The sector of foreign money conversion and international wire transfer in Kolkata is steady on being productive even in the pandemic situation. Money exchange in Kolkata is easy when one opts for a trusted exchange service provider. Without enough data, awareness, and recent updates, anyone can fall prey to money laundering and varied frauds in the market. As a customer, you should be aware of the basic rules, terms, and conditions of the market before making the final transaction. 

What is money exchange?

Money exchange refers to the legal conversion of one currency into another. Since the amount and value differ, money exchange can prove both a profit and loss. For example, if you are converting dollars into INR or Indian money, then you are on the profit side. 

What are the money exchange places in Kolkata?

In Kolkata, like any other city money exchange service is offered by varied institutions. You can find the service in banks/ATMs, Airports, and money exchange or forex brokers. Among these, banks/ATMs and Airports services charge an exorbitant fee whereas the forex brokers charge a minimum and affordable amount. The reason is quite obvious. Since banks have other main sources of income, their money exchange service is secondary and thus they do not care about being economically convenient for the customers. 

What is the best option for money exchange?

It is always better to get service from an RBI registered forex service provider like RRSB Forex. The benefits are many - 

• No risk of money laundering
• Fast service
• Smooth user interface when availing of the virtual service portals
• Affordable services
• 24*7 customer executive help

When should I opt for banks or airports?

If you are in a hurry and do not have any budget problems, then airports or banks can be your option. 

Who does control the money exchange service sector of Kolkata?

Not only the market of Kolkata but the entire country’s foreign currency exchange market is regulated and mandated by the Reserve Bank of India. RBI distributes the power of giving work permits or registration among several nationalized banks. 

What to keep in mind while going for money exchange?

As mentioned above, the RBI holds the supreme authority hence, if you are choosing to get the service from a forex broker then it is best to find an RBI authorized one. Make sure you check the following before exchanging the currency - 

• Check the company’s work permit or registration
• Read customer experience or check online ratings (It will help you to get a better understanding regarding the company’s terms and policies and whether they run any fraudulent activities or not)
• Charge (the difference between the charge and the real-time price of the currencies)
• Their customer care service (whether they are available at any given time or not)

Most importantly, before going for Money exchange in Kolkata, check the ongoing rates and the market situation. The market, precisely the rates is vulnerable to change. Hence show cautiousness.