Tips And Tricks To Get The Best Forex Rates In Mumbai

forex rates

8 Tips And Tricks To Get The Best Forex Rates In Mumbai

Being the business capital of India, Mumbai is a hub for inbound as well as outbound travelers.  However, gone are the days when people had to go to banks where they were made to undergo a long and cumbersome documentation process to buy, sell or transfer forex. With changing times, currency exchange in Mumbai too has become extremely simple. Given below are the top 8 tips and tricks that people must follow to get the Best Forex Rates In Mumbai and the best currency exchange rates.

1. Choose an online marketplace to get the Best Forex Rates In Mumbai

Now that the internet has made life a lot simpler, choosing an online forex marketplace is the best way to secure top exchange rates. RBI-authorised online foreign exchange platforms that have tie-ups with reputable government-approved banks offer best forex rates in Mumbai at great discounts and help customers save as much as 13% over airport counters. Hence, people seeking maximum convenience must select an online forex marketplace that allows customers to place orders from the comfort of their homes and provides them with same-day home delivery facility and Best Forex Rates as well.

2. Look for live market rates to get the Best Forex Rates In Mumbai

Booking foreign exchange at live market rates is extremely important, especially for customers who want to maximize savings and get lucrative deals. Unlike unauthorized money changers that offer money exchange at fixed rates, online foreign marketplaces compare the different vendors in a given area and offer the best forex rates. In case customers are not happy with the prevailing currency exchange rates, they can utilize the rate alert feature to receive email notifications whenever their favorite rate goes live.

3. Freeze the rate of your choice to get the best forex rate:

Another simple trick to get good forex rates in Mumbai is to use the ‘Freeze Rate’ feature that is offered by several online forex platforms nowadays. Once customers have successfully found the exchange rate of their choice, they can freeze it for up to 3 working days by leveraging the rate lock-in facility. The best part about the freeze rate feature is that it can be availed just by paying 2% of the total amount, which is completely refundable.

4. Choose your forex card wisely in order to get Best Forex Rates In Mumbai

People should never rely on their international debit or credit cards while travelling overseas as most banks charge up to 6% conversion fees along with various other transactional charges. A forex card is the best mode to carry foreign exchange abroad. Customers can load the forex card with multiple foreign currencies simultaneously and use it to pay bills, exchange currency etc. Since a forex card comes with robust PIN protection, it is highly safe. However, a forex card should be purchased only from a legitimate foreign exchange platform. With a prepaid forex card in hand, customers can get currency exchange and the Best Forex Rates In Mumbai without paying extra as all the service charges are waived off.

5. Avail loyalty & referral rewards

Many online forex platforms offer a wide range of loyalty and referral awards to customers, thereby allowing them to save a lot of money on their subsequent orders. Receiving referral rewards while doing money exchange is indeed an effective way of getting more bang for the buck. Furthermore, people who travel on a frequent basis can save big by referring their friends and family members from time to time.

6. Exchange currency prior to travel

There is no doubt that the best forex rates in Mumbai are captured by customers who avail the service early. Exchanging currency at the last moment can be hassle some and time-consuming. Thus, people who want to eliminate last-minute problems and secure attractive rates must exchange currency at least 7 days before embarking on their trip.

7. Keep an eye on currency fluctuations to get the best Forex rates:

People looking to get currency exchange and the Best Forex Rates In Mumbai must always keep an eye on currency fluctuations to spot the best opportunity to buy forex. Exchange rates are not static and hence, they constantly fluctuate. Therefore, customers must keep a close look on currency fluctuations in the market and wait for the right exchange rate in order to get maximum value for their money.

8. Always check for hidden service charges

It has often been seen that many fraudulent forex providers overcharge customers by increasing the conversion fees and incorporating additional charges. To avoid being duped, people must beware of fraud money changers who have a bad reputation in the industry. Moreover, they should consider all the costs while buying forex and see whether there are any hidden service charges. A little bit of carefulness can work wonders for ensuring big savings and getting good rates.

Unlike before, availing money exchange has become easier than ever owing to the advancements made to the online process. The aforementioned tips can work wonders for helping people secure the best forex deals in less time. So, customers looking for the Best Forex Rates In Mumbai must avail the services of a trusted forex platform that has built a strong countrywide presence over the years.