Door Delivery Of Foreign Currency Exchange – It Won’t Get Easier

By Author: Nitin Motwani
Total Articles: 12
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Most travellers would arrange for foreign currency exchange before they travel. The most convenient way of doing that is to book a deal with an online currency exchange service. They will provide you door delivery of the forex products at the earliest.

Reserve Bank of India allows one to buy/remit forex under several schemes – leisure travel, business travel, permanent relocation, education (tuition fees, boarding, maintenance expenses, books, etc.), medical procedure, maintenance of a close relative abroad, sending a gift or donation, purchase of real estate abroad, investment in foreign stocks and personal transfer to one’s own bank account abroad.

Although you can use your credit and debit cards abroad, there will be foreign transaction fee, typically ranging from 2-3% on each purchase abroad. You’ll end up paying significantly more on every transaction than the listed price. Exchanging currency at the forex exchange kiosks and airports is also costly.

This is the reason most travellers arrange for foreign exchange before they leave. Although there are several ways to do that, the most convenient ...
... is to use a currency exchange service which will book a deal online and deliver the cash at the address provided at the earliest. If you live in Delhi NCR, it may be the same day, or if you book late, the next working day. These services also often tie up with banks, so you can receive your foreign exchange from a branch.

All online transactions are processed over a secure HTTPS connection through a trusted payment gateway. Moreover, there are services that will offer you a pay on delivery option. It simply means that you’ll pay only after receiving the forex products.

Along with foreign currency notes, the product line of such a company will usually have prepaid travel foreign currency cards, traveller’s cheques, demand drafts and wire transfers. You’ll need to produce the necessary documents before these are handed over to you. In case of remittance orders, the documentation required is minimal if the order size is less than $25,000. Recent RBI regulations have made outward money transfers of up to USD 25,000 (equivalent) per beneficiary per year very simple to process. The rules allow anyone to send a foreign remittance with just a letter specifying the purpose of transaction with basic information about the sender and beneficiary. There is no need to even fill out an A2 form, which is usually required in all sorts of foreign exchanges.

Reputable currency exchange services are also typically linked in real time with foreign currency exchange rates, so you can be sure of getting the prevalent rates. Moreover, some will even provide you the ability to freeze the foreign currency exchange rates and apply the locked rates to your order. The option gives you the advantage of booking an order when you think the rates are the best.

Most people will get some cash for immediate expenses (cab, meal, a quick purchase, etc.) after arriving at a foreign airport, while the rest of the amount will be taken through other modes. To make the most of your travel abroad, it is important that you prepare well. Arranging for foreign currency exchange is also a part of it.

For currency exchange Delhi, being the capital city of India, has a bevy of options. However, as most will advise, an online exchange service is the best among them.

The author of this article is associated with Book My Forex, a leading online money exchange and remittances portal. They will provide you the dollar rate in Delhi and NCR as well as the best rates for all other currencies as well.