[sudshekhar]

I can understand why 3.5% might sound high.

But cross border payments are expensive to facilitate. And this is the best rate we've been able to figure out currently.

Btw, In the US, Most ATMs are charging 3-5$ extra each time I withdraw cash. Plus the currency conversion charges.

Our prices are definitely better.

[OJFord]

Often the most egregious fee is the crap FX rate they give you too - I assume because a lot of people just assume the rate's the rate, so it's completely hidden.

Do you pass on the wholesale rate from your provider directly, or is there some spread too? My bank Monzo for example gives me Mastercard's rate on the day the payment (in-person abroad or online in foreign currency) settles, so I always use it for such transactions even though it wouldn't otherwise be my first choice of card.

(Or alternatively, can I be charged INR to load Cheq account, rather than card's native currency? Then anyone with a better option for the conversion can do that.)

[sudshekhar]

We're passing on the wholesale rate to our customers.

And plan to keep optimising these costs with time and volumes.

Also, loading Cheq with INR is not allowed for foreign tourists currently.

You can topup with international currency only

[shivekkhurana]

> But cross border payments are expensive to facilitate

Although that sounds logical, there are multiple services that offer 0% fx conversion. Wise, Monzo, Niyo etc. These travel cards are what I carry around in a different country.

[sudshekhar]

Once we have ACH/SWIFT running smoothly, we'll start offering even lower rates

Adding funds via credit/debit card incurs an hefty merchant commission.

And hence, no forex company can't sustainably provide 0 FX rates for too long unless they're only taking funds via bank transfer.