Acquiring foreign currency is not a mammoth task anymore. Thanks to the digital advertisements of various banks and money changers that specialise in buying and selling of forex. There could be various reasons why one needs foreign currency. The most common ones include sending money to someone settled abroad, immigration, higher education at a foreign university, medical treatment, care giving services to an ailing relative/friend abroad, and overseas travel. Whatever your reason, this article will offer you some useful advice on getting hold of a good foreign exchange rate today for that matter.
The reality of forex exchange rates
Forex rates are volatile. They are never static and keep fluctuating time and again. The rates recorded for a particular currency, today, might differ from what was recorded yesterday. This is because the valuation of a currency is directly and indirectly dependent on several factors. The most notable ones are interest rates, inflation rates, trade relations between countries, noteworthy political events, recession or economic slowdown, and lastly the various speculations doing the rounds in the forex market. Hence proved, “foreign exchange rate today is a myth”. None of these can be ignored as they impact the currency rates at a level a normal investor or an amateur forex trader might not understand.
Amidst the chaos and too much information, one can always research and choose trivia that will serve his/her purpose directly. The two most reliable ways of acquiring foreign currency includes a) approaching a local bank that offers foreign currency exchange services; b) going online and registering with a reputable and established online money changer like BookMyForex.
Though you can buy forex from the nearest bank or a local exchange vendor, there is a very good chance that you might fall prey to higher exchange rates which can be avoided with a little bit of prior research and homework.
Go online!
One needs to buy forex from a trusted source like BookMyForex. It will not only ensure better foreign exchange rate but also ensure convenience and transparency at every step of the process.
Here’s a list of reasons as to why one should look for forex online:
Banks usually offer fixed rates in the name of today’s currency rate which shouldn’t be done as forex exchange rate keeps changing every now and then.
Online money vendors like BookMyforex are equipped with an advanced technological set-up that allows them to compare rates with various other banks and credit-unions and eventually offer a rate that is most suitable for the buyer/seller.
You can lock-in/freeze a forex rate that might meet your requirements effectively. When you complete a transaction, the prevailing exchange rate gets locked-in and the foreign exchange gets delivered to you on that locked-in exchange rate, irrespective of how the forex rates behave thereafter.
Uploading and verification of important documents is easy and less time consuming.
If you buy/sell foreign currency from/to an online money changer like BookMyForex, you will have access to forex exchange rate which are live and accurate up to the very last second.
BookMyForex is an established online money exchanger that offers the full range of forex services at guaranteed best forex rates to customers in India. It is approved and authorised by the RBI (Reserve Bank of India) and also guarantees to provide complete assistance if you wish to buy forex online.
BookMyForex is the World’s first online marketplace for currency exchange and international remittance