Currency exchange has become a hassle-free task, thanks to technology. Apart from banks and traditional moneychangers, you have online forex sites that offer complete transparency in buying and selling foreign currency.
Do you know that the U.S Dollar is the most used and traded currency across the world? Naturally, due to its circulation, the demand for this currency is also high. You don’t have to visit your bank to know about the buying and selling rate of forex today.
With the launch of the online remittance and exchange process, things are in your control.
The only thing you need to consider is the buying and selling rate of the currency you need for forex. You can convert USD to INR at a feasible rate option.
For buying, forex sellers at airport kiosks have a margin that goes beyond 15%. Traditional Money changers may apply a charge of 3.5%, and banks may apply a charge of 2.5% depending on the amount.
But, online forex sites offer you a margin of 0.5% on buying U.S Dollars or any other currency.
That is too low if you compare it with any other platform. Online forex sites offer you the best rate for buying U.S Dollars. If you need dollars for immediate travel plans or any personal remittance, you can buy it from forex sites.
Online forex sites will let you buy dollars in different forms like – forex card and traveler’s cheque. The USD to INR buying rate is the cheapest online.
How to Get the Best Selling Rate?
The selling rate in India depends on the exchange rate that keeps changing according to market conditions. It is like the buying rate. If you want to sell your leftover dollars that unused, you can head to a bank or contact traditional money changers.
But, like buying options, selling forex online will give you a better rate. You’ll be able to sell your dollars at a rate that keeps updating on a real-time basis. Online forex sites don’t charge any fees for selling U.S Dollars.
The whole process is transparent, and you’ll get your money door delivered in no time. Some online sites also offer cashback and rewards for selling dollars. The USD to INR selling rate is cheap on online forex sites.
Convert USD to INR:
The most popular option in exchange is converting U.S Dollars to INR. You’ll be able to convert it in many ways through banks, authorized money exchange vendors, and airport kiosks.
Banks and authorized vendors may provide you with an exchange deal depending on a rate that fixed; this could also be time-consuming.
As most people prefer online transactions today, the demand for converting USD to INR has picked up.
Online forex sites let you convert money at a rate that updates in the live feed. You will not only get the best rate but also home delivery of your money. Online exchange sites let you convert USD to INR at no extra cost.
Convert INR to USD:
The demand for converting INR to USD is always high. You may need to convert Indian currency to dollars for reasons such as – educational remittance abroad, international trip, or donating.
Again, the most popular options are banks and authorized money vendors that provide you with the best deals available.
Online forex sites have a tie-up with such vendors and banks. You can easily convert Indian currency to dollars in seconds. The amount will be then delivered to your doorstep. There are no added fees or charges on conversion, which is an advantage. Airport kiosks also apply charges on conversion so the online platform is the best.
Paying for foreign Exchange in India:
According to RBI, a resident Indian can exchange foreign currency in India directly by paying cash to a respective bank or traditional money changers. This means, when you convert INR to USD or USD to INR, you’ll have to pay fees to online banks or exchanges.
If you are exchanging money online, then you can make payment through online modes of payments including NEFT.
Most online forex platforms do not accept cards as a form of payment for foreign exchange. But, the total value of money should exceed 50,000 INR.
Current Exchange Rate: Buying vs Selling:
The buying and selling rates of the dollar and rupee keep on fluctuating depending on current market conditions. At times, there is a drastic fall in rates due to any economic downturn, and other times it may be steady for days.
The interbank rate of the U.S Dollar today starts at 72 INR, and buying rate is 72.9 INR. The selling rate is about 72.7 INR, and the remittance rate is 73 INR.
But, these rates are never constant. The exchange rates on online forex platforms update on a real-time basis, so you can expect a change after every hour.
Why do Online Forex Platforms make it Easier for you?
Online platforms are an easy way to exchange your currency. Whenever you want to sell off your dollars or buy it for any purpose. The convenience that online forex sites provide you unmatched.
The rates update on a real-time basis, you will get the rate you want. Online forex sites provide you with a lock-in period that you can use as your advantage to freeze the rate for three days and get the best deal for exchange. You can expect complete transparency in charges levied by the sites.
It is the lowest on online forex sites so it will help you to save your money. You can also get the benefit of customer support if you are unable to complete any exchange transaction online.
Getting the best exchange value for buying and selling dollars is in your hands. It is best to decide after evaluating various rates and features.
Going for exchange in banks can protract; you will have to stand in long queues to get your money exchanged.
Airport kiosks are only for an emergency, you can’t always exchange money for higher fees. Then you have authorized money exchanging vendors that also have a tie-up with online sites. We would tell you to do your proper research before going with a platform for your currency exchange-related requirements.
Online forex sites provide you with the best deals on exchange. You can expect the best rates on exchange. A lot of these platforms work as aggregators, so it is their job to find the best forex rates for you. The process is pretty hassle-free, and you’ll get your money without any issue sitting in the comfort of your home.