Tips for Foreign Exchange In India

Money exchangers are thriving on the international trips taken by Indian travelers and educational courses that the Indian students opt for overseas. The increased demand leads to increased supply and you will see a swarm of currency exchangers vying for your attention through promotions and offers.

tips-for-foreign-exchange-in-india

In this scenario, how do you sift the genuine currency exchangers out of the fake ones? How do you decide what to choose? Rates are a big factor in currency conversion, but how do you decide which one offers the most authentic rates? Fraudulent activities are also on a rise in this sector, and looking at the scenario, here are some tips that are sure to help you for your foreign exchange needs in India:

• Look for authorized money exchangers: RBI has appointed authorized money changers to deal with currency conversions. Make sure you check for this when you look for a currency exchanger. Better still, go for reputed and guaranteed online forex marketplaces like BookMyForex. This platform offers you ‘live and real time market rates. You can also use their additional facilities like ‘Rate Alert’ feature if you have enough time on hand and want to exchange currency at a specific rate.

• Look for authorized money exchangers: RBI has appointed authorized money changers to deal with currency conversions. Make sure you check for this when you look for a currency exchanger. Better still, go for reputed and guaranteed online forex marketplaces like BookMyForex. This platform offers you ‘live and real time market rates. You can also use their additional facilities like ‘Rate Alert’ feature if you have enough time on hand and want to exchange currency at a specific rate.

• Never exchange currency at hotels and airports: Hotels and airports may seem like a convenient option for currency exchange, but they have a lot of markup charges and hence should be avoided. If there is an emergency, only exchange a small amount, and then order your currency online. Forex providers like BookMyForex provide home delivery service of your forex too.

• Be careful while using credit cards: Most people like to opt for credit cards for exchanging money. The credit card companies are also believed to have better rates than individuals. However, if you currency is weaker than the currency you are exchanging, then at the end when your payment is due, you may end up paying more money and a higher rate than the one which was used for conversion.

• Never bank on local banks: There is a general notion that you can enter any bank and get your currency exchanged. This is actually not true. There are some banks that extend this facility only to the account holders. There may even be additional charges applicable for the transaction.

Know before you exchange at ATMs: ATMs sound very convenient and quick when it comes to money exchange. The rates are also reasonable at the ATM, but any withdrawal at the ATM is subjected to a fee. Make sure you find out about this aspect before you go to the ATM to exchange money abroad.
Keeping a stock of forex on your travel is always advisable. Also, you may opt in for an online currency exchanger that extends travel insurance facilities too and a good customer support system.

To avail a wide gamut of forex products at the guaranteed best rates, log on to www.bookmyforex.com or call 09212219191 to know more.

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