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7 reasons why you should buy forex online

April 20, 2017

We live in a fast, smart and rapidly shrinking world. Business and pleasure are no more restricted by boundaries. Offices span the globe and so do business itineraries. People have annual vacation diaries that boast of one or more international destinations. Students aspire to enter top universities of the world and their monetary needs have changed from mere pocket money in a single currency. Escalating purchasing and spending power in a well connected world, call for faster modes of transactions in multiple currencies. The occasions to consider foreign exchange or forex, for short have gone up in tandem.

Earlier one only had specific offices, agents or bank headquarters to seek for forex. It would call for proper time management and planning to chalk out an international trip well in advance. In this day and age, international travel is much easier and faster. The time available to plan trips has reduced considerably. The authenticity, availability and dependability of these so-called money exchangers is becoming questionable. Not to mention the effect of the demonetisation on such agencies and transactions!

To add to a trip at short notice, there could be long stop-overs or even multi-nation visits. In such a situation, using a single currency obtained from a possibly unreliable source would hardly be what the travel doctor prescribed!

When one is preparing for a trip abroad, running from pillar to post for obtaining the necessary documents is somewhat an acceptable task; although best eliminated altogether! Running around, sometimes in circles, for currency would seem completely unacceptable in times when everything is available at a straight click!

Various websites like this one here cater to needs as the ones mentioned above.

One may retaliate hinting at the already established business relationship with a particular agent/s over a period of time and the supposed trust factor. Right it is! So why choose buying forex online? The same reasons which made us shift from regular landlines to mobile phones-ease and convenience to start with! The landlines are not bad or unwanted but the mobile phone is definitely more convenient and addictive!

Here we look at the clear advantages of buying forex online-

  • Convenience
  • Safety and security
  • Versatility
  • Economical
  • Saves Time
  • Flexibility
  • Other benefits


It is as convenient as using your smart phone or laptop!

  • Money at home- There is no need for you to physically step out of your home! Cash foreign exchanges are done right at your doorstep. Order the forex online as per the applicable rates and what you ‘order’ is delivered home. Choose to buy a forex card and it is delivered to you within 24-48 hours of the purchase.
  • Online recharge- The recharges or top-ups thereafter can all be done online!

Safety and security-Hakuna matata, no worries!

  • Authorized- When you buy forex online, it is always through agencies authorized by RBI. There is no question of dubious or questionable sources of the money that you deal in.
  • Secured usage- Forex cards are usually chip and password-based and are completely secure.
  • Block lost forex cards ASAP- Stolen or lost cards can immediately reported through international helpline numbers provided with forex card.

Versatility- A forex buffet!

  • Many currencies- For starters, forex online comes with an option of between 14-18 currencies.
  • Card and cash-Then you have the option of having all cash or add on to some cash by buying forex cards. (Most travellers choose to have 30% of their forex in cash and the rest loaded into their forex card.)
  • Multi-currency usage- Now, forex cards are cards preloaded with a specified amount of a specific currency. There is also an option of choosing a multi-currency forex travel card which will facilitate withdrawal in multiple currencies in other nations at minimal charges. (.It will be loaded with different currencies as per the requirement.)
  • Internet payments- These cards let you access internet payment options apart from many more avenues which other modes like cash or travellers’ cheques keep you away from!
  • Remittances allowed- And certain agents would also let you have an additional option of wire transfers to facilitate remittance as well.

Economical –Penny wise, pound wise!

  • No physical energy spent- Buying forex online saves you the physical walk or drive to a physical place for your exchange.
  • No extra charges to pay- It protects you from the varied service charges and commissions for the other modes like agents, traveller’s cheques or international credit cards. Buying forex online could save you anywhere between 3-11%.
  • Good guiding rates- You can choose when to exchange or recharge depending on the better rates as visible online-no unnecessary phone calls to enquire or confirm rates! To know rates for the day just access-

Saves time- It is as precious as your money!

  • Prompt and punctual- Using the option of buying forex online, you can be assured of a cash or card delivery or a card reload anywhere between 12-48 working hours.
  • This comes in handy for emergencies like fund requirement for medical reasons for traveller’s or students abroad or for urgent trips abroad.

Flexibility- Bend it for forex online!

  • Buy or sell- For the cash exchanges, you can sell or buy forex when you choose and where you choose-the mountain can come to Muhammad!
  • Choose how you pay- For forex cards, you may choose a suitable payment option to buy an international forex card or top it up.
  • Minimal limit- And there is a reasonable minimal limit for topping up which ranges from 100-20000 units of the various currency options available.
  • Retain or refund- Refunds are easy too. You could choose to retain a stipulated amount between 3-6 months of your last travel. Or you could choose to have a refund as early as after 10 days of your last transaction. These conditions vary depending upon the agency you choose.

Other benefits- free frills!

  • Covers and Discounts- When you buy forex online, there could be other benefits coming along. These include insurance covers or relevant discounts in fares.

To sum it up, if you buy forex online-either for cash or a forex travel card you have chosen an easy, safe, secure, smart, convenient,  economical, flexible, reliable and versatile mode of forex. If you have to buy forex, buy forex online!



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