DBS Bank Forex Rates Explained | How to Save on Transfers

Imagine you’re paying a supplier abroad. International transactions like these are seemingly simple, until you see how much the exchange rate has eaten into your transfer, especially if you go through the traditional banking approach. 

DBS Bank applies its own forex rates when you transfer money abroad. We’ll tell you all about DBS Bank forex rates, how they’re structured, why real-time forex rates matter and how fintech alternatives like Xflow have an edge over traditional banks. 

Foreign exchange rate, or forex rate, is the price at which one currency can be exchanged for another. When dealing with banks like DBS, forex rates depend on what service you’re seeking: is it an electronic transfer, a card payment, or cash conversion? 

In case of international transfers, the key terms you need to know are: 

• TT buy rate (Telegraphic Transfer Buying Rate): The rate at which the bank buys foreign currency, converting incoming foreign currency into local currency, is called the TT buy rate. 
• TT sell rate (Telegraphic Transfer Selling Rate): This is the rate at which the bank sells you foreign currency. It applies when you’re sending money abroad or buying foreign currency for travel.

But why do banks like DBS Bank quote two different rates?

Because traditional banks make money on the spread (difference) between the two rates. 

The TT buy rate is lower, which means you get fewer rupees for each dollar or pound. The TT Sell rate, on the other hand (used when you send money abroad), is higher, meaning you pay more rupees to buy foreign currency. This gap between buy and sell covers the bank’s costs and becomes its profit margin.

You can find the DBS foreign exchange rate on DBS Bank’s official website where you will find the latest TT Buy/Sell rates for various currencies. 

For example, as of 25 September 2025:

When transferring money overseas, it’s not just about the forex rates. Like other banks, DBS applies certain forex charges on international transfers. 

DBS Remit is a specialized international money transfer service offered by DBS Bank that facilitates quick transfers of funds overseas. In this section, we’ll cover the key features of DBS Remit and what charges apply to the transfers through it. 

Key features of DBS Remit:

• DBS Remit allows customers to send money to over 44 countries in 12 major currencies, for which the bank charges zero fees.

• DBS exchange rate is locked-in and competitive, ensuring transparent and predictable conversion costs without hidden charges.

• If you submit remittance instructions before the specified cut-off times, DBS Remit also supports same-day transfers. 

• Customers can remit up to USD 250,000 per year via DBS Remit under the Liberalised Remittance Scheme (LRS) as per RBI regulations and FEMA norms.

Charges:

DBS Remit typically charges zero fees on both the sender and receiver ends for the supported country and currency pairs. If the money is sent outside these corridors or currencies, a flat fee of INR 500 is applicable, plus the applicable GST rate. The supported country and currency pairs are summarized in the table below: 

GST rate applicable 

GST @18% is charged on the converted INR gross amount on services like foreign exchange. For example, if the remittance fee is INR 500, GST would be INR 90 (18% of 500).

The GST slabs applicable for foreign exchange services (like DBS Remit) in India are based on the Amount of Currency Exchanged (ACE) in INR and are as follows:

Apart from remittances, DBS also applies forex charges on international credit/debit card transactions. Typically, a markup of 3-3.5% of the transaction value is charged, along with GST. So, if you shop or pay online in foreign currency, keep this in mind.

Real-time forex rates are important because they show the most current market prices at which currencies can be exchanged. Based on such latest figures, businesses, traders, and investors make informed decisions.

There are a lot of factors that contribute to changes in FX rates, like:

• Changes in geopolitical circumstances, political stability among different countries
• Economic factors (GDP growth, changes in fiscal/monetary policies, interest rates, inflation rate, etc.)
• Market sentiment 

Changes in these rates have a direct impact on businesses since they can increase or decrease supply costs, product costs, and more (if these are purchased from abroad). It can also change the demand for foreign exports and domestic imports. When there are significant changes in a country's exchange rates, it can directly impact tourism and investment in the nation as well. 

Lastly, real-time forex rates are critical for investors and traders. Those in this industry like to capitalize on the latest market movements and conditions. Real-time forex allows for quick decision-making. 

DBS Bank's forex rates differ from the mid-market exchange rate. Mid-market exchange rates are those that do not involve any markups, making them the most transparent exchange rates.  It is the wholesale rate that major banks and financial institutions quote to their clients.

Banks add a markup over the interbank (mid-market) rates to cover their operational costs and earn revenue. This rate is also the one you will see when searching for the foreign exchange rate of a currency on Google. 

Traditional banks, such as DBS, typically offer slightly lower foreign exchange rates than the mid-market exchange rate. The slight difference between these two rates is the bank's profit.

The real effective exchange rate (REER), more commonly referred to as effective rate, is the weighted average of a particular country's currency compared to an index of other major currencies. Represented as an Index Number, effective rate is determined by comparing the relative trade balance of the currency against each currency on the index. 

Example:  Say, the Indian rupee weakens against another currency, like the USD. This means exports from India to the USA will become less expensive as well, which means American businesses and consumers will purchase more Indian goods, since they become cheaper thanks to the REER. 

Follow the steps given below to check DBS Bank India forex rate:

• Visit the official DBS Bank India website.
• Navigate to the Foreign Exchange Rates page.
• View the current forex rate displayed, which is updated regularly.

Xflow is a new-age fintech alternative to traditional banks like DBS. Xflow has an edge over traditional banks because it offers mid-market FX rates with no hidden markup fees, helping you save up to 50% on FX costs. You can lock the current foreign exchange rate for up to 45 days, helping your business sail through seasons of market volatility. 

If you’re tired of visiting physical bank branches, waiting for hours in queues, Xflow is your saviour, thanks to our 100% digital workflow. We help your business remain compliant with the latest RBI regulations and FEMA norms by offering compliance documents like free e-FIRA. 

With the plethora of benefits that Xflow offers over and above traditional banks. If you're looking for a platform for foreign exchange, Xflow is the way to go. 

Xflow is a smarter alternative to the traditional practices of handling funds received from abroad. We partner with RBI-authorized banks and are powered by JPMorgan Chase, so you can be sure that your fund transfer lies in responsible hands.

Unlike banks, we do not charge high forex markups or any hidden fees, helping your business scale internationally, without the exorbitant fees and delays. 

If you’re ready to simplify your international payments journey and scale your business, sign up with Xflow today and see the difference!