In
today’s world and age, with increasing disposable incomes across the
world, people have learnt to let the purse strings loose and make the
most of their wealth, be in spending on luxury labels or splurging on
holidays at exotic locales across the world. Unlike older times when
people would prefer to save, the trend has changed now, and that’s
because there are far too many options for people to resist. However,
with a little hard-work and research you can still enjoy that much
coveted holiday abroad, yet save a substantial amount of money while
booking your air tickets and hotel as well as while buying, selling or
remitting forex….and yes also by choosing the right mode of payment for
making your bookings/ payments abroad. Afterall, no one minds a few
extra bucks in the bank that can help on a rainy day….right?
Talking of international travel, you can choose from a variety of options for doing your foreign exchange transactions, the most obvious being your bank, then the local money exchangers, kiosks at airports and train stations. Of late, like other eCommerce ventures, online foreign exchange companies are also gaining immense popularity because of the convenience they offer of booking an order from the luxury of our homes/ offices while simultaneously offering the best foreign currency exchange rates. eCommerce certainly has been a big boon for us customers!
So if you are an international tourist who is visiting India to explore its rich heritage and natural beauty or an Indian resident headed abroad to explore a new destination, here are some useful tips that can help you get the best value for your money when buying, selling or remitting foreign exchange in India.
Who offers the “best currency rates in India”?
A comparative analysis between the rates offered by various forex sources like banks, money changers and online forex companies would reveal that in most cases online companies generally offer the best rates on account of several factors like low operating costs, heavily discounted rates, special promotional offers etc. You will notice that online forex companies like BookMyForex offer a ‘live rate’ that keeps changing through the day since it is the real-time rate prevalent in the international market, while banks and other currency exchangers offer a flat rate for the day, i.e., a daily rate. To get the best currency rates in India you should definitely settle for a company offering live rates. Just make sure that the margins are not very high, thereby offsetting the best foreign currency exchange rates. Changing money at the airport though most convenient while travelling will cost you a whopping 13% more than the interbank rates, so you can kiss any savings goodbye.
What are “live rates’?
Talking of international travel, you can choose from a variety of options for doing your foreign exchange transactions, the most obvious being your bank, then the local money exchangers, kiosks at airports and train stations. Of late, like other eCommerce ventures, online foreign exchange companies are also gaining immense popularity because of the convenience they offer of booking an order from the luxury of our homes/ offices while simultaneously offering the best foreign currency exchange rates. eCommerce certainly has been a big boon for us customers!
So if you are an international tourist who is visiting India to explore its rich heritage and natural beauty or an Indian resident headed abroad to explore a new destination, here are some useful tips that can help you get the best value for your money when buying, selling or remitting foreign exchange in India.
Who offers the “best currency rates in India”?
A comparative analysis between the rates offered by various forex sources like banks, money changers and online forex companies would reveal that in most cases online companies generally offer the best rates on account of several factors like low operating costs, heavily discounted rates, special promotional offers etc. You will notice that online forex companies like BookMyForex offer a ‘live rate’ that keeps changing through the day since it is the real-time rate prevalent in the international market, while banks and other currency exchangers offer a flat rate for the day, i.e., a daily rate. To get the best currency rates in India you should definitely settle for a company offering live rates. Just make sure that the margins are not very high, thereby offsetting the best foreign currency exchange rates. Changing money at the airport though most convenient while travelling will cost you a whopping 13% more than the interbank rates, so you can kiss any savings goodbye.
What are “live rates’?
Live
rates are real time foreign currency exchange rates that can now be
viewed in India on the portal of leading online forex companies. These
are updated every second, 24X7, based on the fluctuations in the
international currency exchange market. So, there is no buffer here
unlike the ‘daily rates’ offered by the banks and money changers wherein
margins are high, so as to cover all currency rate variations and
overheads. Online companies have the added advantage of little or no
infrastructure costs to be factored into their rates. What’s more, with
online companies like BookMyForex you can get the best currency rates in
India since they offer unique options like “Freeze the
Rate”, which allows you to lock-in the desired rate on their website
and complete the order within three working days at the selected rate.
Switch to an online money exchanger in India and save on transaction charges
If you are travelling abroad from India, and wish to remit money to an account abroad, online companies can offer some of the best deals. Not only are the exchange rates offered by them unbeatable, some of them offer unusually low processing charges on account of the preferential rates they get from banks. Here’s an example…while banks and currency exchanger generally charge between INR 500 - INR 1,500 for wire transfers, BookMyforex charges just INR 200 for the transaction.
