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Why you should use the internet for your money exchange transactions.


If you are travelling abroad for a vacation or for business or you need to send money abroad to a friend or relative, you will need the service of a foreign exchange partner. Traditionally, you had only two options; they were to visit your trusted bank or go to the neighborhood forex vendor. However, these days, there is a third option and that is to carry out the transaction online. This article will highlight some of the many reasons why you should choose the internet for your next foreign exchange transaction. 1. Money exchange online is convenient: When you go online, you do not need to physically visit a bank branch or a forex vendor’s shop. Further, you do not need to go counter hopping or waste your time and energy to compare rates of different service providers....



Most travelers went with a prepaid forex card, at least the vote was in the favour of 60 – 40. I was recommended the option of purchase from banks, travel companies, agents and even a private online player, a forex dealer like The advantages to Buy Forex Card is as follows: Low risk Now the forex card to some extent eliminates the risk associated with credit or debit cards as it is not linked to my bank account at all. Old and outdated currencies Even better, you don’t have to run around at the last minute heading to the bank or calling a travel agent and negotiate 50paise and 75 paisa from a local dealer. These days, currencies are either old or outdated Get a replacement card It is  as innocuous as another card, so now along with pan card, voters card, lifesty...


4 Ways to Determine the Currency Exchange Rates

Four ways to determine Currency Exchange Rate are: (a) Demand for foreign exchange (currency) (b) Supply of foreign exchange (c) Determination of exchange rate (d) Change in Currency Exchange Rates (a) Demand for foreign exchange currency: Demand for foreign exchange is caused (i) to purchase abroad goods and services by domestic residents, (ii) to purchase assets abroad, (iii) to send gifts abroad, (iv) to invest directly in shops, factories abroad, (v) to undertake foreign tours, (vi) to make payment of international trade, etc. The demand for dollars varies inversely with rupee price of dollar, i.e., higher the price, the lower is the demand. (b) Supply of foreign exchange: (i) When foreigners purchase home country’s (say, India’s) goods and services th...