International travel means having to exchange money into the currency of the destination country or countries. In this day and age, a lot of people are going abroad, be it for travel or for professional reasons, or higher education, or better medical treatment, and so on. With the volume of people going abroad rapidly increasing, so has the popularity of online currency exchange in India. If you are doing currency exchange in India, it is absolutely essential that you have a good idea about the related charges that come with the process.

Foreign Currency Exchange Rates:

While the foreign currency exchange rates may not be an outright charge in its own right, it still is counted among the charges borne by the customer. The currency exchange rate determines how much return a customer can get while exchanging their money in a foreign currency. In the case of a better, more competitive forex rate, customers can extract the most value for their money while the conversion amount is not that high when the rates are not that favorable. Banks, airport kiosks, and vendors who operate as third-party exchangers offer currency exchange rates that are far from ideal. Dedicated currency exchange companies like RRSB Forex are the prime destination for obtaining the best rates that will provide the highest value for money.

Currency Conversion Fees:

There is a fee that goes towards the conversion charges when money is converted from one currency to another. This heavily depends on the institution whose services are being availed by you. Banks are notorious for charging very high fees for the conversion of money from one currency to another. The best way to avoid such charges is to avail services from dedicated currency exchangers, whose business models allow them to offer services related to foreign currency for the exchange of much lower fees.

Tax:

The Goods and Services Tax is levied on each and every transaction related to foreign currency business. Be it sending money abroad or online currency exchange in India, the GST is an ever-present addition to the final amount. GST is charged according to slabs mandated by the Reserve Bank of India. These keep changing, depending on the economic conditions, so when you go for any transaction related to foreign currency, make sure to check out the latest rates and slabs.

Tips To Save Big On The Charges:

The slightest amount of savings, no matter how small it is compared to the actual amount, can go a long way. Imagine if the amount saved is quite significant. With RRSB Forex, customers not only enjoy the best forex rates, but also the lowest service charges. As for hidden charges, every transaction with us is completely transparent, so customers can rest assured that there will be zero hidden charges to deal with.

Going Abroad? Find a Currency Exchange Service Near You for the Best Rate