On any rate board you see two numbers for each currency. The selling rate is what you pay when you buy foreign currency; the buying rate is what you get when you sell it back. The gap is the spread.
Why there is a spread
Notes have real costs: importing and storing physical cash, insurance, counting, and the risk of the rate moving while notes sit in stock. Cards and transfers move electronically, so their spread is usually smaller.
Compare the total, not the rate
Two quotes with the same rate can cost different amounts. Look at:
- the exchange rate,
- GST on the conversion (slab-based),
- any service or delivery charge,
- TCS if applicable.
GoRemit shows all of these, plus the market rate, on every quote.
Make the spread work for you
- Don't buy far more notes than you need — selling back costs the spread twice.
- Keep up to USD 2,000 for your next trip instead of selling.
- Use a card for the bulk of your spending.
