About TrueForex
TrueForex exists to bring transparency to India's opaque forex market. Learn about our methodology, data sources, and commitment to unbiased comparisons.
Our Mission
TrueForex exists to bring transparency to India's opaque forex market. Every year, Indian travellers and investors lose thousands of crores to hidden forex fees — markups, GST on conversions, cross-currency charges — that banks and card providers bury in fine print or fold into exchange rates where they're invisible. We believe you deserve to know the true cost of every rupee you exchange before you make a decision, not after. Our goal is simple: give every Indian a clear, accurate, and honest comparison of what each forex provider will actually charge you — in rupees, before you transact.
How It Works
TrueForex fetches live mid-market exchange rates every 4 hours from a reliable rate feed. The mid-market rate — the rate you see on Google Finance or XE.com — is our baseline: it's the fairest measure of what a currency is worth, uninfluenced by any provider's profit margin. We then apply each provider's published fees to this baseline: their forex markup percentage, per-transaction fees, applicable GST (18%), and TCS where applicable. The result is a true all-in cost shown in Indian Rupees, allowing you to directly compare across providers on equal terms. All calculations are transparent and reproducible — we show you the fee components, not just the final number.
Our Methodology
We source fee data directly from each provider's published schedule of charges, MITC (Most Important Terms and Conditions), and cardholder agreements. We update fee data whenever providers announce changes and verify it against community reports and direct testing. Our rate source uses the mid-market rate as the benchmark — not any provider's buying or selling rate. This means our 'true cost' comparisons may differ slightly from what you'd see on a provider's own calculator (which typically starts from a less favourable reference rate). We also account for GST on forex services (18% on the markup component), which most provider calculators omit. TCS (Tax Collected at Source) is shown separately as a labelled component — it's recoverable when filing ITR, so we separate it from the non-recoverable cost.
Team and Independence
TrueForex is built and maintained by an independent team with no affiliation to any forex provider, bank, or financial institution. We are not employees, contractors, or advisors to any of the providers we compare. Some providers listed on TrueForex have affiliate programs that pay us a commission when you click through and open an account — this is disclosed clearly on every relevant page. Crucially, affiliate relationships never affect our rankings or cost calculations. Our methodology is purely mathematical: the cheapest option wins, period. We do not negotiate 'featured placement' or accept payment to rank providers higher. If a provider we have an affiliate relationship with is more expensive than alternatives, it appears lower in our rankings.
Data Sources
Exchange rates: live mid-market rates updated every 4 hours. Provider fees: published MITC and schedule of charges for each provider, verified quarterly. TCS rates: RBI LRS circular (current as of October 2023 amendments). GST calculation: 18% on forex conversion markup as per Finance Act applicable rates. We make every effort to keep data current, but forex fees do change. If you notice an inaccuracy, please contact us — we typically update fee data within 24 hours of being notified. Rate data is for informational purposes only; actual transaction rates may vary by time of day, transaction size, and provider systems.