Fixed Deposit

Need forex? Why not buy it online?

Travelling abroad on a short notice? Need forex? Why worry when a host of banks such as IDFC are offering forex at best exchange rates. Fret not about going out in the sun to the bank either. From these banks, you can buy forex online itself. Wondering what are the advantages of buying forex online vis-a-vis traditional forex dealers? Well, many. Here are a few reasons that will be worth your buck:

  1. Banks such as IDFC compare exchange rates across hundreds of places including money changers in your region and gives you the best Forex rates in real time. When you buy Forex online from these banks, you save quite a bit over traditional money changer. You also save on Forex cards as they give you a better deal over international debit and credit cards. Buying forex online is better than what you get at airports, too.

  2. The concept of 'Today's Rate' is over. Now, exchange rates of forex change every second, and when you book forex online, you get the advantage of availing the current and most recent rate, which may be higher than the flat forex rate that money exchangers offer you.

  3. Some banks such as IDFC even give you a door delivery service across the country. So, whether you are travelling on a short notice or have time in hand, you wouldn't have to step out of home or office. Once you book your forex online, it will be delivered to your doorstep either the same day or the next day.

  4. If you somehow don’t like the forex rates on the bank's website, you can set up a rate alert for your desired rate when you opt for forex online. The moment the rate hits that figure, an automated mail/SMS is generated and sent to your email ID and phone. You can then book the rate immediately online.

  5. Banks such as IDFC usually have a great customer support system, and that comes handy when you buy forex online. Usually, customer service is available 24x7, so there is always someone to answer your questions and clarifying your doubts. Further, customer support is also available across all popular social media channels. You can speak to bank executives over phone and email, too if you have any queries about forex rates when you buy forex online.

  6. The documentation process in availing forex online is simple. If you are already a customer of a bank, then the banks already have your CIBIL score and a history of your banking and repayment habits. So simple and easy documents may be needed to get forex at the best exchange rates. For instance, you may be asked to email/upload your travel documents, and voila, you are set to rock.

  7. Suppose you have already bought forex but your travel plans just got cancelled. You can then submit the forex to the bank easily. Just call the customer service and inform them about your situation. They will send a bank staff home to collect your forex, and you will receive your refund in less than a week from banks such as IDFC, and that too at the same rate at which you had bought the currency.