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The blog explains various methods to buy foreign currency online, including using banks, forex dealers, and online platforms, while highlighting how to choose the best option based on exchange rates, fees, and convenience.
In today's globalised world, online buying foreign currency has become straightforward. Whether you are preparing for an international vacation, investing in foreign assets, or paying for services from abroad, understanding how to buy foreign currency online can save you time and money. This guide will walk you through the steps to purchase foreign currency online effectively and safely.
You can buy foreign currency in five different ways.
First, we will see how to convert currency manually. For this, you may approach your local bank. Banks generally offer competitive exchange rates and charges. Visit the bank in person on a working day to buy the foreign currency you need. HDFC Bank branches have forex services that let you buy foreign cash in 22 major currencies.
Similarly, you can buy foreign exchange from your travel agent. You can also buy foreign exchange from Reserve Bank of India (RBI)-authorised foreign exchange dealers. You should compare the exchange rates offered before buying.
There are several online options to buy foreign currency. Here, buying foreign currency is only a click away. Many banks provide online forex services. To buy foreign currency, you need to visit the bank’s website and log in to internet banking. The facility is usually available during working hours.
You can order the currency online and get it delivered to your doorstep. Or, you may have the option of picking it up from a branch. With all these details, don’t get worked up over how to get foreign currency.
These online sites will have an exchange rate calculator. First, decide the amount of foreign currency you need. You need to select the currency you have. Next, select the currency you want to convert it to. The site will display the exchange rate. Also, check the currency conversion fee. Using this tool you will get to know how much local currency you need.
Note: If you are getting it delivered to your doorstep, shipping charges may be involved. If you buy a certain amount of currency, there is generally a waiver. A forex dealer may waive this fee for orders over ₹50,000. You need to order foreign currency online at least three days in advance. If you have a shorter time, do it offline. You can also lock in an exchange rate by paying a refundable advance fee.
Like banks, you can also buy foreign currency at the airport. However, it should always be your last resort. This is because you have to pay higher fees and currency conversion charges. For a similar reason, you are also advised not to buy foreign currency at a hotel.
As discussed, there are several ways of buying foreign exchange. Compare exchange rates before making a decision.
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