Importance Of Currency Exchange Rate For Freelancers In Gurgaon

By Author: Nitin Motwani
Total Articles: 11
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Freelancers who are based in Gurgaon are employed by companies around the globe for their diverse skills and competitive labour charges. Getting a good currency exchange rate is vital to their sustenance for all these freelance workers.

It is a well-known fact that in several industries around the globe, work is being outsourced to take advantage of skills of foreign workers and their lower wages. Keeping with this trend, India is a large outsourced labour market for several countries. Many Indian workers find employment as freelancers in foreign companies and for them the currency exchange rates matter hugely in determining how lucrative each new assignment is finally.

The freelancers that work for companies in U.S., U.K., Japan, Australia or any other in the world belong to diverse industries. They may be art designers, software professionals, journalists, graphic artists, film production crews, writers or from any other industry. They get paid in all kinds of currencies through means like wire transfers, checks, PayPal etc. These freelancers stand to gain or lose a lot if they do not weigh their money transfer ...
... options and currency rates available, carefully.

Every currency that a freelancer deals in will have a different value. For example, the value of the rupee in comparison to the Dollar, Euro or Pound Sterling is much lesser while a rupee is much stronger than the Albanian Lek, Congolese Franc or Pakistani Rupee. While availing international bank transfers freelancers experience that the ‘flat fee’ that is charged leads to thinner wallets! While exchanging currency in Indian banks it is felt that the process is too time-consuming with many forms to be filled and queues to be surmounted.

In comparison to banks, freelancers find that licensed currency exchange bureaux offer less attractive rates. The transactions here are however quicker and easier. Most freelancers calculate their fees and expenditure on the basis of currency exchange rates they view on currency converter sites. It is prudent to remember that currency converter sites reflect only interbank rates. Often when a freelancer fixes a fee on the basis of these calculations he/she finds himself/herself short-changed when the money finally reflects in his/her bank account!

If you are a freelancer, your best option is to choose a currency exchange service that offers real-time market rates. The exchange rate provided should be the retail rate at which you can actually sell or buy foreign currency. As a freelancer you will want to maximise the monetary potential through a good currency exchange rate. You will feel its benefits even when you want to use various financial instruments for foreign remittances from India.

You may wish to send money to your family or relatives staying abroad; you may have social or religious ties for which you want to send funds; you may need to pay for a sibling’s educational or medical expenses; or a remittance may be needed for inheritance, gifting or investment purposes. Whatever your need, it is important to understand the various instruments available, choose the most suitable product and avail the best currency exchange rate.

Like anywhere in India, currency exchange in Gurgaon is fairly disorganized. The market is full of wild rate fluctuations and there is a lack of uniformity in regulations and forex products. Until these issues are addressed freelancers in Gurgaon will have to wait for a customer friendly foreign exchange market in India.

The author of this article is associated with BookMyForex, a pioneering website conceived with the long-term vision to use its exclusive tie-ups, large distribution network and the internet to create an organized and customer friendly foreign exchange and remittances market in India. At BookMyForex the rate at which you can transfer money from India to US is derived from live and real-time market rates that are accurate to the last second.