FX Markup League Table

RemitRoutes Data Desk · Published 2026-10-02 · 2026-09-20 – 2026-10-01 · Preliminary edition

Preliminary edition — 12 days of data (2026-09-20–2026-10-01); updates weekly as more data accumulates.

Key findings

• 5 first-hand traditional providers ranked (≥ 5 corridors each) across 255 corridors; 137 corridor(s) excluded by Wise-based calibration (Wise median |fx_markup_pct| > 0.25 pp).
• State Bank of India had the lowest at-market median FX markup at 1.18% across 8 corridors.
• HDFC Bank had the highest median markup at 2.94% across 9 corridors.
• This edition is preliminary — 12 days of valid first-hand provider data (from 2026-09-20). Rankings represent data since the is_first_hand fix (PR #97).
• FX markup is the difference between the mid-market rate and the rate actually offered to customers — it is embedded in the exchange rate rather than shown as a visible fee.

FX markup league table — first-hand traditional providers (2026-09-20 to 2026-10-01). ‡ = quoted above mid-market. ° = mid-market reference (calibration basis).

Provider	Corridors	Median FX Markup (%)	Avg FX Markup (%)	Min (%)	Max (%)	Samples
State Bank of India
Remitly
Western Union
WorldRemit
HDFC Bank
Wise ° (reference)				—	—

