How Do Banks do money exchange? Should we opt for banks?

People who are less aware of the forex brokers, opt for the bank and ATM services for smooth money exchange and money transfer. A few only show concern against the high fees banks generally charge for providing forex services. The sector of money exchange in Mumbai is partially dominated by the nationalized banks because many still prefer the safe hands of banks while exchanging money. If you are not in hurry or not on a particular budget, then choosing banks is undeniably the safest option. 

How do the banks do money exchange?

If you are wondering how the banks proceed with the transaction of money exchange, then you should know that  To avail of the money conversion service from a bank, one needs to have a savings account in the particular bank. In most cases, the banks allow you to physically visit their branch and pick up the converted amount before or after your trip to the foreign lands. This is applicable when you are withdrawing more than 1000 dollars. Physical exchange of the currency is generally done through the ATMs or over the counter at any teller station. Banks are doubtlessly the safest option though an exorbitant amount is charged by them, which is the minus point. 

Should we opt for the bank service or ATMs for money exchange?

Now comes the question of whether banks should be chosen for money exchange or not. As mentioned above, you can choose banks if you are not in a hurry or have budget constraints. Everyone needs to understand that since currency exchange or wire transfers are not the main sources of income for a bank, they charge high prices, whereas forex brokers offer a relatively affordable deal. Airports, ATMs, and banks are not affordable to all. It is better to opt for authorized forex dealers as they are convenient to access as well as faster in their transactions than that of the aforementioned.

Before you go on converting your money, make sure you have checked the following details - 

  • Check whether the forex broker or the bank has the right authorization or not. Generally, the Reserve Bank of India provides the registrations. There are several nationalised banks, which have the power given by the RBI to offer authorization to the brokers. It is always better to opt for an RBI registered money exchange broker. 
  • Check the daily updates - This is major because the nature of the exchange market is volatile and the currency price tends to fluctuate frequently. Hence, before heading out for the transaction have a look at the brokers’ website where a daily updated rate chart is available. 

One of the safest options in Mumbai is RRSB Forex, which is RBI authorized and offers a smooth service. Money exchange in Mumbai has become a lot easier with the effortless user surface offered by RRSB’s virtual platform. Be their guest!

Also read Why Choose RRSB Forex Money Exchange Service To Convert Currency In India

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