5 things to keep in mind before you buy forex online.

Sure, going online to sort your forex is indeed a great idea! You skip the running around, the standing in line, the paperwork, the poor exchange rates and the high commission charges of traditional money changers. Moreover, you can find solutions and have the foreign cash delivered to your home without even breaking a sweat. 

However, just because it’s easy doesn’t mean you carry out the transaction without keeping in mind a few things, wondering what they are?

Read-on this article will detail some of the things you need to keep in mind when exchange currency online. 

1.       Remember to compare exchange rates before you buy forex online.
Though most online service providers provide you rates that are extremely close to inter-bank rates, it’s still worth it to compare rates before you lock your transaction. Even a slightly better rate will help you get more value for your local currency.

2.       Trust only RBI authorized service providers when you Buy Forex Online.
Choosing an RBI authorized service provider will ensure that your money and your currency exchange transaction are in safe hands. You can be doubly-sure by buying foreign currency from online forex portals that are service extensions of recognized banks.

3.       Try to buy forex online on a working day during working hours.
The internet has embraced the world of foreign exchange to provide you online forex portals that are open all day, every day even bank holidays & Sundays. However, this doesn’t mean that you will get foreign cash delivered to your doorstep any hour of the day or night.

What it means is that you can place an order for foreign currency at any time, but the transaction will be taken forward only when the working hours of the service provider begins. To ensure you get your money quickly, try placing an order on a working day before 4 pm.

Only cash isn’t the best way to carry your trip’s allowance.
 You might be tempted to carry a majority of your trip’s allowance in cash, and why not? It’s accepted everywhere and you do not have to pay any charges when you pay by cash as you would have to with a debit or credit card.

But, cash is easily lost and there’s no way to recover foreign currency that’s been lost. This is where a axis funds transfer multi-currency card is so useful! In fact most travel-gurus advise people to carry 30% of the trip’s allowance in cash with the rest of it being prepaid into a currency card.

These cards are easily used at ATMS and POS counters sans any conversion or transaction charges. So before you think about getting your entire trip’s allowance converted in cash, consider getting a multi-currency card as well. Most service providers will offer the service of a multi-currency card in addition to their normal Currency Exchange services.

Never leave your transaction for too late.
The internet might make things so much easier than traditional forex vendors, but this doesn’t mean you leave your money exchange requirements for the last minute. Instead, keep a pulse on the market and compare exchange rates, as and when you get a good deal, lock your transaction.


So the next time you need to buy forex online, remember these pointers. They will help you get a good deal and ensure your currency exchange is a smooth experience.

Good luck and all the best!

4 things to remember when you buy forex online

4 money transfer mistakes to avoid while sending money abroad.

Transfer money abroad has become a very common foreign exchange transaction these days. This can be attributed to the number of Indians moving abroad in the pursuit of better education, high paying jobs and improved standard of living.

Accompanying this increase in overseas remittance is the rise of the Internet-linked Axis Bank Money Transfer services which allow potential customers to sort their needs quickly and at much lower costs in comparison to traditional remittance modes, all this without even setting a foot outside their homes. 

Thus, sending money abroad has become both, a common-place transaction as well as a convenient process. However, despite this, numerous individuals still end-up losing money, waiting for days for their transfer to be carried out & enduring hassled forex transactions only because they commit certain mistakes during their transfer process.

This article will highlight 4 of these common mistakes and outline ways to stay away from them in order to provide you a cost-effective remittance experience without hassle or complications.

1. Keeping money transfers for the last minute.

This is probably one of the most common remittance errors. People leave their money transfer tasks for the last minute and are then forced to settle for poor exchange rates, thick commissions or long transfer times solely due to dearth of options available to them at the eleventh hour.

Stay away from committing this error by planning your transactions for at least a week before hand. Monitor exchange rates, compare commission charges and verse yourself with the transfer times of the various services providers and make an informed and timely decision.

2. Not going online for your money transfer needs.

Even though the internet promises to ease the overseas remittance process, there are many potential remitters that choose to stick with traditional forex service providers such as banks or real-world foreign exchange vendors.

Banks aren’t very favorable as they normally entail a good amount of running around, paperwork and documentation. On the other hand, real-world forex vendors will provide you poor rates in combination with thick commission margins to turn a profit from your transaction. Moreover, both these options will require you to go counter-hopping to compare rates, commission charges and transfer times.

Online services providers on the other hand offer near inter-bank exchange rates along with minimal commission charges and lighting fast transfer times.

