Your entire currency exchange journey can turn into a bitter experience if you are unaware of certain facts and updates. The current exchange rate, the most competitive rate available in the market, ongoing international situation are some of the pivotal factors one needs to consider. Currency exchange can be tricky if you lack fundamental aspects of the foreign currency exchange market. Before you randomly choose a dealer of currency exchange in Pune, make sure you check these seven things -

1.      Trading of different foreign currency exchange in Pune is illegal:

The first thing you should know is that you cannot convert a foreign currency into another. A transaction between Indian money and any particular foreign currency is only allowed in India. Your base or quote currency has to be INR (Indian Rupee). You can exchange your rupees for a foreign currency or vice versa. Online or offline trading of different foreign cash is highly prohibited. You might see different websites offering you transactions among varied foreign currencies. Avoid such scams.

2.      The ongoing currency exchange rates in Pune:

The second most important thing is to check the current exchange rate. Find the ongoing exchange rate of the particular foreign money you want to get or exchange. Many fraud websites prey on the ignorance of the users. They offer you real-time exchange rates, which are not possible. A real-time exchange rate means providing the transaction without keeping a profit margin. An authorized dealer or bank is likely to charge for the service they offer. They add charges to the exchange rate chart. Checking updates help you in making better decisions since you are investing your hard-earned money.

3.      Legal authorization:

Most first-time users fall prey to unauthorized currency brokers. As a result, those users face money laundering, exorbitant service fees and fraud. It is important to check the authorization or exchange permitted. The Reserve Bank of India is responsible for regulating and giving authorization to the banks and money remittance and exchange companies. The RBI mandates the regulatory aspects of the foreign currency market of India as well. It is thus best to opt for an RBI authorized Exchange Company. You enjoy assurance as well as a better transaction experience. The RRSB Forex is India’s oldest currency exchange firm. Registered by the Reserve Bank of India, RRSB offers the service at the most competitive rate in the current market.

4.      Experience of a currency exchange company:

It is another vital factor for sure. Decade-old experience in a particular industry makes a company stronger and more competitive. You cannot easily rely on the service of a company that is hardly one or two years old. You need to have a better knowledge of the currency market. Also, enquire about the frequency of change in the exchange rate and customer behaviour. These are some of the factors strongly affecting business. An experienced dealer is accurately knowledgeable regarding these aspects. Accordingly, they are likely to check updates, inform their clients and offer service. RRSB Forex is a century-old company in India. No doubt, when it comes to experience it beats others easily.

5.      Service fee:

As a user, your foremost requirement is likely to find the best rates at the most affordable charge. Check the normal charges companies take. Compare the charges with the service features. Your priority would be to find the most competitive service charge against the features. Many companies offer reward points and discounts. For that, you must have dense online and offline research.

6.      Customer care availability:

From a user’s point of view, another priority/requirement is getting help from expert customer service. You should have service from a company that offers professional customer service that will work at your convenience. If you are new to a website, you need to have thorough guidance.

7.      The external factors:

Before exchanging your INR with foreign money, check the recent political and economic updates. If that country has a low inflation rate or going through any political dilemma, then investment in that currency might prove tricky.

You should be aware and proactive in taking precautions before having currency exchange in Pune. Invest your money carefully.