Money remittance was ever so easy and economical!

If you need to send forex abroad, there are many dealers who claim to give you the best services.  Mumbai, being the financial capital of the country, was amongst the first cities to host a number of forex services. But are you sure your dealer is the best? Have you calculated how much the dealer is charging you for remitting your money overseas? Are you really getting the best currency exchange rates?

In today's digital world, many online currency conversion tools are at your service, to help you make quick calculations and compare the offers of the best currency exchange rates of multiple vendors. Better still, you can switch to online forex marketplaces like BookMyForex. They serve as a one-stop-shop to get you the services of all RBI authorized forex vendors in your area, and select only the one who will offer the best currency exchange rates for your order.  The entire online currency conversion and vendor section process is completely automatic and conducted in a transparent manner.

RBI allows you to send money abroad via two modes – wire transfers and international demand drafts.  The former are essentially SWIFT transfers, and are much faster. They are however, more expensive. This is because both the domestic dealer (usually a bank) as well as the foreign recipient bank will levy charges on you. You will be charged up a fee of USD 10 to 40 per transaction by the foreign recipient.

In case of international demand drafts, the physical nature of the draft requires that it be personally produced at the foreign end. There are no charges at the receiver's side, but the demand drafts usually take much longer to be actualized. So you only have to pay the domestic fee, which is same as in wire transfers, but no foreign fee is charged.

You can go for either of the two options depending upon the urgency and cost involved. Using the benefits of online currency conversion, along with the benefit of the best exchange rates, you can easily save a lot of money every time you remit forex abroad. Using an online marketplace platform like BookMyForex, it does not take more a couple of clicks to place your remittance order. Above all, tey charge a flat rate of Rs. 250 to process the order as compared to a whopping Rs. 500-1,500 being charged by other forex dealers.

For more details, login @ www.bookmyforex.com or contact their helpdesk @ 09212219191.

Source : articlesbase.com