Here are some helpful tips that you should bear in mind while buying forex:
· Buy from authorized dealers only
Check the credentials of the forex agent/dealer before doing your transaction. There are a lot of touts and fake agents who may hand you counterfeit currency. You may realize that you have been conned only when you try to use the money overseas! It can also lead to unpleasant legal hassles abroad. (So don’t forget to take the receipt from your forex dealer/bank and carry it along during your trip).
· Look for ‘live’ rates
You should look for live and real time market rates for all your transactions so you can get complete value for your money. Most banks and forex dealers claim to offer you best currency exchange rates in the form ‘daily rates’ but that’s not really true. The currency rates in the international market keep fluctuating all through the day but banks and money changers set a daily rate as per their discretion after incorporating enough margins to avoid losses on account of currency fluctuation.
· Insulate yourself from currency fluctuation
To ensure that our best currency exchange rates rate remain valid at the time of delivery, some forex companies/banks a “Freeze the Rate” by paying just 2% upfront and then complete the necessary formalities within the stipulated time frame.
· A large distribution network helps
It helps to do your transaction with companies that have tie-ups with leading banks or channel partners since it adds a stamp of credibility. Moreover, a large distribution network would ensure that you find a branch close by, no matter where you are in India.
· Look for special offers to save more
Some forex dealers launch special offers and offer attractive discounts from time to time. Keep a lookout for such schemes to maximize your savings.
If you are looking for all this and more, don’t forget to visit the best foreign currency exchanger in Hyderabad @ BookMyForex.com or call +91 81301 91134.
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