Tag Archives: foreign exchange company in North India

5 Things to Consider Before Making an Overseas Money Transfer

When deciding to send money overseas whether, for business or personal reasons, the first instinct for many of us is to use a bank. However, depending on the level of funds to be transferred, you could end up making significant savings taking into account all of the options available.

Whether you are a business owner making regular international payments or a personal customer making a one-time purchase, check out the top five things you should consider before making that important transfer.

• Check the Exchange Rate

The fluctuations in foreign exchange rates, even in a very short space of time, are not uncommon. Getting the best exchange rate possible is supreme in order to secure the best value for your transfer. Remember, a more favourable exchange rate on a large sum of money could save you a significant amount of money. Foreign exchange company in North India give more favourable rates than banks so it is important to do your research.

• Fees and Charges

Fees and charges are very important cost factor when sending money abroad. Both banks and currency specialists charge fees so you will need to be aware of transfer charges and overseas bank receiving fees. Ask about the entire fee, so that you do not end up paying more than expected because the fee can make money transfer expensive. Some banks have set amount to transfer any amount of money. The fees vary from one bank or money transfer organisation to another, and even by the country where you want to send money.

Foreign exchange company in North India

• Reputation of Transfer Provider

Providers of money transfer services in Chandigarh are becoming a popular alternative to banks when making overseas payments. Before engaging in a foreign currency transaction with any specialist or bank, it is both overriding and easy to determine whether a particular firm is authorised by the appropriate regulatory body to carry out money transfers. The customers should check the register to see if the transfer specialist is authorised or registered by the Reserve Bank of India (RBI). Authorised firms usually afford higher protection as they safeguard client’s money by keeping it separate from company funds. Strong balance sheet and a long trading history are also good indicators that the company is reliable.
• Check for an Online Option
Most money transfer companies now offer an online platform for customers. You will need a photo identification proof, proof of address details and further possible documentation for compliance purposes but once you are set up with an online account, transfers can be made 24/7 from the comfort of your own home. Beneficiary details are also stored for subsequent transfers and payment history can be viewed at the touch of a button.

• Customer Support

Having help at hand is always beneficial in case you face problems or have doubts. Keeping you informed is a vital component of the entire money transfer process. An efficient customer support team should be available to assist you with the initial account setup. The team should address any issues with transfers from initiation to receipt of funds by the beneficiary. Before deciding on which company you use, make sure that you are comfortable with the customer support service by making a few calls to the firm.

Considering these points will be helpful when you look to transfer money overseas. And also, doing a little research can help you find the best companies offering money transfer services in Chandigarh.

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Smart Ways to Manage Foreign Exchange for Hassle Free Travel Abroad

The impact of demonetization of old INR 1000 and INR 500 can be felt even abroad. The operations of foreign exchange post demonetisation have not been very user-friendly. Shop owners, cab drivers and restaurants who previously accepted the Indian currency do not want it. And it is not the old Indian currency that we are talking about, but the new INR 2,000 and INR 500 bills. Even local vendors who deal in foreign exchange are not accepting the Indian currency.

And then there is a limit on the foreign currency that can be carried outside India in cash. But that doesn’t mean that one stops travelling abroad. Does it?

With the innumerable ways to carry foreign currency, travelling abroad may not actually be difficult.

Here are the smart ways to manage foreign exchange.

  • Prepaid Forex Travel Cards

Foreign exchange company in North India and banks provide prepaid forex cards that act very much like the conventional ATM cards. The forex cards provide better exchange rates as compared to cash.

  • Cash-in-hand

Money exchange can be done by directly buying foreign exchange currency notes and coins with the Indian currency. Banks, local vendors, or other private foreign exchange counters provide the facility for the same.

  • International Activation on Debit and Credit Cards

Your own debit or credit cards may be activated to support foreign ATM withdrawal. All you need is to call your bank’s customer care and they will guide you accordingly.

  • Traveller’s Cheque

Traveller’s cheque used to be a popular way to carry money abroad a long time back. Due to the strict approach to the use of money, it is getting little antiquated and hence is not used in many situations. However, they are quite immune to the possibility of theft.

currency exchange companies in Chandigarh

Prepaid Forex Travel Cards vs Cash

Prepaid travel cards provide safety in case of theft or loss if lost can be blocked and the funds can be transferred to the replacement card. Forex cards also give travellers an option to load multiple currencies.

The best strategy is to carry 70% of total expected expense in forex card and the rest in cash. Also, research about the charges the card carries before buying.

Prepaid Forex Travel Cards vs Debit and Credit Cards

When you withdraw money using debit/credit cards from an ATM abroad the fee associated is higher than that with prepaid forex cards. And also, no extra amount is charged on swiping the prepaid travel card abroad for shopping or other transactions. The forex cards also have fixed exchange rates i.e. the rate is locked in advance if the currency value goes up or down it does not bother the traveller.

The best strategy is doing the majority of your transactions abroad via forex cards and carry credit/debit card along as backup. But do not forget to keep some cash-in-hand for shops with no card facility.

Many currency exchange companies in Chandigarh offer multi-currency forex prepaid cards. For people who travel frequently, these cards are very beneficial and are available at competitive prices.

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Top 4 Factors Affecting Currency in Forex Trading Market

Forex trading is nothing but the trading of one currency for another. It is just like any other trade and with each passing day, a lot of people are trading in the forex market. Originally forex was invented as a hedge against risk. If you are in a business that buys and sells from or to abroad, forex is an effective hedge against loss due to currency fluctuation. Foreign exchange company in North India dealing in forex also helps in currency conversion for the individuals. Currency trading market is the backbone of international trade and investment between countries but a lot of factors need to be taken into consideration.

Let us see what factors affect the currency.

  1. Different Interest Rates Among Nations

This is the most important factor affecting a currency.  The different interest rates among nations affect the exchange rates. Suppose the interest rate on deposits in the US are 3% and in India is 7%, where will you want to invest? India of course! But there are factors to consider as well. As money moves from the US to India there is more demand for Rupees which strengthens the Indian currency. As flow increase into the nation, its currency gains value and gets stronger. The Central Banks of each country decide the interest rates, the difference in interest causes inflow or outflow.

  1. Inflation

It is the second best-known factor. For example, India has decided to encourage business expansion by easing interest rates and has 3.5% inflation at the time. Not many money managers would rush to pull their money out of India. This is because even if it is going to earn less interest, their money would lose less buying power with 1% inflation increase. If they find another country where there is a better difference among low inflation rate and higher interest rates, they will move.

Foreign exchange company in North India
  1. Productivity

This is often the overlooked factor, but smart money managers don’t neglect this. The productivity of a nation’s workforce can also decide how big money firms manage their money. Productivity is an important factor for the nation. It is one of the foundations on which the country’s price structure is based. A workforce with higher productivity can afford to get higher wages and still price their products competitively. If the interest rate in the productive nation drops even by 1% it will create panic and in such a productive nation inflation is unlikely to rise to a point where real rate of interest gets unattractive.

  1. Balance of Trade

It is how much the country takes in form of selling goods as exports to how much it buys as imports.  If a country exports less than it imports, then it has a negative balance of trade.  The higher the negative balance, the greater the disadvantage to a nation. This means too much of the currency is flowing out. A nation that has a positive balance of payments will have a better exchange rate with a stronger currency.

All the above factors affect the currency value and is also the sum of how money managers react and how they value each other. Knowing how a currency performs is an important factor to consider during investments in a foreign exchange company in Ambala.

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