5 Things You should Focus on While Doing Currency Exchange From Delhi

Exchanging currency for your travel or business trip needs a lot of planning. It is not a let go process. In order to travel another country, it is necessary to exchange your national currency with the currency of the country that you are going to travel. So, it's very important to do some research and find a perfect source who can offer you a favorable deal for currency exchange service.

If you live in Delhi and trying to do money exchange in Delhi then it's necessary to keep certain points in your mind while exchanging money from foreign exchange company.

1. Always ask the currency exchange company in Delhi to issue a Forex Card

Keep in mind that your international Debit card will not work as a forex card for you in foreign countries. This is because when to swipe it outside India the money which will be transacted remain in the foreign currency and due to that currency exchange commission extends up to 5%. While in Forex card you will get the local currency which will not include any extra commission during the transaction.

2. Don’t use the old method of carrying Traveler’s Check

Using Traveler’s check is now an old method. Today forex travel card has taken their place and moreover if you use Traveler’s check the overseas bank will charge a huge commission for en cashing the cheque.

3. Keep an Extra Forex Card with you

It is necessary to carry a spare of forex card with you. In case, if you lost your forex card then the spare card will be of great use. Companies charge a very minimal charge for giving a spare of forex card. So, don’t forget to ask for it as it is a very safe option while traveling overseas.

4. Don’t forget to change left over currency after returning from the international trip

Always exchange the leftover currency as it will be of no use after coming back. If you want you can keep it as it is for your next trip but you can do this only for 6 months and there is a limited amount also that you can keep it as balance.

5. Make sure the foreign exchange dealer in Delhi is having authorization from RBI

Always keep yourself away from fraud dealers. Because nowadays, no of companies are there in the market. So, before moving further always check for the RBI authorization to keep your money safe in the right hand.

3 ways by which you can downplay the risk in Foreign Exchange

Today, everyone tries to expand their business overseas, and for that, they do international money exchange in Delhi or any other city. So, while doing the international transaction, it’s very important to check fluctuated exchange rate and the risk involved in doing money exchange.

Foreign exchange, if not done with proper planning can take your business towards lots of risk and losses. This loss can be in the form of transaction disclosure, economic risk or contingent uncovering. Therefore, below are some ways by which you can play down all this risk and can do a safe foreign exchange for your overseas business.

1. Spot orders - It is the best way to fulfill the current need of giving or receiving international payment. Spot order is a process of buying foreign exchange on the spot. Spot orders are fundamentally the points of interest in a concession to a spot exchange between two gatherings that is settled on a settled upon date – the spot date. A spot exchange is the buy or offer of a remote cash trade, monetary instrument, or ware. Spot orders are helpful when you have to finish a monetary exchange around the same time or inside 48 hours.

2. Market orders - It allows you to name your coveted cost. Not similar to spot arrange, a market arrange does not have a predetermined time to offer. It enables you to select the time span you might want the request to stand.

You select your rate, put in the request and your Currency Specialist will get in touch with you when the market arranges fills to make plans to settle the exchange. In the event that the market does not achieve your picked rate, you are under no commitment and may wipe out.

3. Forward contract - A forward trade contract is the consent to trade monetary standards at a predetermined time later on. A forward contract enables you to secure your future contract and administration responsibilities by securing future installment and cash trade needs at the present rates. By securing your rates, you evacuate the danger of future cash instability in the market.

In future, Whenever you choose foreign exchange dealers in Delhi or anywhere, for foreign exchange don’t forget to discuss with them all the above-mentioned risk and their options to reduce them.

Online Foreign Exchange Companies in Delhi

Exchanging currency via foreign exchange companies has turned out to be a beneficial and lucrative option among people and investors. With extensive research and knowledge about the economical situation of the country investors are investing in the forex market and people living outside the country are exchanging their currency.

The basic and most important goal of any online foreign exchange company is to exchange the currency of the country the customer is asking for. For instance, if you live in Delhi and asked a forex company in Delhi to exchange your currency from INR to USD they will do it for you by taking some service charges.

Finding a online company for currency exchange requires some research. Because there are some companies which can offer you great price and service for currency exchange but in online research you will also find some fake companies who will promise something and provide you something else. Therefore you need to keep certain things in mind while choosing an online foreign exchange company.

1. Make sure you deal with the licensed foreign exchange company. For dealing in currency exchange it is always necessary to have an authorisation from RBI. So, don’t forget to check their authority before hiring them.

2. Don’t forget to check their additional services like giving the facilities to check current exchange rate list.

3. Always enquire with 2 to 3 foreign exchange companies before taking any decision.

4. Take suggestion of your family members or your office colleagues. It is possible that they may have used this service before and can give you the right suggestion.

5. Take time and think properly before choosing the company because the right company can help you save lots of money while the wrong company can take huge commission for exchanging your currency.  

Therefore, it’s always important to come in contact with the best foreign exchange dealers in Delhi for exchanging currencies.