Foreign Exchange Services In Delhi

By Author: Nitin Motwani
Total Articles: 12
Comment this article

Foreign exchange services are very significant for modern day travellers travelling abroad quite often.Thousands of people fly in and out of India too and there are various instruments available for money exchange. For those who travel abroad regularly to and from Delhi, it is important to be careful about choosing the most suited product.

In Delhi, the foreign exchange rates are offered a marketplace that is full of fluctuations. People looking at FOREX may also find a lack of uniformity in the products and implementation of regulations. There are however many customer friendly instruments of foreign exchange that one can use.

Prepaid Foreign Currency Travel Card:

A prepaid foreign currency travel card is a great way to remain secure and safe while carrying money. If a prepaid foreign currency travel card gets stolen or is misplaced, it can be replaced. The biggest attraction of a prepaid travel card is that it is available at better rates than cash or traveller’s cheques. It can also be reloaded anytime. A VISA or Master card, akin to a debit or credit card will be your prepaid travel foreign currency ...
... card. It will come with an additional convenience of being useful as an ATM card for withdrawal of cash worldwide. A prepaid card is acceptable in most business transactions around the world.

A prepaid foreign currency card is protected by a pin code. You can choose to configure a spending limit on it to keep yourself safer in circumstances that cannot be predicted while travelling. Another advantage with a prepaid foreign currency card is that FOREX is loaded on it at a fixed rate, making it less vulnerable to variable exchange rates. This makes it better than a credit or debit card. In a typical international credit or debit card a transaction fee of 2% to 5% is usually levied. This is not the case with a prepaid foreign currency card. It additionally comes with an insurance cover.

Demand Drafts:

Demand drafts are popular instruments for sending money overseas. A DD is issued by the bank of an account holder in favour of the bank account of the beneficiary. This method used in a demand draft ensures that any payment is secure and guaranteed. To make a DD some personal details of a beneficiary will need to be supplied.

Currency Notes:

It is common sense to always carry some amount of hard cash while travelling. One needs currency notes for making small payments while commuting, eating or shopping. Unless one is always travelling by pre-paid taxi, eating at big restaurants and shopping at big retail stores in Delhi, hard cash will be required in many transactions. You will often be travelling in auto rickshaws or cycle rickshaws and eating at roadside eateries. Shopping at the flea markets in Delhi which have gained world-wide fame for their eclectic ware is also an absolute must. All these transactions will be done in cash. It is however not considered too safe to carry too much cash at any given time. Crime is always a possibility in metropolitan cities around the world, including Delhi.

Traveller’s Cheques:

Once quite popular traveller’s cheques are losing favour in comparison to prepaid foreign currency cards. Traveller’s cheques need to be signed twice. This is the reason travellers find the instrument a little tedious and inconvenient. They are signed once when they are delivered to a client. The customer will need to sign a second time while using the traveller’s cheques. They are also susceptible to being stolen and misplaced just like cash and carry the same risks.

Foreign exchange instruments also include private overseas remittances through wire transfers and sale or purchase of forex products. For the best rate of foreign exchange in Delhi visit website. For all details you can log onto www.bookmyforex.com by clicking on the link.

The author of this article is associated with BookMyForex, the reputed first of its kind e-commerce website, conceived with the long-term vision to use its exclusive tie-ups, large distribution network and the internet to create an organized and customer friendly foreign exchange and remittances market in India.