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How Much Forex Charge?
If you’re asking how much forex charge?, you’re likely referring to the fees and costs involved in currency exchange or forex trading. The answer depends on whether you’re exchanging currency for travel, using a forex card, or trading forex online through a broker.
1. Forex Charges For Currency Exchange (Travel or Remittance)
When you exchange currency at a bank, money changer, or online platform, typical charges include:
| Charge Type | Typical Range |
|---|---|
| Exchange Rate Margin | 0.5% – 3.5% above interbank rate |
| Service Fee | ₹150 – ₹500 per transaction |
| GST (India) | 0.18% – 1% on total value (slab-based) |
| Cash Handling Fee | May apply for cash payments above ₹50,000 |
2. Forex Card Charges
Forex cards (prepaid travel cards) may have:
| Fee Type | Typical Rate |
|---|---|
| Issuance Fee | ₹100 – ₹500 |
| Reload Fee | ₹50 – ₹150 per reload |
| ATM Withdrawal Fee | USD 2 – USD 4 per transaction |
| Cross-currency Fee | 2% – 4% if used in unsupported currency |
| Inactivity Fee | Charged if not used for 6–12 months |
3. Forex Trading Charges (Online Brokers)
When trading forex online, fees depend on the broker model:
a. Spread-Based Brokers
- Spread: The difference between buy and sell prices
- Typical: 0.1 to 3 pips depending on currency pair and broker
b. Commission-Based (ECN) Brokers
- Lower spreads (0.0–0.2 pips) but fixed commission per trade
- Typical: $3 to $7 per lot (round turn)
c. Swap/Overnight Charges
- Applied for holding trades overnight
- Swap-free (Islamic) accounts are available if you qualify
d. Hidden Charges To Watch For
- Deposit/Withdrawal fees
- Currency conversion fees (for INR to USD and vice versa)
- Inactivity fees on dormant accounts
Conclusion
If you’re asking how much forex charge, it depends on the purpose:
- For currency exchange, expect 1% to 5% total cost
- For forex cards, fees vary by issuer and usage
- For forex trading, charges include spreads, commissions, and swap fees
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