Exchanging foreign currency at the airport will cost you a bomb! Last minute foreign currency exchange is foolish and risky. So, it is always safe to do a little bit of homework before you plan to buy or sell a foreign currency , irrespective of the purpose.

The state of a country’s currency hugely depends on its economic and political condition. As of now, the Indian rupee is lying low against the US dollar. It is due to the recent tensions between the Middle East and the US, and India being one of the largest importers of crude oil. Also, the strengthening of the US dollar against other currencies has given it a major boost against the INR.

In such scenarios, it is difficult to find exchange rates that would prove to be convenient for your purpose. Several banks and credit unions cash on such occasions and charge high interbank commission rates or impose hidden charges on forex transactions. Thus, the second-best solution is to look for foreign currency exchange online.

Buy US dollar online
There are several online platforms that can offer you suitable exchange rates for the US dollar. BookMyForex is one of them. It is an RBI (Reserve Bank of India) authorised money changer that specialises in providing forex related services to customers in India. If you look for better rates for US Dollar on BookMyForex, you are sure to find rates that are live and accurate up to the last second.

In addition to liquid cash, BookMyForex offers foreign currency exchange in other mediums like the forex card, the demand draft, travellers’ cheque and wired money transfer. You can choose a medium that would be most suitable to your scenario. For instance, if your child is studying in a US based university, you might opt for wired money transfer or US dollar in demand drafts.
If you are travelling to the US for personal or professional gains, the forex card is the safest and most convenient medium of executing payments. The forex card is basically a travel prepaid card that works like any other debit/credit card. It can be charged to a pre-definite amount and is accepted in all international establishments like hotels, restaurants, shopping malls for expenditures.

Here’s a list of reasons of why you should look for foreign currency online:

Buying and selling of US dollar online is easy and hassle-free. You need not have a previous customer relationship with the money changer as required in most banks.

Uploading and verification of documents is quick and requires no extra effort.

Online vendors like BookMyForex are aided with an advanced technology infrastructure that lets them compare exchange rates with various banks and money changers and eventually provide you with the best US dollar rates.

You can lock-in/freeze an exchange rate at a nominal cost with no hidden charges.

You can place an order within the comfort of your home, and it will be delivered at your doorstep within the scheduled time.

Note: Exchange rates for US dollars may vary by a few decimal points or numbers for different mediums. It would be wise to choose a medium that is affordable and most convenient, given your purpose.

Author's Bio: 

BookMyForex is the World’s first online marketplace for currency exchange and international remittance.