Where to find best foreign exchange rate to sell dollars in bangalore?
Hi,
I wanted to convert around 1000$ US dollars into INR.
The rupee has recently been surging against dollar ( ~43 rite now i think ).
Can anyone pleaze tell me the bext place in Bangalore to sell US dollars to get maximum return.
Thanks!
Answer
You get the best rate when transferring from one bank to another. Exchanging cash does not get you as good a rate as that. Keep an eye on the exchange rate in www.xe.com and then make the transfer from your overseas bank to Indian bank.
But if you still want to exchange cash, go to a forex dealer, there are many on MG Road for example. There might be people who offer you slightly higher rates, but beware of black marketeers. Go to a valid Bank or Foreign exchange agent. Always take a receipt.
Where can I get the best forex rates for INR (Rs.) to MYR (RM) in Mumbai?
Or after arrival in KL (Malaysia)?
Answer
The Mumbai airport (CSIA) is probably the worst place to get forex when travelling abroad since they not only require photocopies of your passport but also need you to fill the exact same details into a form regardless of the amount involved.
I had converted Rs. 1,000 into RM 63 (Rs 15-16 / RM) last month @ CSIA.
My HDFC credit card gave me about RM 80-81 (Rs 12-13/RM) for every Rs. 1 K during my trip.
The best rates in KL were RM 84 @ Lot10 (Rs 11-12/RM) near JW Marriott and the Ritz Carlton.
Then came KL Sentral with RM 82-83 / Rs. 1 K.
Best of all – no passport required for KL forex transactions!
That’s a variation of almost a third between CSIA & Lot10…
Who determines foreign exchange rates and how are they decided?
Answer
If a currency is free-floating, its exchange rate is allowed to vary against that of other currencies and is determined by the market forces of supply and demand. Exchange rates for such currencies are likely to change almost constantly as quoted on financial markets, mainly by banks, around the world. A movable or adjustable peg system is a system of fixed exchange rates, but with a provision for the devaluation of a currency. For example, between 1994 and 2005, the Chinese yuan renminbi (CNY, ¥) was pegged to the United States dollar at ¥8.2768 to $1. The Chinese were not the only country to do this; from the end of World War II until 1970, Western European countries all maintained fixed exchange rates with the US dollar based on the Bretton Woods system.
Which are the sites from where we can daily Forex rates in India?
I am mainly interested in getting latest rates of USD vs Indian Rupee
Answer
www.rbi.org.in
www.centrum.co.in
Where to find best foreign exchange rate to sell dollars in bangalore?
Hi,
I wanted to convert around 1000$ US dollars into INR.
The rupee has recently been surging against dollar ( ~43 rite now i think ).
Can anyone pleaze tell me the bext place in Bangalore to sell US dollars to get maximum return.
Thanks!
Answer
You get the best rate when transferring from one bank to another. Exchanging cash does not get you as good a rate as that. Keep an eye on the exchange rate in www.xe.com and then make the transfer from your overseas bank to Indian bank.
But if you still want to exchange cash, go to a forex dealer, there are many on MG Road for example. There might be people who offer you slightly higher rates, but beware of black marketeers. Go to a valid Bank or Foreign exchange agent. Always take a receipt.
What is a foreign exchange rate? How do foreign exchange rates affect imports and exports?
Pick a country and tell me about the exchange rate of the U.S. dollar versus that country. Has the exchange rate changed recently? Why?
Answer
In finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other. For example an exchange rate of 123 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that JPY 123 is worth the same as USD 1. The foreign exchange market is one of the largest markets in the world. By some estimates, about 2 trillion USD worth of currency changes hands every day.
How can I learn Forex trading withoput spending a ton of money on a program?
Answer
The Forex market is full of scammers and people who sell questionable products than make them rich and not you. I would advise against Forex trading. You are likely to lose your shirt.
Source(s):
http://en.wikipedia.org/wiki/Forex_scams