Atlantic Money

Sending to INR

Sending to Indian rupee (INR) works a little differently to our other currencies. Please take note of the following important points before sending money.  You can chat to us through the app at any time if you have questions.

Exchange rate

Unlike other currencies, our exchange rates for INR will likely not match what you see on Google. We want to be extremely clear about two points:

  • We do not profit from this difference.
  • This is the best rate we could find, and we pass it on directly to you.

Now we’d like to explain why we weren’t able to find INR exchange rates that match Google.

INR is a controlled currency (sometimes also referred to as a ‘managed floating currency’).

To try to maintain stability in the exchange rate, the Reserve Bank of India controls and regulates several aspects of trading in its currency and places certain restrictions on what transactions are allowed to take place. 

When exchanging money to INR, fees are charged by every provider to cover the costs involved with transacting in a controlled currency that is subject to central bank regulation. As a result, it is difficult (or even impossible) to buy INR at the exchange rate you may see on Google or Reuters. This is why the rate you see available (or the one you exchanged at) through Atlantic Money may be different to alternative public data sources that you compare us to.

However, it’s important to remember that Atlantic Money will never mark up the exchange rate we source from our institutional partners. That way, you know you can trust us to always pass on the very best rate we can find. Our fees are also fixed and predictable, because in contrast to other providers, they do not increase with the amount you are sending.

Limits and requirements

Sending INR is subject to the following conditions:

  • You’ll need to achieve the Plus verification tier to send to INR.
  • Every transfer to INR requires a payment reason, which we will ask you for when you create a transfer. This is a requirement imposed by our banking partner.

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