3. Making too many small transfers.

This is another common mistake people make. Smaller transfer amounts invite the highest commission charges. Make them more often and you will also be paying higher charges, more often. Some people don’t know this and end-up making impulse transactions as and when the need arises. You can avoid this by making large, less-frequent charges. Not only will this be less of a hassle, but larger transactions also invite the lowest commission charges making it very cost-effective as well.

4. Timing your transactions.

This is a common mistake with people who choose Buy Forex Online services to sort their money transfer needs. Though the services of an online forex portal might be available to you at any time of the day or night, the timing of your transaction is very important.

If you initiate a transaction on public holiday, then your request will be taken up only when working hours commence. Similarly, if you initiate a transaction after working hours, the process will proceed further only the next day when working hours commence. Therefore, to get quick transactions, always make your remittance during working hours of the service provider.

Stay away from these 4 common money transfer mistakes and you should enjoy a hassle-free, cost effective and smooth remittance journey. Good luck and all the best! 

Save money when you fly to your favourite destination

4 things to remember when you buy forex online.

Going online to buy foreign currency provides you many benefits in comparison to exchanging money at real-world forex vendors. You get better rates, hassle-free processes and the convenience of sorting your needs from the comfort of your home. 

But, even with such benefits, you should keep a couple of things in mind before you go ahead and purchase foreign currency cash online, this article will highlight these factors to ensure that you go into the transaction well informed and come out with a good deal!

1. Remember to look for only RBI Authorized vendors.

When you buy forex online, you need to look for trustworthy service providers. One way to do this is to look for service providers that have been authorized by the RBI to provide forex services. When you opt for such lenders, you get complete peace of mind and can be rest assured that your transaction and money is in safe hands.

There are also many recognized and trustworthy banks that have now started online forex services. If you want an added sense of security, you can opt to get your money exchange needs sorted from one of these banks’ online forex portals.

2. Remember to compare before you finalize.

Different online service providers will offer varying exchange rates, and not comparing before your buy forex online could result in your getting a poor deal, simply because you didn’t look for a better one. So remember to compare at least 4 or 5 online service providers before finalizing your deal.

Comparing online is also much easy, it doesn’t require you to go running from post to pillar or go counter hopping; in fact, all you have to do is put your finger to work! With just a few taps and clicks, you should be able to compare most of the available options.

3. Also remember to sort your currency needs well advance.

This seems like an elementary tip but you’d be surprised at how many people forget about their forex needs tending to other travel-related needs such as planning a trip itinerary, booking hotels, flight tickets, and even chalking out a travel budget.

Leaving your forex needs for the last minute could shove you into a corner of sorts, wherein you might be forced to go with a poor option just because of the lack of time. Avoid this by planning your needs, comparing rates and shopping around at least a week before you depart.

4. Consider buying a forex card as well.

Having your entire trip’s budget in cash is not an ideal proposition. Firstly, carrying so much cash might become a tedious affair, and if it gets lost, then there is no way to recover your cash. An easier alternative would be to be to have 30% of your trip’s budget in cash and have the other 70% prepaid and stored in a multicurrency card.

Most online forex vendors will provide you the service of a multi-currency card as well. These cards can easily be used at ATMs and point of sale counters. And the best part is that you do not have to pay any transaction charges or conversion fees when you use these cards.

We hope these four tips will stand you in good stead when you buy forex online. Travel safe and bon voyage!  

Why forex is a must when you plan your foreign vacation

6 benefits of using the internet to transfer money abroad

Save money when you fly to your favorite destination

People travel abroad for a variety of reasons such as family or business trip and often need foreign cash handy enough while their trip abroad.  It would not be wrong to say that our expertise in cracking the best hotel booking deals, flight to international destinations would be of little value if there is no financial planning especially when it comes to foreign currency. Have you ever wondered what happens if you fall short of funds in the foreign country? Some unforeseen event can leave your wallet to go lighter than expected in the foreign land.

You will have to rely on the money exchange counters at hotel or nearby bank branches. You may not get attractive exchange rates but you’re left with no choice as well. Thus, you end up wasting your precious time, efforts and hard earned money.

Before going for a trip abroad you should aware of the most economical ways for money exchange because forex exchange rates and commission charges related to it vary across different banks, countries or exchange vendors. One of the best and most economical ways for money exchange would be through online services.

The new-age use of technology and internet helps consumers to buy currency at the best possible exchange rates, with low processing fees and saves a lot of money. You can buy forex online before planning your trip abroad and get it delivered at your doorstep. You can purchase a forex card as well and load as per your convenience in over 100+ foreign currencies. So, in case you’re exhausted with the foreign cash you can use this card else reload it anytime anywhere by just logging into your forex online account and transferring the money from bank account. Your card loaded with forex will protect you against exchange rate fluctuations during the travel period.

