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


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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. You have to simply access your internet, find the various online forex portals, compare their rate and carry out the transactions right from your home! So easy, so convenient!

2. Online money exchange is cheaper:

In comparison to a forex vendor who has marked up exchange rates and high commission charges, an online forex portal is much cheaper. This is because most of these websites provide customers exchange rates that a very close to the intra-bank rates.

“Their commission charges are also very low with some service providers levying a minimum fee of 0.015% on some transactions. “

3. Money exchange online is quick:

You can get foreign currency or a multi-currency forex card delivered to your home in hours. IF you need to send money abroad, you can have it delivered to recipient in as little as 24 hours or 48 hours at the most. The internet is helping you get your foreign exchange requirements sorted out in no time!

4. The internet never sleeps:

You can initiate your transaction at any time of the day or night. You can even start the transaction on a public holiday or on weekends. You can rest assured that when working hours commence, your transaction will be among the first to processed and carried out.

5. It is safe:

As long as the service provider you choose is RBI authorized, your foreign exchange transaction and your money are in safe hands. If you want to all the more safe with your transaction, there are a few recognized banks that also provide forex services online. Opting for one of these banks’ online service is one way to ensure your transaction is secure and goes through without any hiccups.

These were some of the major reasons why you should go online the next time you need a money exchange service provider. These portals help you save time, money and energy whilst also providing you a quick, safe and secure option to exchange foreign currency and send money abroad. We hope this article has been helpful and aids you in making an informed decision when it comes to buying or remitting foreign currency. All the best!
Added 4 months ago
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