What are the advantages and disadvantages of using a foreign exchange company rather than my bank to send money abroad

The forex market has grown to such an extent that it has now become accessible to everyone who needs it. You have got numerous options and methods to transfer money from India to abroad. But why should you choose a forex dealer and not a bank for your forex needs?

The first reason is, you get better value for money. Banks provide forex services as an add-on service while forex companies provide forex service as their priority. So, they tend to give the best exchange rates since they have got experts and technologies to live track the exchange rates to give you the best service. They also offer attractive discounts and low or zero charges when you send money to a close relative staying abroad or when you do a wire transfer to send money to foreign universities.

The second reason is the customer experience and service you will get. They will get every aspect of your forex need covered with their expertise. They help you in planning and also guide you through the steps to complete your forex need. They have got the latest technologies in the market to give you complete customer service. You can book your forex products online and get them delivered to your doorstep, is there any comfort more than this? You can call them whenever you need any assistance and they will be happy to offer you tailored solutions for your forex problems.

The only thing you need to care about when you go with a forex company is, make sure it is RBI authorized and is trustworthy.