Per-corridor FX markup by provider

Provider	From	To	Median Markup (%)	Avg Markup (%)	Samples
HDFC Bank	EUR	INR
HDFC Bank	SGD	INR
HDFC Bank	USD	INR
HDFC Bank	GBP	INR
HDFC Bank	CHF	INR
HDFC Bank	AED	INR
HDFC Bank	HKD	INR
HDFC Bank	SAR	INR
HDFC Bank	KRW	INR
Remitly	USD	ARS
Remitly	JPY	ARS
Remitly	SEK	ARS
Remitly	DKK	ARS
Remitly	AED	NGN
Remitly	AED	GHS
Remitly	NZD	ARS
Remitly	GBP	ARS
Remitly	EUR	ARS
Remitly	AED	ARS
Remitly	CAD	ARS
Remitly	AED	PKR
Remitly	AED	BDT
Remitly	NOK	ARS
Remitly	AED	COP
Remitly	AED	INR
Remitly	JPY	SGD
Remitly	JPY	EUR
Remitly	GBP	NPR
Remitly	AUD	ZAR
Remitly	EUR	ZAR
Remitly	AED	IDR
Remitly	AED	NPR
Remitly	DKK	IDR
Remitly	JPY	TRY
Remitly	JPY	KRW
Remitly	AED	TRY
Remitly	AED	PHP
Remitly	NZD	TRY
Remitly	GBP	TWD
Remitly	AED	TWD
Remitly	DKK	PLN
Remitly	AUD	GHS
Remitly	SEK	INR
Remitly	EUR	INR
Remitly	CAD	GHS
Remitly	AED	KES
Remitly	CAD	PHP
Remitly	NZD	VND
Remitly	JPY	ZAR
Remitly	AED	EUR
Remitly	JPY	KES
Remitly	SGD	ARS
Remitly	EUR	HKD
Remitly	AED	EGP
Remitly	JPY	PHP
Remitly	AED	SGD
Remitly	NZD	THB
Remitly	DKK	VND
Remitly	NZD	HKD
Remitly	NOK	GHS
Remitly	AUD	TWD
Remitly	AED	BRL
Remitly	AED	MXN
Remitly	DKK	THB
Remitly	EUR	SGD
Remitly	EUR	PLN
Remitly	USD	TWD
Remitly	SEK	VND
Remitly	CAD	TWD
Remitly	SEK	MYR
Remitly	NZD	TWD
Remitly	NOK	INR
Remitly	NZD	PHP
Remitly	AED	THB
Remitly	SGD	INR
Remitly	EUR	PHP
Remitly	AED	VND
Remitly	DKK	TWD
Remitly	SGD	EUR
Remitly	NZD	MYR
Remitly	USD	NPR
Remitly	AED	CLP
Remitly	SEK	ZAR
Remitly	USD	GTQ
Remitly	AED	HKD
Remitly	AED	ZAR
Remitly	SEK	SGD
Remitly	EUR	TWD
Remitly	SEK	HKD
Remitly	JPY	MYR
Remitly	NOK	TWD
Remitly	EUR	TRY
Remitly	NZD	INR
Remitly	USD	KES
Remitly	AED	PLN
Remitly	NZD	SGD
Remitly	SEK	TRY
Remitly	NZD	EUR
Remitly	NOK	MYR
Remitly	SEK	TWD
Remitly	AED	PEN
Remitly	SGD	VND
Remitly	DKK	EUR
Remitly	USD	JPY
Remitly	NOK	HKD
Remitly	GBP	KES
Remitly	DKK	TRY
Remitly	SGD	THB
Remitly	NOK	PHP
Remitly	SGD	IDR
Remitly	AED	KRW
Remitly	AED	JPY
Remitly	EUR	MYR
Remitly	SEK	THB
Remitly	NOK	VND
Remitly	SGD	PHP
Remitly	AED	MYR
Remitly	SGD	HKD
Remitly	EUR	IDR
Remitly	DKK	ZAR
Remitly	NOK	PEN
Remitly	NZD	BRL
Remitly	NZD	ZAR
Remitly	NOK	TRY
Remitly	SGD	MYR
Remitly	DKK	JPY
Remitly	AUD	PEN
Remitly	DKK	KES
Remitly	NOK	EUR
Remitly	SGD	KES
Remitly	GBP	PEN
Remitly	SEK	PLN
Remitly	NZD	PLN
Remitly	CAD	PEN
Remitly	EUR	PEN
Remitly	NOK	THB
Remitly	EUR	DOP
Remitly	SGD	TWD
Remitly	SGD	TRY
Remitly	SEK	EUR
Remitly	AED	UAH
Remitly	USD	PHP
Remitly	SGD	BDT
Remitly	SEK	JPY
Remitly	DKK	MXN
Remitly	NZD	KES
Remitly	DKK	MYR
Remitly	NOK	IDR
Remitly	DKK	PEN
Remitly	SGD	JPY
Remitly	SGD	ZAR
Remitly	NOK	KES
Remitly	SEK	KES
Remitly	EUR	JPY
Remitly	NOK	JPY
Remitly	NZD	JPY
Remitly	DKK	HKD
Remitly	SGD	PLN
Remitly	SGD	PEN
State Bank of India	GBP	INR
State Bank of India	USD	INR
State Bank of India	EUR	INR
State Bank of India	HKD	INR
State Bank of India	SGD	INR
State Bank of India	CHF	INR
State Bank of India	AED	INR
State Bank of India	SAR	INR
Wells Fargo ExpressSend	USD	INR
Wells Fargo ExpressSend	USD	PHP
Western Union	JPY	ARS
Western Union	USD	ARS
Western Union	HKD	ARS
Western Union	GBP	ARS
Western Union	CHF	ARS
Western Union	EUR	ARS
Western Union	SGD	ARS
Western Union	DKK	ARS
Western Union	NZD	ARS
Western Union	SEK	ARS
Western Union	CAD	ARS
Western Union	NOK	ARS
Western Union	MYR	ARS
Western Union	MYR	EUR
Western Union	USD	PKR
Western Union	MYR	MYR
Western Union	HKD	HKD
Western Union	SGD	SGD
Western Union	EUR	EUR
Western Union	SGD	BDT
Western Union	NZD	EUR
Western Union	MYR	PEN
Western Union	SGD	EUR
Western Union	NZD	SGD
Western Union	SGD	KES
Western Union	MYR	INR
Western Union	NZD	JPY
Western Union	MYR	HKD
Western Union	GBP	PKR
Western Union	JPY	PHP
Western Union	HKD	EUR
Western Union	SGD	IDR
Western Union	MYR	TRY
Western Union	MYR	PHP
Western Union	SGD	MYR
Western Union	MYR	IDR
Western Union	SGD	INR
Western Union	HKD	SGD
Western Union	NZD	THB
Western Union	HKD	IDR
Western Union	HKD	THB
Western Union	MYR	VND
Western Union	HKD	MYR
Western Union	HKD	INR
Western Union	JPY	ZAR
Western Union	SGD	PEN
Western Union	SGD	TRY
Western Union	USD	INR
Western Union	HKD	VND
Western Union	MYR	JPY
Western Union	HKD	PHP
Western Union	MYR	SGD
Western Union	MYR	KES
Western Union	MYR	PLN
Western Union	GBP	INR
Western Union	SGD	PHP
Western Union	SGD	PLN
Western Union	AUD	ZAR
Western Union	NZD	BRL
Western Union	NZD	KES
Western Union	MYR	THB
Western Union	USD	NPR
Western Union	AUD	THB
Western Union	GBP	SGD
Western Union	JPY	EUR
Western Union	NZD	HKD
Western Union	CAD	PHP
Western Union	DKK	TRY
Western Union	NZD	INR
Western Union	GBP	PEN
