Who provides the best rate for Foreign Currency either Banks or RBI authorized Foreign Currency Exchange service providers?

While traveling to a foreign nation, you need to mainly rely on the foreign currency exchange or bank to exchange your money. Because foreign exchange is a swinging market, the rate will go up and down due to many reasons. But you can’t able to enjoy your trip without exchanging your money based on the country. So, you must want to exchange your currency somewhere.

There are multiple options available to make this exchange. You can able to exchange it through banks, post offices, money exchange, or even through the exchange which is usually available at the airports or in the tourist spots in which you are traveling.

Even though numerous ways available to exchange your money but every money exchange has its exchange rate and service charges. Especially when you do currency exchange within the premise of airport and train station, the exchange rate is a bit higher as well as the service charges. So, while doing your exchange, you need to look for certain factors, then only you will pick the maximum exchange value.

                Factors one should look for are,

  • The exchange rate, since the forex market is a fluctuating one. Many forex providers offer different foreign exchange values. In banks, the exchange value changes only during the start of every day and it remains the same throughout the day. But on other hand, the Money exchange is based on the live market rates. You will be benefited more based on the live rates.
  • Service charges, it is also one of the major factors which affect you badly. In banks, they will charge you with any hidden charges but it is not the case with the foreign currency exchange. There is not hidden when you pick an RBI authorized foreign exchange. The charges are exorbitant at Airport counters.
  • Processing time. Since RBI authorized money changers are working towards this, you will get your money in very little time. Since Currency Exchange is only a part of the bank. There might be chances that it will take time to get the money. So, you might end up in being waiting in the queue.

Not only the above but you will also enjoy a lot of benefits while going through the RBI authorized money exchange.  Benefits such as seasonal discounts, extra offers in both your trips as well in the currency. So, you don’t need to wait till the bank opens up. The liquidity available with the money changers is also high, so you can get your money in a short time irrespective of how huge it is. In conclusion, picking the RBI authorized money changer is the best option than the bank for money exchange.

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