RBI wants banks to show you all forex fees upfront
The Reserve Bank of India (RBI) is planning a rule that would make banks and dealers tell you every single cost—like service fees, exchange rates, and hidden charges—before you send money abroad.
The goal? No more surprise deductions when transferring money for things like studies, travel, or family support.
What's actually changing?
If this goes through, banks will need to break down all forex costs before your transaction happens and confirm them in writing.
This builds on last year's push for clearer currency rate quotes.
The RBI is asking for public feedback until January 9, 2026.
Who does this help?
This mainly helps regular people—not big companies—who use banks or authorized dealers to send money overseas.
If you're a student paying tuition abroad or just covering living expenses for someone outside India, these changes are meant to keep your transfers transparent and fair.