Western Union	USD	BDT
Western Union	NZD	VND
Western Union	JPY	KES
Western Union	AUD	EUR
Western Union	JPY	SGD
Western Union	JPY	TRY
Western Union	NZD	PHP
Western Union	JPY	MYR
Western Union	HKD	TRY
Western Union	USD	GTQ
Western Union	USD	HKD
Western Union	JPY	KRW
Western Union	CAD	THB
Western Union	HKD	PLN
Western Union	NOK	GHS
Western Union	NOK	SGD
Western Union	CAD	TRY
Western Union	NZD	TRY
Western Union	AUD	VND
Western Union	USD	VND
Western Union	HKD	KES
Western Union	NOK	HKD
Western Union	GBP	MYR
Western Union	SGD	HKD
Western Union	GBP	ZAR
Western Union	SGD	VND
Western Union	USD	EUR
Western Union	SEK	KES
Western Union	GBP	BDT
Western Union	DKK	HKD
Western Union	CHF	THB
Western Union	USD	THB
Western Union	SGD	THB
Western Union	EUR	TRY
Western Union	EUR	SGD
Western Union	EUR	PLN
Western Union	AUD	SGD
Western Union	NZD	PLN
Western Union	SEK	ZAR
Western Union	NOK	PHP
Western Union	GBP	EUR
Western Union	EUR	PEN
Western Union	USD	IDR
Western Union	GBP	IDR
Western Union	USD	TRY
Western Union	USD	PLN
Western Union	GBP	PLN
Western Union	GBP	NPR
Western Union	USD	MYR
Western Union	DKK	MXN
Western Union	EUR	PHP
Western Union	NOK	VND
Western Union	GBP	JPY
Western Union	GBP	MAD
Western Union	USD	JPY
Western Union	AUD	TRY
Western Union	USD	KES
Western Union	NOK	INR
Western Union	CAD	KES
Western Union	DKK	KES
Western Union	EUR	ZAR
Western Union	NOK	PEN
Western Union	NZD	ZAR
Western Union	CHF	PHP
Western Union	GBP	VND
Western Union	GBP	TRY
Western Union	DKK	JPY
Western Union	SEK	TRY
Western Union	SEK	THB
Western Union	DKK	SGD
Western Union	AUD	GHS
Western Union	AUD	MYR
Western Union	DKK	ZAR
Western Union	NOK	MYR
Western Union	EUR	JPY
Western Union	SGD	JPY
Western Union	NOK	TRY
Western Union	SEK	EUR
Western Union	NOK	IDR
Western Union	AUD	HKD
Western Union	NOK	KES
Western Union	CHF	EUR
Western Union	AUD	PLN
Western Union	EUR	MAD
Western Union	GBP	HKD
Western Union	AUD	PEN
Western Union	EUR	DOP
Western Union	CHF	GHS
Western Union	CAD	EUR
Western Union	CHF	IDR
Western Union	CAD	GHS
Western Union	CHF	VND
Western Union	DKK	EUR
Western Union	EUR	HKD
Western Union	NZD	MYR
Western Union	GBP	THB
Western Union	CAD	IDR
Western Union	AUD	KES
Western Union	GBP	KES
Western Union	CAD	VND
Western Union	CAD	SGD
Western Union	CAD	JPY
Western Union	CHF	PEN
Western Union	SEK	JPY
Western Union	SEK	INR
Western Union	CAD	HKD
Western Union	CAD	MYR
Western Union	SEK	VND
Western Union	DKK	PEN
Western Union	USD	PHP
Western Union	DKK	VND
Western Union	CHF	PLN
Western Union	NOK	EUR
Western Union	SEK	MYR
Western Union	NOK	THB
Western Union	CAD	PEN
Western Union	USD	SGD
Western Union	DKK	MYR
Western Union	NOK	JPY
Western Union	AUD	JPY
Western Union	CHF	KES
Western Union	EUR	THB
Western Union	AUD	MXN
Western Union	CHF	ZAR
Western Union	CHF	BRL
Western Union	SEK	PLN
Western Union	EUR	INR
Western Union	CHF	TRY
Western Union	CHF	INR
Western Union	DKK	PLN
Western Union	CHF	SGD
Western Union	CHF	HKD
Western Union	DKK	IDR
Western Union	CHF	MYR
Western Union	EUR	IDR
Western Union	SEK	SGD
Western Union	SEK	HKD
Western Union	EUR	VND
Western Union	SGD	ZAR
Western Union	DKK	THB
Western Union	EUR	KES
Western Union	EUR	MYR
Western Union	EUR	BRL
WorldRemit	CAD	PHP
WorldRemit	AUD	GHS
WorldRemit	GBP	INR
WorldRemit	CHF	GHS
WorldRemit	USD	PHP
WorldRemit	AUD	THB
WorldRemit	NOK	GHS
WorldRemit	CAD	GHS
WorldRemit	GBP	NPR
WorldRemit	USD	GTQ
WorldRemit	AUD	VND
WorldRemit	GBP	IDR
WorldRemit	USD	MYR
WorldRemit	GBP	ZAR
WorldRemit	CHF	ZAR
WorldRemit	MYR	PHP
WorldRemit	USD	NPR
WorldRemit	DKK	MXN
WorldRemit	NZD	PHP
WorldRemit	CHF	INR
WorldRemit	NZD	ZAR
WorldRemit	JPY	PHP
WorldRemit	NZD	MYR
WorldRemit	MYR	IDR
WorldRemit	NZD	INR
WorldRemit	NOK	PHP
WorldRemit	AUD	ZAR
WorldRemit	JPY	ZAR
WorldRemit	JPY	MYR
WorldRemit	GBP	MYR
WorldRemit	NOK	IDR
WorldRemit	EUR	BRL
WorldRemit	AUD	MXN
WorldRemit	MYR	VND
WorldRemit	MYR	THB
WorldRemit	CAD	MYR
WorldRemit	USD	VND
WorldRemit	GBP	VND
WorldRemit	DKK	THB
WorldRemit	CHF	PHP
WorldRemit	EUR	VND
WorldRemit	CHF	VND
WorldRemit	CAD	IDR
WorldRemit	NZD	VND
WorldRemit	CHF	IDR
WorldRemit	CAD	VND
WorldRemit	DKK	IDR
WorldRemit	SEK	INR
WorldRemit	DKK	VND
WorldRemit	SEK	VND
WorldRemit	NOK	VND
WorldRemit	SEK	THB
WorldRemit	CHF	THB
WorldRemit	SEK	ZAR
WorldRemit	MYR	ZAR
WorldRemit	NZD	BRL
WorldRemit	MYR	INR
WorldRemit	CHF	BRL
WorldRemit	DKK	ZAR
WorldRemit	NOK	INR
WorldRemit	EUR	ZAR
WorldRemit	NOK	THB
WorldRemit	SEK	MYR
WorldRemit	EUR	MYR
WorldRemit	NOK	MYR
WorldRemit	CHF	MYR
WorldRemit	GBP	THB
WorldRemit	DKK	MYR
WorldRemit	CAD	THB
WorldRemit	NZD	THB

