Essay On Foreign Exchange

953 Words4 Pages
Globalisation has reduced distances among people. People travel all over the world to visit and explore serene and interesting places. In such a scenario, the currency is not an obstacle anymore. All the developed countries and frontline developing countries have their branches and ATMs at all the popular locations across the globe. People can make their full use for accessing cash and performing other banking operations. Money conversion or currency conversion is that medium which allows people to access the currency of the host nation in which they are travelling at the moment. Money Conversion: Money conversion is the process of converting a country’s currency to another. In this process, people may receive more or less money depending…show more content…
Most banks and such companies do not charge a service fee for the process. However, they charge a margin ranging from 50 paise to 1 rupee for exchanging currency. In additio0n, not all bank branches in the country can convert money. Only designated branches with adequate reserves are allowed to exchange foreign currency. Things to be Mindful of while Buying Foreign Exchange in India: Foreign exchange or currency conversion is a fairly simple process but you need to consider a few points before opting for it. Here is a list of things to be mindful of while buying foreign exchange in India. • Compare Exchange Rates: Conversion rates offered by different vendors vary as per their margin. It is always better to compare the rates of at least 5 vendors before choosing one. You should also check online to know the exact conversion rates to find out which dealer is charging the right price from you. • Check if the Dealer is RBI Authorised: You have to ensure that your preferred dealer is RBI authorised. Dealers that do not maintain transparency in their processes should not be trusted at all. Moreover, avoid dealing from the outlets located near tourist places. Foreign exchange outlets at such places are not trustworthy and some of those are even
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