About the Overseas Remittance Cost Calculator
What is the Overseas Remittance Cost Calculator?
Sending money abroad costs more than the transfer fee. This overseas remittance calculator adds the exchange-rate markup and GST on currency conversion.
It also works out TCS under the Liberalised Remittance Scheme, which is collected upfront but can be claimed back.
How to use the Overseas Remittance Cost Calculator
- Amount You Pay the Bank (₹, before TCS) (sample: 5,00,000)
- Currency Code (sample: USD)
- Mid-market Rate (₹ per unit) (sample: 88)
- Bank / Provider Rate Markup (%) (sample: 1)
- Transfer Fee (₹) (sample: 1,000)
- Purpose (sample: Education – own funds)
- Already Sent This Financial Year under LRS (₹) (sample: 0)
- Press Calculate Remittance Cost (results also refresh as you type). The result card shows the Amount Received Abroad, along with Total cost vs mid-market rate, Cost as % of amount, GST on currency conversion and Effective exchange rate.
Formula used
Received = (Amount − Fee − GST) ÷ (Mid-market rate × (1 + Markup))
- TCS (from 1 Apr 2025) = nil up to ₹10 lakh a year; above it 5% for education and medical, 20% for other purposes; nil for loan-funded education
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| Amount You Pay the Bank (₹, before TCS) | 5,00,000 |
| Currency Code | USD |
| Mid-market Rate (₹ per unit) | 88 |
| Bank / Provider Rate Markup (%) | 1 |
| Transfer Fee (₹) | 1,000 |
| Purpose | Education – own funds |
| Already Sent This Financial Year under LRS (₹) | 0 |
| Result | Value |
|---|---|
| Amount Received Abroad | 5,608.24 USD |
| Total cost vs mid-market rate | ₹6,475 |
| Cost as % of amount | 1.3% |
| GST on currency conversion | ₹540 |
| Effective exchange rate | 89.1546 ₹ per USD |
| TCS collected | ₹0 |
| Total paid including TCS | ₹5,00,000 |
| About TCS | No TCS – within the ₹10 lakh yearly limit or loan-funded education |
Tips for using the Overseas Remittance Cost Calculator
- Compare the rate you get with the mid-market rate – a 2% markup costs ₹10,000 on ₹5 lakh.
- Use an education loan sanction letter to avoid TCS on tuition remittances.