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Foreign Exchange in India: Here's everything you need to know about it! - Prune

If you're planning to travel abroad for a vacation or work-related purpose for the first time, this is when you need to convert your currency from the Indian rupee to the currency of that country. And there's always a need to seek a trusted source for the conversion. While there are many sources such as banks, money vendors, and airport counters, Prune is your one-stop platform that can handle your forex needs in the best way possible. Our services are affordable, and we help you convert your money promptly. And all of this without you having to wait in long queues and going through an expensive process of forex!

Prune is an online forex platform that is available to you 24/7. It is a safe exchange service that you can book through the app or website from the comfort of your home. So, if you're planning to Buy Forex Online for your next trip abroad, here's everything you need to know about the foreign exchange in India! Read on.

What is foreign exchange?

Foreign exchange is a process of exchanging the currency of one country to that of another country, at the current exchange rates in the market. Foreign exchange or forex is widely used for travelling, making investments, and importing goods. And with digitisation, this is an entirely virtual process that takes place round-the-clock. 

Foreign exchange is a process of exchanging the currency of one country to that of another country, at the current exchange rates in the market. Foreign exchange or forex is widely used for travelling, making investments, and importing goods. And with digitisation, this is an entirely virtual process that takes place round-the-clock.

Factors That Affect Foreign Exchange Rates

The currency exchange rates in India are largely determined by demand and supply. If there is a slump in the demand of Indian currency, it may end up depreciating against other major currencies of the world. Similarly, if there is sharp increase in the demand for Indian currency, it may become stronger against major foreign currencies. While forex seems like a complex process, money can be easily saved by making the right decisions with updated market information.

Why do you need foreign exchange for travelling abroad?

When you're planning an international trip, you require the currency of the country you're travelling to for your vacation or work. You need to convert the Indian rupees to dollars, pounds, or yen, depending on your destination. And Prune is here to help you provide the best foreign exchange service at the most competitive exchange rates available in the market. Other foreign exchange sources such as banks and airports can be an expensive way to convert your currency, but Prune makes the process of booking a forex order easier and more affordable on the app and website.

On the other hand, if you're returning from a foreign country, you might have plenty of unused foreign currency with you. If you don't trade your foreign exchange soon after, it could become non-convertible due to exchange rules and regulations. So you can use the convenient services of Prune as soon as you return to India. We will assist you with forex services and ensure that you get your money converted in just two to three days.

What are the options for currency exchange in India?

If you need to exchange foreign currency in India, there are several options available.

Banks: Foreign exchange through Indian banks is a popular option for most individuals living in India. Banks typically provide a trusted option with a high amount of security to prevent fraudulent activities. While banks will charge an additional service fee, it might be worth it depending on where you’re exchanging your money.

Money Vendors: Among the several methods of buying or exchanging currency, there are a number of authorized money vendors located in most major cities and small towns that offer currency exchange services. These money vendors are authorised by the Reserve Bank of India (RBI) to exchange foreign currencies.

Airports: If you need to change money when you're traveling in India, the airport is the last place you would want to go. Not only do they charge an exorbitant fee, the conversion rate is also low, making it a net loss for you. Online platforms, on the other hand, give a fair rate of exchange and charge their customers at most one percent of their total transaction.

Online platforms: The best way to exchange your currency is by using online platforms. By using online platforms, you can avoid paying extra transaction fees and get better rates on your money. Such platforms provide the most competitive rates and they operate 24/7. Their service is fast and affordable. You can even check the live exchange rates directly on the platform before booking a service.

What are the documents required for foreign exchange in India?

To exchange foreign currency in India, you need these KYC documents to initiate buying/selling of currency transactions:

·  Visa Copy

·  PAN Card

·  Passport

·  Travel tickets  

How can you exchange money online with Prune?

In a time when everything is done on your smartphone or tablet, exchanging foreign currency is no different. It is a simple process to book a currency exchange order on the Prune app and website. Here are the steps you need to follow for forex services on Prune and get the best deal on current exchange rates in India:

Step 1: Visit the website at prune.co.in or download our app from Google Play Store to place a currency order.

Step 2: Select the foreign currency you wish to buy and add your desired amount to exchange.

Step 3: Fill in your information with your travel destination, such as the schedule of your trip, the purpose of your travel, and more. You will have to provide personal documents such as a passport, PAN Card, and visa. After that, you will be able to place the order.

Step 4: Once your transaction is complete, our team will visit you to complete the foreign exchange process.

What are the benefits of exchanging foreign currency with Prune?

Prune is your go-to app and website for safe and timely forex services. Our team keeps a live check on the exchange rates and gives you the best deal possible. Here are the benefits of using forex services of Prune:

Best exchange rates: Our team keeps a close check on exchange rates offered by hundreds of money vendors and banks in your area. After that, we come up with the best exchange rate so that you enjoy affordable and quality forex services from our side.

Online order facility: While banks and other financial institutions require you to visit them and wait in long queues, we offer an online process to buy or sell foreign currency. With just a few taps on your phone, you can book a forex order at any time and from anywhere.

Doorstep delivery: When you book a forex order from Prune, you can have the currency delivered to you in just two to three days.

Better rate request: If you are not satisfied with Prune's exchange rate offering, you can send a better rate request. Our 24/7 customer support is ready to assist you and offer the best exchange rates on our forex services.

Thanks for asking about currency exchange in India. You'll be glad to know that exchanging currency via Prune is the most reliable way to go. Prune online platforms not only operate 24/7 fast services but also offer the best deals around. It's cheaper than other options as well. Another perk is you can check the live exchange rates before booking service directly on our site or mobile app.