Online Money Exchange Portals

By Author: Nitin Motwani
Total Articles: 11
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Online money exchange portals can help you a lot in buying and selling foreign currency and that too at best rates. These e-commerce platforms are making the process of dealing in forex simpler and convenient. This article would help you to get an idea of how to use these portals and how to benefit from them.

Getting tired of going to the airports, banks, and money changers offices for money exchange? If you are a regular traveller and often visit countries like US and UK etc. then you might be carrying foreign currencies also and many-a-times you might find it cumbersome to go to different places to exchange them. The thing that might irritate you the most is that it wastes your precious time.

But now, in India there are many online money exchange and remittances portals where you can buy, sell or remit foreign currency at any time and from anywhere. These portals not only save you time but they also offer you the foreign currency at excellent exchange rates, which you will not get anywhere else.

Such portals provide you with services such as sale and purchase of forex products and private overseas remittances ...
... through which you can transfer money overseas, etc. Using these portals, you can buy pre-paid (travel) cards, currency notes and traveller's cheques or remit money using demand drafts or wire transfers. Customers can also complete an online transaction to sell their foreign currency and receive Indian Rupees, all at extremely competitive rates that are better than most banks’ and money changers' rates.

These online money exchange and remittances portals usually deal in several currencies such as US Dollar (USD), Euro (EUR), British Pounds (GBP), Australian Dollars (AUD), New Zealand Dollars (NZD), Canadian Dollars (CAD), UAE Dirham (AED), Saudi Riyal (SAR), Japanese Yen (JPY), Swiss Franc (CHF), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Swedish Krona (SEK), Thai Bahts (THB). The rates of these currencies vary from time to time with respect to the Indian currency, Rupee (INR) is usually compared with the US currency to check the country's economy. The US dollar rate in India today keeps changing and can give an accurate measure of the country’s economy.

There is a proper yet simple procedure if you are looking to buy, sell or remit foreign currency. You just have to follow these steps:
* Complete your booking online and receive a unique order reference
* Prepare required documents and payment for forex and remittance products
* Go to the participating branch or request for door delivery
* Receive your foreign exchange (or Indian Rupees in case of sale)

As you can see, the process described here is much simpler than using conventional methods. With the constant technological advancements happening in India, people are often using online portals for their money exchange needs. These e-commerce platforms are making the process of buying and selling foreign exchange simpler and more convenient in India. Not only this, these portals provide 24X7 service all over India.

But how can you trust such portals? You should check whether the particular money exchange online portal that you are dealing with are trustworthy and can comfortably do the desired job. You should also ask questions from these online portals such as:

* How do I know that my order is confirmed?
* Do I need to create an account in order to book an order?
* Are there any charges for door delivery?
* Is it safe to use my credit/debit card for booking fixed rate order?
* Is there a separate limit for carrying currency notes?

These are the important things that you should always keep in your mind before doing any deal with the online money exchange and remittances portals.

The author of this article is associated with Bookmyforex, which is India's first online money exchange and remittances portal. Here, you can get the best prices if you want to buy, sell or remit foreign currency.