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jenniwings353

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Why people prefer forex online for money exchange?

Millennials prefer to be online than offline, this online world is gradually embracing most of the fields from our daily walks of life within its boundary. Recently the foreign exchange has joined the bandwagon of digital world, making it easier for the forex users to avail the forex services from their comfort zone. Nothing can hold back this world from flourishing, the young generation is breaking the stereotypes and moving abroad for studies, employments, treatments, travels and also are settling abroad. We are thriving in the global village and most of us have turned into a global villager virtually. When overseas is the limit now, money exchange is a crucial part of most of the peoples’ life when their loved ones are in foreign land or they plan a trip abroad. The RBI authorized...

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Know how to send money abroad with forex online

We are flourishing in the world of internet, each sphere of knowledge, business and banks are improvised with the online touch. People are getting their important jobs done in just a few clicks. The foreign exchange transactions are also upgraded with the help of internet and are switching from the offline mode to online mode. If you are an internet savvy and a global-villager, whooften use the online platform for shopping and banking, but is stuck with wire transfer or foreign currency demand draft for international money transfer then forex online portal is what you were waiting for. This new niche in the foreign exchange world for the sprinting generation has made the difficult task of international money transfer easier. Though your banks can transfer the money overseas, but you h...

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Indians are sending more and more money abroad; here’s why!

Until 2013, the maximum remittance amount for Indians was around $70,000. The RBI had set this limit when the value of the Indian rupee went on a free-fall. But since then the value has slowly improved and with it, the maximum remittance amount also increased, from $70,000 in 2013 to $125,000 in 2014 and subsequently to $250,000 in 2015. Along with the rise in the value of the rupee and the remittance limits, the number of Indians who transfer money abroad  has also increased. In fact, in 2016 remittance amount from India touched a new high with Indians sending a record $4.6 billion abroad as overseas remittances. What’s puzzling though is that most Indians remit amounts in the range of a few thousand dollars and that very few actually go the limit of $250,000; thus thi...

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Three easy steps to buy forex online

We the common people are not interested about trading in foreign exchange or investing in the foreign currency. We need few basic things like fair rates, safe hands, quicker money transfer to our loved ones in abroad & buying the foreign currency for our forex cards for the abroad trips. And if all these are availed at our convenience, anytime of the day with doorstep collection of documents and delivery of foreign currency cash in our hands at home or office, do we need anything more right now? Let us introduce you with such portals that offer you a comprehensive solution for all your foreign exchange needs. No need of standing in long queues in the pouring day, no need to pay extra charges, no need to get complimentary rates. Now buy forex online while enjoying your ‘chai & ...

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Foreign Exchange Reserves: Purpose, Ranking by Country

Definition: Foreign exchange reserves are the foreign currencies held by a country's central bank. They are also called foreign currency reserves or foreign reserves. There are seven reasons why banks hold reserves. The most important reason is to manage their currencies' values. How Foreign Exchange Reserves Work The country's exporters deposit foreign currency into their local banks. They transfer the currency to the central bank. Purpose Here are the seven ways central banks use foreign exchange reserves. • First, countries use their foreign exchange reserves to keep the value of their currencies at a fixed rate. • Second, those with a floating exchange rate system use reserves to keep their value of their currency lower than the dollar. • A third, and criti...

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How Currency Currency exchange rates Are Determined

Currency rates of exchange appear to be moving in response to so many factors that it makes it almost impossible to ascertain where the rate of exchange is likely to be headed.  Rather than paying attention to the multitude of variables, it is more sensible to focus on the essential variable. As far as currency rate of exchange determination is concerned, this variable is the relative changes in the purchasing power of various monies. In short, it is the relative purchasing power of various monies that sets the underlying rate of exchange. A price of a basket of goods is the amount of money paid for the basket. We can also say that the amount of money paid for a basket of goods is the purchasing power of money with respect to the basket of goods. If in the US the price of a b...

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What is the 'Foreign Exchange'

Foreign exchange is the exchange of one currency for another or the conversion of one currency into another currency. Foreign exchange also refers to the global market where currencies are traded virtually around the clock. The largest trading centers are London, New York, Singapore and Tokyo. The term foreign exchange is usually abbreviated as "forex" and occasionally as "FX." BREAKING DOWN ' Foreign Exchange ' Foreign exchange transactions encompass everything from the conversion of currencies by a traveler at an airport kiosk to billion-dollar payments made by corporations, financial institutions and governments. Transactions range from imports and exports to speculative positions with no underlying goods or services. Increasing globalization has led to a massive increase in th...

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How To Send & Receive Money Easily When Studying Abroad

For international students, there are ways you can beat the system when it comes to sending or receiving money abroad. From navigating bank fees to assessing exchange rates, sending or receiving money abroad can be a tricky affair. We’ve put together the best tips and tricks for you (or your parents!) which will come in handy when you need some funds for your studies abroad. What will it cost? When you’re sending money abroad, there are two main costs to consider: Fees Most money transfer services (excluding some bank accounts) tend to charge you for what they do, so keep an eye out for any fees or hidden costs that may not be apparent at first. Currency exchange When you send money abroad yourself, or get sent money from home, it’s likely you’ll be working in a comb...

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How international money transfers work

We might think of PayPal, Western Union, and the like as front-ends for international payments. They’re the companies with which we as consumers are familiar, but they in turn rely on other services to facilitate funds transfers. Just as ACH and Fedwire operate as transfer networks in the US, other networks facilitate international payments. SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is a key player in the global payments game. SWIFT does not actually move money; their network transmits messages between banks that allow the banks to make transfers. Rather than giving someone your bank account number, then, you use a SWIFT account number and SWIFT does the rest. They’re also not a corporation, but a cooperative owned by the banks who use the network. Ba...

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What is an 'Exchange Rate'

The price of a nation’s currency in terms of another currency. An exchange rate thus has two components, the domestic currency and a foreign currency, and can be quoted either directly or indirectly. In a direct quotation, the price of a unit of foreign currency is expressed in terms of the domestic currency. In an indirect quotation, the price of a unit of domestic currency is expressed in terms of the foreign currency. An exchange rate that does not have the domestic currency as one of the two currency components is known as a cross currency, or cross rate. Also known as a currency quotation, the foreign exchange rate or forex rate. BREAKING DOWN 'Exchange Rate' An exchange rate has a base currency and a counter currency. In a direct quotation, the foreign currency is the base c...

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