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A beginner’s guide to using forex services
Foreign currency is important to those travelling abroad. That apart, inward or outward remittances, hedging and currency protection and foreign currency cash solutions are becoming crucial for anyone dealing in overseas money. Given that forex rates keep on fluctuating; the common man is often confused while dealing with it. This is why it is important to understand and know the various foreign exchange services on offer. Read on.
Remittances to India are in the form of money transfers from non-resident Indians (NRIs). Those sending individuals are employed outside the country. They send forex in form of inward remittance to family, friends or relatives residing in India. You may know that India is one of the world's leading receiver of remittances.
After receiving funds and the SWIFT message mentioning all the mandatory details from the remitting bank, it usually takes 24 to 48 working hours to credit the funds. Sometimes timelines may get impacted in case additional information and documentation is required. GST is applicable with minimum amount being Rs 200 to Rs 250. Most banks allow 9-10 currencies for inward remittances.
Do note that the correspondent bank charges are levied as per prevailing policy of the correspondent bank routing the funds. Your bank in India will mostly get funds post deduction of charges by the correspondent bank. With a strong global network, banks like IDFC Bank can ensure secure transfer of funds to India account seamlessly so that you enjoy efficient forex services in India,
This is typically sending money abroad. With online foreign exchange services in India gaining ground, sending money with a few clicks is today a reality.
Under liberalized remittance facility all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year for any permissible current or capital account transaction or a combination of both. There is no minimum amount stipulated. Different banks have different norms in terms of the number of maximum transactions. There is also some cap on initial remittance to the overseas beneficiary within 5 days of new beneficiary activation. Some banks also have rules that allow only registered users of the retail internet banking facility having transaction rights and record of maintaining the account for a minimum period of one year prior, to do remittance.
You can easily send money to your loved ones as gift or maintenance. You can also do outward remittances for medical education, employment, immigration, maintenance of close relative, remittance for tour arrangement on request of the traveller, conference or any specialised training, visa fees, consultancy fees etc.
When you do business banking, hedging of forex is an important part of work. Since forex rates change every moment, you have to ensure that your inflows or outflows are as per the contract. This is to avoid paying more or receiving less.
Hedging forex services in India serve to offer current value protection. Standard hedging services ensure that you are always protected from risks arising on account of fluctuations in exchange rate. They allow you to book cash or spot or forward deals with the help of a strong forex advisory platform. The bank's experienced dealers are able to provide the cheapest spot and forward delivery prices.
Do note that under special cases, companies can book forward contracts up to a limit of USD 1,000,000 without production of underlying documents at the time of booking. Also, there is simplified documentation, cancellation and rebooking of contracts. Thus, all this contributes to better freezing of forward exchange rates so that exporters and importers have a solid control over the currency fluctuations.
Even in this digital world, cash is king. If you do not have foreign exchange on hand, while travelling abroad, you might face some difficulties. This is why all outbound travellers carry cash with them. By using good foreign exchange services in India, you can get valid notes, market prices and faster delivery. Thus, you can easily meet personal expenses such as taxi fare, food costs, tips, and others while travelling abroad.
Check with your nearest bank about foreign currency cash availability. Good banks should have more than 14 currencies in a variety of denominations. As per extant FEMA guidelines, you can carry up to USD 2,000 or equivalent. By purchasing forex from a bank, you can also encash any unused foreign currency cash at any of the bank branches.
In case you do not want to visit the bank branch for getting forex services in India, opt for online forex buying. In case you do not want to carry physical cash abroad, get a travel card with preloaded forex. With competitive rates and 24X7 availability, good banks offer you hassle-free foreign exchange services including cash.