FX Markup Checker
Paste the exchange rate your bank or transfer provider quoted you. We compare it to the live mid-market rate and show the hidden markup — in % and in real money.
Live mid-market reference: 1 USD = 96.2122 INR
Enter the rate a provider (or your bank) quoted you to see the hidden markup and what it costs on $1,000.00.
The mid-market reference updates live from our provider quote data (refreshed every 6 hours). Estimate only — confirm the exact rate with your provider before sending.
Beat the markup — best-value providers now
These providers give the closest-to-mid-market rate on USD → India today. Switch the corridor in the checker above to compare yours.
Why the exchange rate is where transfers get expensive
Most people compare transfer fees and stop there. But the exchange-rate markup — the difference between the true mid-market rate and the rate you're actually given — is invisible and frequently larger than the fee. A "zero-fee" transfer at a 3% markup on $2,000 quietly costs $60. This tool surfaces that hidden cost so you can compare providers on the number that really matters: the all-in rate.
FX markup checker: questions answered
What is an FX markup?+
The FX markup is the gap between the real mid-market exchange rate (the one you see on Google or Reuters) and the weaker rate a provider actually gives you. It's a hidden margin baked into the rate — often larger than the advertised transfer fee, and easy to miss because it isn't itemised.
How do I calculate the exchange rate markup?+
Markup % = (mid-market rate − quoted rate) ÷ mid-market rate × 100. For example, if the mid-market rate is 1 USD = 83.00 INR and you were quoted 82.00, the markup is (83−82)/83 = 1.2%. On a $1,000 transfer that's about $12 lost to the rate. This tool does the math against the live mid-market for you.
What counts as a good FX markup?+
Under 0.5% is excellent and close to mid-market — providers like Wise usually sit here. 0.5%–1.5% is fair but usually beatable. Above 1.5% (and banks are often 2–4%) means you're overpaying and should compare alternatives before sending.
Is a zero-fee transfer actually free?+
Often not. Many 'no fee' or 'zero commission' transfers make their money entirely on the exchange-rate markup instead. That's exactly why checking the markup matters — a free transfer at a 3% markup can cost far more than a $5 fee at mid-market.
Related: US Remittance Tax Calculator · Compare all providers