These are 5 money exchange mistakes that you could be making

Want to buy forex online? Follow these 5 simple steps.

Gone are the days when buying foreign currency meant running to the bank with a bunch of documents & filling out numerous forms or being at the mercy of forex vendors and their marked-up exchange rates. 

Nowadays, you can simply go online and get your currency exchange needs sorted with a couple of clicks on your mouse and a few taps on your keyboard. Not only  that, you can even avail great exchange rates and save money every time you money exchange online. So if you are thinking of going online for your next foreign exchange transaction, then you are making a wise decision.

Below 5 simple steps will help you to get your online forex transaction carried out smoothly.

Step 1:Compare online forex portals.

The first step to buy forex online would be to compare the various online portals. Compare their exchange rates, commission fees, transfer times and charges. Make sure all the portals you are considering are RBI authorized and operate as per RBI guidelines.


Step 2: Sign up!

Once you’ve found a service provider which is RBI authorized, providing you good rates and quick service, the next step would be to sign-up. On most of the online portals, this is as easy as creating an email address or making a profile on one of your favorite social media networking sites. Just put in all your personal, address & login details and hit enter!


Step 3: Get verified.

Some portals verify just your mobile number by sending you an OTP and some service providers go for a more secured verification and will send a relationship manager to your house to pick copies up of your ID & Address proof for Know Your Customer (KYC) process. Once this is done, your account will be verified and you can start placing orders to buy forex online.


Step 4: Place the order & transfer funds.

Once your account/profile is verified, you have to simply login, select the currency you want to buy, the amount you want to buy and hit enter. You will be shown the amount of native currency needed and if you choose to continue, you will be redirected to the payment gateway or you will be asked to do NEFT/RTGS. Once you make the payment you will receive a confirmation and the time of delivery.


Step 5: Wait for your currency to arrive. 

Now all you have to do is sit back and relax! The service provider will deliver the currency to your doorstep. No need to go out and waste time standing in a queue.

You can use above 5 simple steps to buy forex online with complete ease. We hope this article has been a good read and has provided you with the information you need to carry out a hassle-free foreign exchange transaction.

Good luck and keep travelling!

3 Myths not to believe of you are thinking

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3 myths not to believe of you are thinking buying forex online.

Online forex portals have only just sprung up, therefore they are still not everyone’s go to option. And though these portals offer several benefits that traditional forex services don’t, there are still several people who cannot find it in them to trust these portals owing to certain myths and miss conceptions regarding them.

This article will try to clear the air by debunking some of these common myths, so read on!

1. Myth number one is that it’s not safe to buy forex online.
Most forex transactions involve large amount of money, and so many people feel more comfortable transacting with someone real, someone they can they shake hands with and some who can reassure them that their transaction will be taken care off.

In the case of online forex portals, this someone is the RBI! This is because, as long as you choose and RBI authorized portal, you can rest assured that your money is in safe hands. If you want to be overly sure, you can opt for a portal operated by a banking name you trust.

2. The second myth is that it’s confusing to buy forex online.
Some people feel that buying forex online is a complicated and confusing process. However, this is not true! The internet is here to make things easier and this exactly what it has done for millions of people looking for foreign exchange solutions.

All you have to do is sign-up with one of the many forex portals which is as easy as creating an email address. After your account has been verified, you can buy foreign currency or send money abroad with just a few click on your mouse and a couple of taps on your keyboard.

In comparison with traditional methods, there is no running around, any standing in line, no counter-hopping to compare rates, etc. Making online forex portals much more convenient than older methods of foreign exchange as you can carry out your entire transaction from the comfort of your home!

3. Lastly; it’s expensive to buy forex online: 
This myth is really the opposite of the reality. This is because most online forex portals provide you exchange rates that are very close to intra-bank exchange rates. And unlike traditional forex vendors, most online forex portals do not have marked-up rates. 

Further, more online forex portals have extremely low commission charges. Some portals will charge you as less as 0.015% on large transactions. And some portals even have festive discounts that combines with good rates and low commissions, help you save loads of money every time you exchange or send money!

These were some of the most common myths that have clouded the air around online forex portals. We hope this article has done enough to clear your doubts and restore you faith in online forex portals. Remember, just like most things the internet has embraces, an amalgamation of the internet and forex services is only making this easier for you. So the next you need to buy forex, don’t hesitate to buy forex online!