Money transfer cost calculator
The fee is only part of what a transfer costs. Most providers also give you a worse exchange rate than the mid-market rate and keep the difference. Enter a quote to see the markup hidden in the rate and the total cost in pounds.
For comparison, sending £120 from the UK to India cost 1.91% on average in the third quarter of 2025, according to the World Bank, against a global average of 6.36%.
The mid-market rate is our live pound to rupee rate, last updated . The provider's rate starts 2% below it as an example: replace it, and the fee, with the quote you have been given.
Markup hidden in the rate
2.00%
Total cost of the transfer
£20.00
Your recipient gets
₹1,24,650.00
Lost against mid-market
₹2,543.40
You pay £1,000.00 and ₹1,24,650.00 (1.25 lakh) arrives. At the mid-market rate with no fee, £1,000.00 would buy ₹1,27,193.40. The transfer costs £20.00, or 2.00% of what you pay: £0.00 in fees and £20.00 hidden in the exchange rate.
How the money transfer cost calculator works
Two costs in every transfer
Every international transfer has two costs: the fee, which providers show you, and the exchange-rate markup, which they usually don't. The markup is the gap between the mid-market rate and the rate you are given, and the provider keeps the difference.
This calculator turns both into pounds, so you can compare quotes on the number that matters: how many rupees arrive for what you pay.
The formula
Markup = (mid-market rate − the provider's rate) ÷ mid-market rate × 100.
Total cost = what you pay − rupees received ÷ mid-market rate. That equals the fee plus the amount converted multiplied by the markup.
A worked example
Suppose the mid-market rate is £1 = ₹127.19 and a provider offers ₹124.65 with no fee. The markup is 2.00%, so sending £1,000 delivers ₹1,24,650.00 instead of ₹1,27,193.35. The ₹2,543.35 difference is a cost of £20.00.
Comparing quotes
A transfer with no fee is not always the cheapest. On £1,000, no fee with a 2% markup costs £20.00, while a £3 fee with a 0.5% markup costs £7.99. The second is cheaper on anything above about £200.
Compare quotes at the same moment, because exchange rates move during the day, and check whether the fee is added on top or taken out of the amount you send.
Frequently asked questions
How do I work out the hidden fee in an exchange rate?+
Take the rate you are offered away from the mid-market rate, divide the result by the mid-market rate and multiply by 100. If the mid-market rate is £1 = ₹127.19 and you are offered ₹124.65, the markup is 2.00%: about £20 of every £1,000 you send goes to the provider, on top of any fee.
What is the mid-market rate?+
The mid-market rate is the midpoint between the prices at which a currency is being bought and sold on the global market. It has no markup built in, which makes it a fair benchmark for comparing transfer quotes. The rate on this page is updated every hour.
Is a transfer with no fee always the cheapest?+
No. On £1,000, a transfer with no fee and a 2% markup costs £20.00, while one with a £3 fee and a 0.5% markup costs £7.99 and delivers about ₹1,528 more. Always compare how many rupees arrive.
How much does it cost to send money from the UK to India?+
According to the World Bank, sending £120 from the UK to India cost 1.91% of the amount on average in the third quarter of 2025, made up of a £1.58 fee and a 0.59% exchange-rate margin. That makes it one of the cheapest routes in the world: the global average was 6.36%. Costs vary between providers, so compare the total cost of each quote.
Why is the rate I'm offered different from the one on Google?+
Search engines and currency converters show the mid-market rate. Providers quote a rate with their markup built in, and rates move during the day, so compare quotes at the same time.
Related
Results are estimates for illustration only and are not financial advice. See our terms of use.