In India, buying forex has historically been reserved for organizations (banks, money exchangers) that owned a huge building and it was a place which people could actually visit. For an individual to do foreign exchange, he/she would have to give the bank or money exchanger store a visit. After visiting the place, you would have to enquire about the exchange rates and the cost of buying forex from them. After all this process, you would end up comparing all these rates by different banks and money exchangers and then arrive at a conclusion of which service you’d want to take. This takes up a lot of time for the customers and adds more confusion in the minds of one who want to either buy or sell forex.
Another fact about the banks and money changers is that they charge from 2.5 percent to 3.5 percent on foreign exchanges. Forex exchange at the airport is a whole story altogether as they charge outrageous amounts.
Now online forex & remittance platforms have brought a revolution bringing the much-needed ease of access to the customers. Now here in India, you can use professional services to compare and purchase or sell forex online from the comfort of your home. The online platforms have broken the hegemony of the banks and other mainstream money exchangers.
You can save a lot on the bank charges and book forex orders in a hassle-free manner. You get the option to freeze or lock the currency rates for 3 days just simply through a simple tap on the mobile app of these online forex & remittance platforms. You do not need to visit the banks to get the currency of your choice, you can simply get it delivered to your home with the help of these online forex & remittance platforms.
How to buy and sell forex online in India?
For buying or selling forex online in India, you can follow these simple steps:
Step 1: Visit the online forex & remittance platform’s website and book an order. Whatever your requirements may be like buying or selling foreign currency, doing a money transfer overseas, or opting for a forex card, you have several options to choose from.
Step 2: You have to now provide your location. As per your location, the options of money changes will be provided to you. You get a lot of information provided on the money changers and you can choose the one that fits your bill.
There will be filters available to you that you can apply and make the process easy. You can check the charges for their services, exchange rates, and ratings that are given by the previous customers. You can also check whether if they provide door currency and if they do then what are the charges?
You have tons of information and you must take a deep dive into all of those before picking the money exchanger.
Step 3: You can now place your order. You can choose the preferred form of payment for the order. After your order is placed, you will receive a phone call from the online forex & remittance platform’s end to confirm the order and take up your queries if there are any.
Benefits of buying and selling forex online in India
Online forex & remittance platforms help you to find suitable forex alternatives without needing to call up the banks and money-changers or visit them. You can simply book your forex order while sitting on your couch. This is one of the biggest benefits of buying and selling forex online in India.
The money changers also battle to lure people and therefore hold their rates low and affordable. Unlike traditional money changers, who are unable to guarantee a fixed exchange rate, when a forex order has been checked, online forex platforms give you the best-unchanged exchange rate. When you do it through banks, you need to pay the additional charges but online forex platforms are the best and most efficient way to book a forex order.
One of the biggest benefits is that you get the option to freeze or lock the currency rates for 3 days just simply through a simple tap on the mobile app of these online forex & remittance platforms. You do not need to visit the banks to get the currency of your choice, you can simply get it delivered to your home with the help of these online forex & remittance platforms.
When you buy or sell forex directly via banks, you sometimes incur a lot of hidden charges that you weren’t aware of while doing the transaction, however, on online forex platforms, this is not the case. All the charges that will be applied for the transaction are told to you beforehand. You also get the option to get notified when the currency rates hit the price you want to purchase.