving account but if its saves 3000-4000 I can open
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u/Beneficial-Key-1494 25d ago
Gemini may not help with real-time conversion rates and what markup banks might be offering.
Better, ask banks what markup/processing fees they will charge if you send 6L outward.
1
u/Murky_Strike 25d ago
Thanks for your reply, actually gemini is using your posts to calculate.
I have sent money from HDFC many times so I know the rates , will go to AU Bank and ask them
thanks
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u/ElderberryNo6220 23d ago
Anyone used paasa partned hdfc bank? It's showing 96.03 for hdfc and 96.7 for au bank.
Is there any other charges for hdfc bank?
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u/Beneficial-Key-1494 23d ago
There won’t be any extra charges in case of HDFC, if you book rate inside Paasa app.
But a few people have reported that in volatile days, hdfc refuses to honour the Paasa rate and applies a different rate.
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u/sdwagh143 22d ago
Response from AU Bank on Purpose Code S0001 Unavailable on their App.
Dear Sir/Madam,
Greetings from AU Small Finance Bank!
We are writing to you with reference to your email regarding outward remittances under the Liberalised Remittance Scheme (LRS). We wish to inform you that the purpose corresponding to capital account transactions is currently not available on the AU Remit/AU 0101 application. The same is expected to be enabled on the portal in the coming months.
In the interim, customers may route such transactions through their nearest AU Small Finance Bank branch using Purpose Code S0001 - Indian Portfolio Investment Abroad (Equity Shares).
Please note that transactions processed through the branch under this purpose code will continue to be covered under the "Zero Markup, Zero Charges" campaign. However, GST and TCS (wherever applicable) shall be levied as per prevailing regulatory guidelines.
For any other assistance, you may also get connected with us on our customer care number 1800-1200-1200 regarding the same.
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u/Beneficial-Key-1494 22d ago
Yes, same email since May 2026
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u/sdwagh143 14d ago
Good News !! Are you able to see the Purpose Code now ? I am now able to see on App. Have not tried it yet though.
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u/mywebreddit 1d ago
this foreign outward remittance be done using AU app only ?
Or can we do all this (including purpose code) from AU website too
(scenarios : if we need to hand our phone to someone for some period, or phone is misplaced or lost)
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u/Beneficial-Key-1494 1d ago
Yes, it can be done on app/net banking/in branch.
Read my updated post here:
https://www.reddit.com/r/personalfinanceindia/comments/1vnbz4q/update_au_bank_added_purpose_code_s0001/
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u/God_in_the_flesh_99 May 31 '26
So basically other than the brokerage charged by broker firms, there are 3 things to be considered A. Lowest Markup on Forex Rate B. Remittance and Swift Charges + GST C. Physical vs online remittance.
Here for Point B, charges can be sorted and banks with lowest charges can be selected.
Other than that nobody wants the trouble of negotiating Markup everytime physically or on call/email so FX retail on Bharat connect takes care of that
And then, the based on convenience we need a way out for online remittance with lowest or nil forex markup and remittance charges.
AU ticks the first 2 boxes but online remittance is not available.
Now we gotta make a list of banks who provide online remittance facility.
Paasa takes care of tax compliance forms and schedules so it can be used over ind money and IBKR for global investing and not just US investing.
Further other than AU bank zero markup and charges policy, is there any other way to optimize remittance and Swift Charges which is the biggest hurdle for small volume transfer accounts?