Things to know when you buy forex

At one point in life we are all faced with the possibility of buying foreign currency for the very first time. Unlike when applying for a bank loan or passport or even a car there are no printed instructions. You have to search for the correct source which can safely guide you through the process. Living in Bangalore, you must have noticed currency exchangers claiming the   ‘Best foreign exchange in Bangalore’. But how do you tell if that’s true? 

1. Know the live current currency exchange rate

If you are exchanging a dollar for example, know how many rupees you have to pay to get a dollar that day. You can Google the exchange rate currently prevailing, check it out in the financial newspapers, or check with the foreign exchange branch of your bank. You’ll be surprised to see that they are broadly similar but not the same. This is because banks and local money changers and airport currency exchange outlets all give out a rate with a substantial margin. 

2. Explore online forex marketplaces for maximum convenience and best deals

Here you’ll find these rates to be the best foreign exchange in Bangalore. So, it’s a good idea to do online money exchange in Bangalore at the best rates and maximum convenience. You can even get a home delivery of your currency if you book your order through an online money exchange in Bangalore such as BookMyForex.

3.  Know the official limits for carrying or transferring foreign exchange

Strict regulations have been laid down in this regard and available in the public domain. Ensure that your credit card and ATM card are from a major international bank so that they are accepted universally and have sufficient ATM branches. Prepaid cards are also a good option whereby the exchange rate at the time of purchase applies for all transactions. They are very convenient to use. You must factor in the hefty transaction fee though.

With these tips you should get a good headstart for your first foray into the world of forex.

Have a  great trip!...