Here are few benefits of forex online:

Place Order 24 X 7

Apart from best possible exchange rates and savings, using forex online exchange services to buy forex, will give total control of your money, better insight and transparency in the rates. Unlike traditional ways of visiting banks or vendors, waiting in queues during long working hours, you can use your account 24 X 7 and from anywhere across the globe.

Go the limit

Some leading banks in India offer forex online service that help you remit up to USD 25,000 or its equivalent in a single transaction. You may remit more amount as well as long as the aggregate of your outward remittances in a financial year comes to USD 2,50,000 through all the sources.

Secure

Most people are frightened that this service may not be secure and their personal details like banking account details might be leaked out. However, you don’t have to worry. When you place an online order for currency exchange, your requests are authenticated by one-time password verification on your registered mobile to avoid unauthorized access. Forex online portals will keep you posted through e-mail and SMS for almost all kind of activities in your forex account. Thus, you can be assured that your money will be safe and secure at every step of the way.

Doorstep Delivery

Gone are the days when people had to leave their important business meetings, attending health session or other work activities and stand in long queues to buy forex, fill up form, submit documents, etc. With forex online, all you need is to register yourself once on the website and get your documents verified. Once the account is active you can register multiple beneficiaries and effect money transfer with a single click on laptops or smartphones.  Moreover, you don’t have to visit your currency dealer, banks or vendors. Just place the order online & get your currency delivered right at your doorstep.

Discount offers

When you place an order online you get live rates and thus be assured to save more money in exchange rates and processing fees. This way you can buy forex with good profits or send more money to your loved ones to meet their financial needs. However, this is not the only benefit, there are some forex online services who give round the year discounts and exciting offers so that you’re on the winning side!

Forex online is the new age mantra to send money or buy forex to meet your currency needs in a quick, easy and efficient way. Right from saving your precious money at the exchange to saving your time and efforts in the exchange process it proves beneficial in every way. So plan ahead, move online and save big on your forex for your trip abrqad this Festival!

6 benefits of using the internet to transfer money abroad

The internet has revolutionized the world of foreign exchange. More and more people are switching from traditional methods of overseas remittance to get their transfer needs sorted. This is because the World Wide Web offers many benefits over previous methods of fund transfers and this article will highlight some of them. 

Benefit number 1: Convenience.

Compared to traditional foreign remittance services, transferring money abroad using the internet is much easier. You can compare various portals, their exchange rates and commission charges without moving out of your home.

Some people think that getting started with an online forex portal is a complex and difficult process. But this is just a misconception. In fact most portals have just three simple steps that you need to complete to get on boards, they are:

1. Register yourself: This is as simple as creating an email address or social media profile. Key-in some basic details about yourself and hit sign-up.

2. Document verification: For this, you might have to visit the branch or the service provider; in some cases the service provider will send a relationship manager to your home to collect the documents. Some portals allow you to scan the required documents and upload them.

3. Add your beneficiary and send money: Then all you have to do is add a beneficiary and his or her details, select the amount you need to send, send the service provider your funds and sit back! Your money will be transferred.

Benefit number 2: It’s quick.

When you transfer money abroad using the internet, you can rest assured you will be provided with quick transfer times. Some portals will deliver your money on the same day and some will deliver it latest by the next day.

Benefits number 3: It’s economical.

The internet is home to some of the best exchange rates and commissions. Some portals provide commission charges as low as 0.015% of the remittance amount.

Benefits number 4: Transfer money abroad at any time of the day or night.

The internet never sleeps and with its help you can send money abroad at any time of the day. You can even initiate your transaction on a public holiday or Sunday. However, there is catch, your transaction will be taken forward only when working hours commence.

Benefit number 5: Transfer money abroad and track your transition.

The internet helps you get a little peace of mind on your foreign exchange transactions by allowing you to track the progress of your fund transfer right till it reaches your beneficiary’s bank account.

Benefit number 6: Go the limit.

With a RBI certified portal that abides by the RBI guidelines, you can send as much as $25,000 or its equivalent in a single transaction or up to $250,000 in a single year through all your sources. Such large transactions allow you save money as they invite the least amount of transaction fees.

There you have it! 6 benefits of using online forex portals to transfer money abroad. We hope this article has brought online forex portals into your consideration set when you need to send money overseas. 

All the best!

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These are 5 money exchange mistakes that you could be making