What Are The Available Forex Exchange Services In India?
Forex exchange refers to the foreign exchange market where in foreign currencies of the world are traded in an over the counter market. It is believed to be not only the largest but also the most liquid market in the world. There are a number of banks available who provide a variety of forex exchange services in India for their customers. This type of service is usually availed by travelers who seek to vacation abroad, students who plan on studying in a foreign country and also by businesses. The forex exchange services in India which one can avail are:
With the help of a forex card one can easily withdraw in 22 currencies. All one has to do is deposit a fixed amount in their account. When they are traveling around the world they can use this card to withdraw in the nation’s currency with ease. The reason why a forex card is preferred by most travelers is that the money withdrawn is not affected by the exchange rate which constantly changes. This helps the traveler save up as the exchange rate is fixed on the day they deposited the money.
Banks also allow their customers to take advantage of their speed delivery. One can use these services to send money abroad. This can be done for a variety of reasons such as education, gifts and medical. Banks also allow you to send demand drafts in the currency of the country which protects the individual from the volatility of the exchange rate.
Cash to master is a service which is provided to the captains of foreign ships. This allows them to access cash to cover their crew’s wages and any other expenses. There is no limit to such a type of remittance and the Captain of the ship can visit the nearest branch to get their cash.
There is a certain limit to the amount of foreign exchange an individual can travel with at one time. 250,000 USD is the limit which has been set or its equivalent in other currencies. One must read up about the purposes and exceptions for which their Remittance can be used. It is extremely important for an individual to keep themselves aware about the rules and regulations before getting any foreign exchange services in India.
Foreign exchange services in India are provided in a number of banks. From foreign currencies to forex cards and demand drafts, banks promise their customers the excellent services which are easy to avail.