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!