When it comes to buying forex, it’s a lot of hassle to follow the traditional method of waiting in long lines at the banks to buy forex and travel abroad. Knowing that pain, many companies have introduced platforms where you can buy forex currency online. And the reason why many people are diverting to this practice now is because what’s online is convenient, time-saving, and cost-efficient.
How To Buy Forex Online
Initiating the online forex buying process typically involves these steps:
- Choose a Reputable Provider: With countless companies on the market and the competition still rising, your options are vast, but selecting the right one is necessary. This involves researching and comparing different online forex brokers or platforms based on factors like exchange rates, fees, security features, and ease of use.
- Create an Account: Once you’ve found a suitable website, create an account there and put in some basic information like your name, address, contact details and the forex currency you want to buy.
- Select Currencies and Amount: Decide on what currency you will purchase and how much of it you require. Below the payment details, you’ll find the exchange rate as well as any associated fees.
- Complete Payment: You can link your bank account or use a debit/credit card if the provider offers this option.
- Finalise and Track: In the last steps, review the transaction information and place the order. You will then be able to monitor the progress of your Forex purchase via your account.
Documents Required
Here are some of the most commonly required documents:
- Valid Passport
- PAN Card (India Specific)
- Proof of Travel (Optional)
- Photo ID
- Bank Account Details
- Completed Application Form
What are The Charges for Buying Forex?
There are different sorts of charges which are usually involved in Forex transactions. Here’s a breakdown:
- Exchange Rate: This is the most fundamental cost, which capture the price at which you obtain the foreign currency per your local currency. Prices can also change within a day’s time hence, always confirm the current exchange rate when deciding to buy.
- Commissions: A few providers may even demand a commission fee along with the exchange rate, especially if you are dealing with an intermediary provider, such as a broker.
- Spreads: The spread is the difference between the buy and sell price of a currency pair offered by the provider. This essentially represents their profit margin. Look for providers with tight spreads, meaning the buy and sell prices are close together.
- Transaction Fees: These are fees you need to pay for processing costs incurred when you make the purchase. They might be a flat fee or a percentage of the transaction amount.
- Delivery Fees: If you’re opting for physical delivery of the currency, there might be additional fees for door-step delivery.
Benefits of Buying Forex Online
Online forex buying offers a multitude of benefits compared to traditional bank methods. Here’s why online forex trading is booming:
- Convenience: Exchange currency from anywhere, anytime, ditching the bank queues.
- Time-saving: No more waiting in line. A few clicks, and you’re ready to travel.
- Cost-effective: Online platforms often offer competitive exchange rates and lower fees compared to banks.
- Transparency: Real-time quotes and transaction fees let you make informed decisions.
- Security: Reputable platforms prioritise secure transactions.
- Speed: Transactions are typically processed quickly, ensuring you have your currency on hand.
- Variety: Trade a wider range of currencies compared to what your local bank might offer.
Types Of Currencies Supported
The exact currencies supported for online forex buying can vary depending on the provider you choose. However, here’s a general idea:
- Major Currencies: These are the most commonly traded currencies globally and are virtually guaranteed to be offered by all reputable providers. This includes currencies like:
- US Dollar (USD)
- Euro (EUR)
- Japanese Yen (JPY)
- British Pound (GBP)
- Swiss Franc (CHF)
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- Minor Currencies: These are less commonly traded currencies but are still offered by many providers. This could include currencies like:
- Singapore Dollar (SGD)
- New Zealand Dollar (NZD)
- South African Rand (ZAR)
- Mexican Peso (MXN)
- Chinese Yuan (CNY)
- Exotic Currencies: These are less frequently traded currencies specific to certain regions. Their availability might be limited to specialised providers. Examples include:
- Thai Baht (THB)
- Czech Koruna (CZK)
- Hungarian Forint (HUF)
- Polish Zloty (PLN)
Why Choose Unipay for Your Forex Needs?
For first-time travellers and individuals who are new to travelling abroad, Unipay offers an easy and customer-centric approach to buying forex. So, even if you have little to no knowledge about how to buy or when to buy forex, our expert consultants are ready to assist you in every way possible.
Here are a few reasons why we are considered the top forex service providers in India:
- Expert Guidance: Unlike some impersonal online platforms, Unipay Forex offers the advantage of consultant services. Our team of forex experts can guide you through the process, ensuring you get the best exchange rates at an affordable cost.
- Tailored Solutions: As consultants, we understand a one-size-fits-all approach doesn’t work for forex. We take the time to understand your specific needs and recommend the most suitable currency options for your situation.
- Convenience at its Finest: We offer the ultimate convenience of doorstep delivery. Eliminate the hassle of picking up currency – we bring it directly to you.
- Competitive Rates: We strive to offer competitive exchange rates to ensure you get the most value for your money.
- Transparent Fees: No hidden charges! Our fees are clear and upfront, allowing you to plan your budget effectively.
- Secure Transactions: We prioritise the security of your transactions with robust encryption and fraud prevention measures.
- Streamlined Process: Our user-friendly platform and expert guidance make the forex buying process smooth and efficient.
So, skip the bank lines! Unipay Forex makes buying Forex easy. Save time, save stress, choose us. Ready to get started? Contact our forex consultants today!