Frequently asked questions

What is FX markup?

FX markup is the difference between the mid-market exchange rate (from ExchangeRate-API, open.er-api.com) and the rate a provider quotes to customers. A 1% markup on a USD 1,000 transfer costs the recipient USD 10 in hidden fees, on top of any visible service charge.

What does "first-hand" mean?

"First-hand" providers are those RemitRoutes scrapes directly via their own API or web quote flow (is_first_hand = true in our DB). This excludes comparison-site aggregates or estimated rates.

Why are some corridors excluded?

137 corridors were excluded because their global median |fx_markup_pct| exceeded 0.25 percentage points — a calibration threshold that filters corridors where the spread calculation is inherently unstable rather than reflecting provider-specific markup.

Why is this edition preliminary?

The is_first_hand flag on provider rows was corrected in late September 2026 (PR #97). Valid data runs from 2026-09-20; this edition covers 12 days. Rankings may shift as the sample grows.

What does ‡ (promo / above mid) mean?

A provider marked ‡ shows a negative median FX markup — meaning it quotes a rate better than the mid-market rate. While this is financially favourable for the sender, it typically reflects a promotional rate or a period of below-cost pricing rather than the provider's standard offering. These rows are shown for completeness but are not credited as "lowest markup" in the headline or ranking, since they may not be sustainable.

Methodology

RemitRoutes per-provider daily quotes filtered to is_first_hand=true AND provider_type='traditional' AND date >= 2026-09-20 (G1: rows before this date used the old incorrect is_first_hand flag). Window: 2026-09-20–2026-10-01 (12 days). Calibration: 137 corridor(s) excluded where Wise's median |fx_markup_pct| > 0.25 pp. Providers must cover ≥ 5 corridors to be ranked. Wise shown as reference only (calibration basis), not ranked. 0 provider(s) with negative median markup labelled ‡ (above mid-market). FX markup = (mid_rate − avg_quoted_rate) / mid_rate × 100. Mid-market reference: ExchangeRate-API (open.er-api.com) daily USD rates, published once a day around 00:00 UTC; cross rates are derived via USD. Intraday currency moves between publications add noise to all-in cost estimates. See remitroutes.com/methodology.

Full methodology: /methodology.

Cite this study

RemitRoutes Data Desk. (2026). FX Markup League Table [Dataset]. RemitRoutes. https://remitroutes.com/data/studies/fx-markup-league-table

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