The Currency exchange market in India is riddled with several flaws and it is for exactly these reasons that BookMyForex.com was brought into existence. Although these services are available and extremely commonplace in every part of the country, certain practices and norms of this industry are designed to rip the common man off.
We wanted to address one of these extremely common, yet deceptive practices today, namely that of having a fixed currency exchange rate for the whole day. The term “currency exchange rates today” has become extremely commonplace and is used by both money changers and customers alike. It’s almost like everyone who’s in the foreign exchange business is supposed to have a single rate for every currency every day and the lack of the same is found by many to be extremely surprising. In fact, we’ve faced many a customer ourselves who was dumbfounded to hear that we operate on live rates. As hard as it might sound to believe, the concept of today’s currency exchange rate is simply a myth. Foreign exchange markets, similar to any other market that is traded electronically, are live and the rates of every currency pair changes in real time, sometimes several times a second! The fact of the matter is that even though dealers might provide a fixed “currency exchange rate today” to their clients, they themselves settle their foreign exchange positions at live and real time rates with the banks and other foreign exchange firms.
The question that arises is what do these money changers do in case the market moves against them. As is obvious, no one is in business to make losses and the only way dealers can avoid making losses is by padding their so called “currency exchange rates today” with enough margin to avoid making losses even on the worse day. Resultantly, most money exchangers keep their margins anywhere from 2% – 10% over the live rates and it is for exactly this reason that customers are offered a less than optimal deal by most currency exchange companies.
The concept of “currency exchange rates today” was designed to keep things economical and to pinch an extra penny off the customer. The commonplace money changer lacks the infrastructure or ability to display, quote or book foreign currency at live market rates since such an arrangement requires having access to expensive data connections and complex banking relationships that allow you to control foreign exposure risk in real time.
BookMyForex.com is the first online platform that provides customers in India the ability to book foreign currency at live rates in order to obtain the maximum savings. Our exchange rates are completely transparent and always available on our site. Check out BookMyForex for further information.