Nine Questions You Must Ask Your Foreign Exchange Service Provider

Whether it is for foreign travel or sending money abroad, Foreign exchange service providers are becoming a necessity in our lives. There are several Forex agencies all over the country and choosing the best available one can be a difficult task. Therefore, we have compiled nine questions which you should ask a Forex agency before opting for them.

 

Q1: What is your exchange rate?

A: Don’t we all want to get the best possible exchange rate on foreign currencies? We look for offers and discounts, but we often tend to miss the most obvious parameter that can help us save money – enquiring about the exchange rate. So, before opting for any Forex agency on the basis of what they offer, inquire about their exchange rate. Check their exchange rate and compare it with IBR. Alternatively, you compare their exchange rate with the exchange rate shown on Google. Having said that, the lowest exchange rate does not always make the best deal. When you buy Forex from a physical store which offers unbelievable rate, ensure whether they are providing you with authentic currency notes along with a bill. There have been several cases when customers bought foreign currencies at extremely low rates only to learn later that the currency notes were either fake or not usable. If dealing with an online agency, look for the services offered. An online Forex agency would offer better exchange rates than an agency which has a physical store. Buy Forex Online assures the best Forex rates in India.

 

Q2: Do you charge a transfer Fee? Are there any other commissions or charges?

A: The next most important question you should ask is whether there are any fees or charges associated with every transfer. If yes, how much each transfer will cost you? While most money transfer agencies charge you with minimal fees, banks charge you heftily. Transfer fee or extra commission may be charged depending on the location. Buy Forex Online does not charge any sending fee. The wire transfer rate is just one per cent of the sending amount.

 

Q3: Can I freeze an exchange rate, and if yes, for how long and what are the benefits?

A: With foreign exchange, you never know whether the rates are going to increase in the near future or decrease. Therefore, it is advisable to plan your purchase about two weeks in advance. This practice will allow you to be aware of the trends in the market. Keep a window of your lower and upper limit. If, at any point in time, you feel that the current exchange rate is a good rate, you can freeze it by paying 2% of the total amount. The remaining 98% should be paid within 48 hours.

 

Q4: How safe is my money and transaction through you?

A: What’s the point of getting the best exchange rate and nice offers if the money being sent or loaded in your prepaid Forex card is not safe? Ask your Forex agency whether the transaction through them is safe or not. Don’t stop there; if they say that it is, ask them why do they believe it is. Buy Forex Online, for instance, takes safety and security very seriously. For enhanced security, all prepaid Forex cards available through www.BuyForexOnline.com are chip-based cards. These cards are more secure than conventionally used magnetic strip based cards. The website is SSL certified, making it highly secure. The transactions carried out on the website are done through a credible payment partner – Paytm or BillDesk.

 

Q5: Will you buy back my currency and if yes, at what rate?

A: It is obvious that customers would buy more currency than what they think would be needed, just to stay on the safer side. Most customers return with foreign currency on their Forex cards which they would want to return in exchange for INR. However, very few Forex agencies in India offer buyback service to their customers.

Buy Forex Online does offer foreign currency buyback service to its customers. The procedure is fairly simple, especially if you want to refund the foreign currency on your Forex card. All you need to do is log in to your BuyForexOnline.com account and apply for a refund of balance amount on your prepaid Forex card. Please note that one can apply for a refund only after 10 days from last transaction date on your travel card.

The refund would be done as per the prevailing buy rates as displayed on www.buyforexonline.com.

 

Q6: What are the documents required for ordering a Forex card?

A: To order a Forex card, one would need to share a copy of the following documents:

  • A copy of the first and the last page of your passport
  • A copy Visa (Not applicable if VISA is on arrival)
  • Departure and arrival e-tickets
  • A copy of your PAN Card
  • In case if you are travelling on a student visa, a copy of your admission confirmation letter

 

Q7: What is the minimum and maximum Wire Transfer limit?

A: International money transfer agencies have an upper and lower limit when it comes to sending money out of India. The minimum transfer limit varies, depending on the agency/bank. The maximum transfer limit set by the RBI is equivalent to USD 250,000 per financial year. The minimum transfer limit at Buy Forex Online is USD 100.

 

Q8: How long will it take for a complete transaction?

A: The time taken for a transaction to be completed is a critical parameter. If you need to send money abroad within a few days, but the agency you have selected takes over a week, then it won’t really help you. More than three working days is considered long. Buy Forex Online can transfer money or load/reload your prepaid travel card within two working days. Isn’t that really fast?

 

Q9: How can you assure me for the best rates offered?

A: There are several Forex agencies and bank which tells their potential customers that they offer the best exchange rates. Keep an eye on the Foreign exchange market trends for a week or two by comparing various agencies’ and banks’ rates and make an informed choice. Another good way to examine the credibility of any agency is to check its reviews, for their customers know best.

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