The problem with most Online currency conversion sites:
We get hordes of customers calling in everyday requesting to receive their foreign exchange at rates they picked up on XE.com, x-rates.com etc. And every time, we have to spend approximately 5 minutes trying to explain to them the difference between the rates shown on these sites and the rates they find on our site. So we thought we’d go ahead and write this post to help clear things up a little.
BookMyForex.com operates primarily as a currency exchange service and our services are catered to give the best currency rates to our retail customers. Our rates are real-time market rates sourced from an Indian data provider which in turn is tied up with all major Indian banks. Foreign exchange rates, like any other financial product, are a function or demand and supply and differ by country. Most online currency converter sites don’t use Indian data providers to source their rates and that is why they can never be as accurate as our rates.
Additionally, and most importantly, it bears mention that our rates are retail rates, which is another major difference between rates that are shown on our site and the rates that are shown on most currency converter sites. The rates on our site are rates that you as a customer can actually buy or sell foreign currency at. Most currency converter sites show what are called interbank rates (common misnomers include RBI rates and RBI interchange rates). Interbank rates (IBR) are rates at which banks deal with themselves. They are super-wholesale rates, as in these rates aren’t even offered to wholesalers (like big money changers) let alone retail customers.
BookMyForex guarantees to provide the best retail currency exchange rate amongst all money exchangers and we strive to show you these best rates live on our site 24x7x365. Our extensive market research shows that we offer the most competitive rates compared to any currency exchange in Delhi or in any other part of India. So please book your order with complete confidence, knowing that we are doing our best to provide the most value to you.
About the Author
Manik Varshney is the AVP - Processes, Compliance & Product Management at BookMyForex. Manik has been building the product at BookMyForex for around 8 years. Be it any query on the tax rules on foreign money transfers or forex cards, Manik is our usual go-to-guy.
