The Ultimate Guide To Booking Foreign Currency Online

Traditionally, buying foreign currency has always been a tedious and time-consuming process. From running pillar to post in search of the best exchange rates to standing in long queues at the bank and even having to submit an unending list of documents, foreign exchange used to be quite a hassle. But of course, that was only up until it was possible to do it all with a click of a button.

With the advent of online platforms in India, it became possible to book foreign currency on your phones, from absolutely anywhere in the country. Online foreign exchange is not only convenient, it is also faster and highly accessible. But just like any high-stakes online purchase, this can also be tricky. Is it reliable? Is the portal trustworthy? Is it truly feasible?

It all starts with finding a reputed online service to book foreign currency so that you are making not just the right, but also the most beneficial choices. In order to make it easy for you, we have listed a few points that you can keep in mind when examining the foreign exchange market.

The online forex platform you choose should always:

Be fully authorised and regulated by the Reserve Bank Of India

To avoid getting caught in an online scam or fraud, always make sure the platform is authorised and regulated by India’s central bank—the institution that is responsible for the Indian banking system. Not just that, you should also check to see if the list of banks and money changers are verified and authorised by the RBI.

Display real-time rates and not made-up rates

The rates being displayed on the platform should always be connected to live market data feeds and should thus get updated at regular intervals. This ensures that you get maximum savings, preferably 2.5% to 6.5% over banks and money changers.

Offer a wide range of currencies

You may be looking for a common foreign currency, but it is always preferable to use an online foreign exchange service that offers multiple currencies. This only proves that the organisation is well-connected and deeply rooted in the business.

Provide the best rates city-wise

The platform should have a large network spanning across the country and provide the best rates depending on where you are. These rates should also be compared across hundreds of banks and money changers.

Allow you to lock-in the exchange rate

To stay protected from market fluctuations, always opt for an online service that lets you freeze your desired exchange rate for up to 3 days. With this facility, you can fix the amount you are willing to spend and make the purchase when you are ready.

Send you rate alerts

It is always convenient when an online foreign exchange platform offers the facility to notify you when the forex rates reach your desired level. That way, you need not keep checking the rates constantly and you can make the purchase directly after you are notified.

Offer watermarked documents

Another important measure of a reliable forex service is their use of watermarked documents. Watermarked documents are important to prevent document piracy and misuse.

Offer doorstep delivery and pay on delivery

Lastly, in true online fashion, the forex platform you choose must provide same-day or next-day doorstep delivery. The cherry on the top would mean that the service also allows for a ‘pay on delivery’ facility wherein you can place your order, receive it and then pay for it. Ultimately, the point of booking foreign currency online is convenience, and therefore doorstep delivery is an absolute must.

Allows you to purchase multiple currencies in one order

One of the best features of online forex is its accessibility. Whether it is for business or for a group of friends travelling to different parts of the world, an online forex platform should allow you to purchase multiple currencies at once, without too much back-and-forth.

With the above points, you have a foolproof guide to make an informed decision about choosing an online foreign exchange service. Buying foreign currency online not only saves you the effort of running around between banks and airports, it also helps you plan in advance for your trip. It even saves you the nerve-racking experience of carrying huge amounts of money around. So the next time you need to buy foreign currency, make sure you use an online service that checks the list!