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 for buying 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.
Buying Forex Currency Online
Initiating the online forex buying process typically involves these steps:
Pick a Trusted Provider
The market offers plenty of choices with many companies available and competition growing rapidly. You need to pick the right one though. To do that, research and compare online forex brokers or platforms by looking at things like fees, exchange rates, security, and how user-friendly they are.
Sign Up for an Account
After choosing a platform that works for you, make an account. Share some of your basic details. Also share the forex currency that you want to purchase.
Select Currencies and Amounts
Figure out what currency you will purchase and how much of it you need. 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.
Click here for detailed steps to buying foreign currency online.
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
Charges For Buying Forex Currency Online
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 captures 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.
- Commission fees: Some companies might add a commission along with the exchange rate when using brokers or middlemen.
- Spreads: Companies decide spreads, which is the difference between the price to buy and the price to sell a currency pair. This shows how much profit they make. Search for companies with smaller spreads where the buying and selling prices are close.
- Transaction Fees: Every time you buy something, you cover the processing costs through these fees. The charges may come as a fixed amount or a part of what you spent.
Delivery fees apply if you want the currency sent to you , and you may need to pay more to get it delivered to your address.
Benefits of Buying Forex Currency Online
Online forex buying offers a multitude of benefits compared to traditional bank methods. Here’s Why online forex trading is flourishing:
- Convenience: You can exchange currency from anywhere, at any time. This is helpful since you avoid long bank lines.
- Saving time: You won’t wait for hours. Just a few clicks and your travel plans are ready.
- Saving money: Online forex trading offers better exchange rates with lower fees than most banks.
- Clear information: You are able to view up-to-date quotes and fees. This transparency helps you make better decisions.
- Security: Trusted platforms focus on secure transactions.
- Speed: One of the best features of online transactions is that they usually process quickly. In no time you have your currency ready.
- Variety: You can trade a wider range of currencies than what your local bank might provide.
Types of Currencies Supported
The specific currencies available for online forex buying can vary based on your chosen provider. Here’s a general idea:
Major Currencies
The main currencies are those that are traded the most across the world. Trusted providers make sure to include them. This list 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
Some lesser-used or minor currencies might also be available from various providers. These can include:
- 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?
Unipay makes buying forex simple and user-friendly for people traveling overseas for the first time. Even if you know little or nothing about purchasing forex or timing it right, their expert consultants provide support at every step.
Here are some reasons why people say Unipay is one of the leading forex providers in India:
- Expert Guidance: Unlike some online platforms that seem impersonal, Unipay Forex lets you work with consultants. Our forex team helps you navigate the process so you can get great exchange rates without spending too much.
- Customized Plans: All requirements are different. We understand that a single approach can’t suit everyone’s forex needs. Thus we focus on your unique situation and suggest the best currency options that are suitable for you.
- Doorstep Delivery: We help you skip making the unnecessary trip. We deliver currency right to your home making the process simple and easy.
- Great Rates: We work on your needs diligently and offer you the best exchange rates that help you get maximum value.
- No Surprise Charges: We are absolutely sure to keep our fees upfront and clear. Rest assured and set up your budget without making guesses.
- Safe Transactions: We make sure your transactions stay secure with strong encryption and safeguards against fraud.
- Simplified System: Our easy-to-use platform and professional support help you buy forex without hassle.
Why wait in long bank lines? Unipay Forex offers a simple way to purchase forex. Save your time and energy. Want to begin? Reach out to our forex experts now!