No risk of losing money on counterfeit currency
Banks are the most preferred platform for monetary transactions due to their security factor, but if you wish to save big, then you can settle for a reliable online forex company that has tie-ups with leading banks and can offer the same security. Due to their tie-ups with banks, you will not run the risk of ending up with counterfeit currency and will be issued a receipt for your transaction.
Remember…if a money exchanger in India lures you with the best rates, but refuses to give you a receipt for the transaction, NEVER EVER settle for such deals because you could end up with counterfeit currency that too on foreign shores, with no one to help!
Don’t stop here…Look for special promotions and offers to make more savings when you book your forex
In this highly competitive market you are bombarded in your inbox and letterbox with all kinds of offers and seasonal discounts by banks, insurance, travel companies and money exchangers. Before you delete or tear them, pay attention! You might be missing an opportunity to save money.
The best way to get a discount from an online money exchanger in India is to look out for their promotional offers. Some of these companies that offer a complete portfolio of forex and travel related products like currency notes, prepaid forex cards, traveller’s cheques, foreign currency demand drafts, wire transfers and international travel insurance. Such companies usually offer a combo deal on buying multiple products that can work out to be great money savers.
Comfort and speed
You not only get to choose the best and live rates with an online money exchanger in India, but also get a break from the traditional, convoluted banking processes where you end up wasting unnecessary time and effort running around and waiting in long queues for buying and selling forex. When ordering online, you can sit back and relax and place an order within minutes. Moreover, these online companies even get your order delivered right at your doorstep, absolutely free of cost….helps you save on fuel cost too!
Though you may feel a little difference here and there won’t make much difference to your savings, it is not true in the case of forex, where you are spending a considerable amount of money. Even a small difference in exchange rate can add up to huge savings. And if you happen to come across a promotional offer or combo deal, you have a big reason to smile!...And that’s exactly why finding a reliable and efficient online money exchanger in India, or any country that you travel to can be a big help.
So what’re you waiting for?....If buying, selling or remitting forex in India is on your mind, just pull out your laptop or smartphone to get started and get the best deals online!
Switch to an online money exchanger in India and save on transaction charges
If you are travelling abroad from India, and wish to remit money to an account abroad, online companies can offer some of the best deals. Not only are the exchange rates offered by them unbeatable, some of them offer unusually low processing charges on account of the preferential rates they get from banks. Here’s an example…while banks and currency exchanger generally charge between INR 500 - INR 1,500 for wire transfers, BookMyforex charges just INR 200 for the transaction.
No risk of losing money on counterfeit currency
Banks are the most preferred platform for monetary transactions due to their security factor, but if you wish to save big, then you can settle for a reliable online forex company that has tie-ups with leading banks and can offer the same security. Due to their tie-ups with banks, you will not run the risk of ending up with counterfeit currency and will be issued a receipt for your transaction.
Remember…if a money exchanger in India lures you with the best rates, but refuses to give you a receipt for the transaction, NEVER EVER settle for such deals because you could end up with counterfeit currency that too on foreign shores, with no one to help!
Don’t stop here…Look for special promotions and offers to make more savings when you book your forex
In this highly competitive market you are bombarded in your inbox and letterbox with all kinds of offers and seasonal discounts by banks, insurance, travel companies and money exchangers. Before you delete or tear them, pay attention! You might be missing an opportunity to save money.
The best way to get a discount from an online money exchanger in India is to look out for their promotional offers. Some of these companies that offer a complete portfolio of forex and travel related products like currency notes, prepaid forex cards, traveller’s cheques, foreign currency demand drafts, wire transfers and international travel insurance. Such companies usually offer a combo deal on buying multiple products that can work out to be great money savers.
Comfort and speed
You not only get to choose the best and live rates with an online money exchanger in India, but also get a break from the traditional, convoluted banking processes where you end up wasting unnecessary time and effort running around and waiting in long queues for buying and selling forex. When ordering online, you can sit back and relax and place an order within minutes. Moreover, these online companies even get your order delivered right at your doorstep, absolutely free of cost….helps you save on fuel cost too!
Though you may feel a little difference here and there won’t make much difference to your savings, it is not true in the case of forex, where you are spending a considerable amount of money. Even a small difference in exchange rate can add up to huge savings. And if you happen to come across a promotional offer or combo deal, you have a big reason to smile!...And that’s exactly why finding a reliable and efficient online money exchanger in India, or any country that you travel to can be a big help.
So what’re you waiting for?....If buying, selling or remitting forex in India is on your mind, just pull out your laptop or smartphone to get started and get the best deals online!
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