Never miss a great news story! Get instant notifications from Economic Times Allow Not now. Axis Bank has launched an outward remittances website www. Besides outward remittance, the website allows you to order multicurrency forex cards and cash in plus foreign currency.
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NIFTY 50 10, Drag according to your convenience. The exchange rates vary from bank to bank. Also, in case of forex cards, the fees and charges will vary across service providers.
The holiday season is here and you are probably being bombarded with deep discounts and offers on trip packages and flight tickets. Browse for the best deals, but don't forget to lock-in to the best forex rates too. The rupee has been on a falling streak and even small fluctuations can make a huge dent in your vacation budget. The fall session in colleges will begin soon and parents, who are already grappling with high tuition fees and living expenses, now have to worry about the depreciating currency too.
The only way to save your vacation or college budget is to book your rates in advance. Banks and financial institutions know this and have been coming up with innovative solutions to tap the market.
Axis Bank , for instance, recently opened its online forex booking services for non-Axis bank account holders too. For all other banks, you need to have an account and payments can be made online using Net banking.
However, you don't choose a forex service based on convenience alone. On the other hand, the card reload fee for an Axis Bank card is Rs and cross-currency charge is 3. Online aggregators like Bookmyforex. Not only do they offer product comparison across banks, but also get you a wholesale ex change rate, much lower than what is offered by banks or currency exchange shops. Get the right rate Think of these aggregator sites as the travel portals that get you bulk discounts on flights, hotels and holidays.
They also bring transparency to an otherwise opaque and fragmented currency exchange market with widely varying rates between different vendors and hundreds of small stores.
A marketplace for retail forex and overseas remittances has tie-ups with banks and exchange companies to whom they offer very large number of orders. These channel partners in turn quote wholesale volume rates. Doing this kind of research offline is nearly impossible. A difference of even Rs 1 per dollar can translate into savings of lakhs, especially for larger amounts like tuition fee and living expenses.
That's a difference of Rs 2, per E1, If the college fee for a semester is around E8,, it could mean a difference of Rs 18, There are options to set a rate alert to if you think you could get a better rate and even freeze a rate for the transaction.
They also offer some unique deals. Also, there is no reloading charge or issuing fee. The transactions are secure as the site connects you directly with the bank. Get the right mix To get the best deal, you need to understand how to use different forex services optimally. You have currency notes, a forex card and wire transfers and demand drafts to choose from. The generic advice is to carry the minimum requirement in cash, as it is the costliest option. If you are a holidayer, depend mostly on the forex card.
Get a multi-currency card if you are planning to visit more than one country. This will save you from crosscurrency charges. But don't just go by offers that give you petty savings. Compare the charges and rates, since even small differences can have a snowballing effect.
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