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!