The U.S Dollar is the most traded currency of the world, also the most popular one. It also features in one of the most converted currencies. In India, the U.S Dollar is traded, exchanged, sold, and used for various purposes.
If you intend to get the best deal while selling dollars in India, then you need to keep in mind many factors. Firstly, it’s the rate of exchange, which will help you to get the best deal.
The exchange rate is never constant and keeps on changing according to market conditions. The rate that you will get today won’t be the same after one week. It is important to get the best rate so that you get the best price while selling U.S Dollars in India. You need to sell the currency according to the current U.S Dollar selling rate in India.
Currency Exchange: The concept of Demand & Supply
The demand and supply concept is more relevant when it comes to exchanging or selling. Since the dollar is popular around the world, the supply in India is sufficient.
And, due to its high demand, online forex platforms and vendors provide different rates on exchange. Most authorized banks and other money changers apply added charges before exchange.
The customer may end up paying much more than the actual rate. They do not give a fair deal to customers. For the best deal, it is important to stick to options that will guarantee you the best rate.
It is a common thing for banks and money changers to offer a rate that is the same throughout the day. They don’t consider the rates that keep on fluctuating because of market conditions.
As matter of fact, you’ll have to do with the rate they have fixed. Online forex platforms provide flexibility in offering the best exchange/selling rates. Most online forex sites offer a rate that updates on a real-time basis. If you get a low rate, you’ll be able to lock in that rate to get the best deal. The best part about getting an online deal is; there are no added charges for exchange or selling U.S Dollars. There is complete transparency of choice.
Once you are back from your U.S trip, you can sell the leftover money by placing an order on online forex exchange platforms.
Why should you sell U.S Dollars on an online foreign exchange platform?
Most people make digital transactions today because it is easy and convenient. It goes for online forex sites as well. Selling U.S Dollars is much cheaper online as there is complete lucidity in the fee structure.
You’ll be able to sell your currency at an interbank rate online. Most banks have a direct tie-up with online websites that provide quick delivery of money.
Different banks will offer different margins, so you can expect complete flexibility here. The best part about online selling of forex is that you don’t have to pay any additional fees as you do to money changers. Apart from this, you can expect:
- Best exchange rates – When you sell dollars online, you get the best exchange rate. The rates that banks offer are fixed for the day. You won’t get the flexibility that online forex sites offer you. If you want to sell your dollars today, you’ll get a list of rates that will be available on a real-time basis.
Online sites update their rates according to market rates. Suppose, you get a rate that is high for a particular day. You can lock-in that rate and sell off your dollars. This way you’ll get to sell your money for a good price. Exchange rates that online sites offer are low as compared to banks.
- Online Money Exchange – You’re just back from your foreign trip and you have jetlag. If you are too tired to exchange your dollars for Indian currency, then you can choose online forex websites.
Surely, you have the option of visiting your bank. But, this will take time. If you can exchange or sell your money from the comfort of your home, then it’s a more suitable option, right? When you sell or exchange your currency online, you’ll get added benefit. Without leaving your home, the cash will get delivered to your bank account online. It is a much feasible way to sell your U.S Dollars.
- Rewards – People love doing online shopping today as most online shopping platforms provide tons of rewards and cashbacks. What if you get the same deal with your leftover dollars that you haven’t used on your trip?
Most online platforms give you the convenience of selling off your U.S Dollars and getting cashback or rewards. This means if you sell it off online, you’ll get discounts on your shopping. It is not a bad deal especially if you are a compulsive shopper. Some online forex sites also provide cashback on the selling of foreign money.
The use of Forex cards and Transfer to Banks
Once you use a forex travel card, you don’t have to worry about your money. It is a multi currency card that can be used anywhere in the world. However, any balance that is unutilized on the card can be reused. The best part about the forex card is; you don’t have to surrender it. You can use the money for your future international trips.
If you intend to transfer money from a forex card to a bank account, you’ll be able to do that with no extra effort. Head to your bank and request a transfer of leftover balance in your forex card directly to your bank account.
Procedure to sell U.S Dollars in India
On the online forex website, you need to enter the city, along with currency notes you want to sell and the forex rate. Once you know the amount, you’ll be able to complete the transaction.
You can save up to 2 to 6 percent by selling U.S Dollars online. The best part is that online selling gives you the convenience to make transactions online without stepping out of your home.
The rate that you can lock-in online is reliable as they keep updating on a real-time basis. Most online sites also give you the advantage to lock in the rate for two to three days. You’ll be able to choose the lowest possible rate for selling dollars in India.
Gone are the days when you had to wait to sell or exchange U.S Dollars in India. Today, you can do it at any moment from the comfort of your home and get the best deal possible. Choose the best online foreign exchange platform to get a fair advantage and save as much money as possible. You get the live rates unlike banks which will give you the option to sell US Dollar at a fixed rate. Selling of forex or leftover U.S dollars is not a headache anymore. Enjoy your trips abroad and don’t worry about anything related to foreign currency.