A Comparative Analysis Between BookMyForex and Other Money Changers:
| Parameter |
BookMyForex |
Banks/Money Changers |
| Exchange Rate |
At Live Rates (Dynamic) |
At Fixed Rates |
| Exchange Rate Margin |
Low |
High |
| Online Order Facility |
Yes |
No |
| Doorstep Delivery |
Yes |
No |
| Rate Alert Feature |
Yes |
No |
| Branch Visit |
No |
Required |
How to Convert KRW to INR at BookMyForex?
In order to buy/sell South Korean Won or convert INR to KRW at BookMyForex, you can follow the following steps:
- Step 1: Visit BookMyForex website and enter the currency and the amount that you want to exchange. In this case, you can select INR and KRW as the currencies.
- Step 2: Share your basic travel details like travel destinations, the number of people travelling, purpose of travel, etc. and upload the RBI mandated KYC documents.
- Step 3: Make an online payment of the amount to be converted and get confirmation on completion of your order.
- Step 4: Once you get the confirmation, you are eligible to get the foreign exchange currency. The next step is to either opt for a door delivery or visit the nearest store to collect the currency.
What Are the Benefits to Exchange KRW to INR with BookMyForex?
BookMyForex can be your one-stop solution for your entire foreign exchange requirement. Now get away with all your worries about currency requirement with the doorstep delivery facility of foreign exchange with BookMyForex.
- Book Your Order at Live Rates:
BookMyForex provides you with the facility to book your foreign exchange order at live rates. Banks and other money changers provide foreign exchange at a fixed rate for the day in the name of “Today’s KRW Exchange Rate”. Since, currency exchange rate market is highly volatile in nature, fixing the rate for the whole day forces them to fix forex rate at a higher margin.
While BookMyForex allows its customers to book the foreign exchange at live rates which are very close to the interbank rates and passes the benefit of lower margins to its customers in the form of lower exchange rates. You can book your currency order at any favourable point of the day in terms of currency exchange rate reflected on our live currency rate card.
- Lock Rates for 3 Days: In case you are not sure about the movement in the exchange rate, you can lock your rates when you think it has hit the lowest level or touched the level you want to buy on. You can hold this rate till 3 (T+2) working days! To avail this service, you just have to pay 2% of the transaction value in advance, which will be refunded once you complete the transaction. If the currency rate turns highly unfavourable to you in T+2 working days, you can cancel the order by just paying the 2% advance.
- Get Continuous Rate Alerts: Keep a track on the rates with our rate alert services. BookMyForex rate alert feature will notify you when the rates reach the preferred level as set by you. Use this feature to your advantage and save yourself from constantly checking the exchange rates.
- Special Discount for Students: BookMyForex encourages students who are travelling abroad to complete their higher studies by offering special discounts on the education-related remittance or purchase of travel card. We know finances matter, so this is our little way of showing concerns.
- Lowest Exchange Rates: To beat the stiff competition in the market and serve the customers well, BookMyForex is providing the lowest KRW exchange rate in the currency exchange market.
- Offers and Discounts: Our customers are an integral part of our business so we keep working to enlighten them with great deals and offers. One such example of our unique concept is Zero-Margin Campaign.
Q1. What are the documents required for currency exchange in India?
The foreign exchange market is regulated by the Reserve Bank of India. As per the guidelines, the following documents are required to convert KRW to INR or any other foreign exchange in India:
- Passport
- Visa
- Air Ticket
- PAN Card
In order to provide a seamless experience to its customers while buying foreign exchange, BooKMyForex provides the facility to upload these documents online with the comfort of your own home.
Q2. How much Indian Rupees that I can convert into South Korean Won (KRW) in a year?
As per the Liberalized Remittance Scheme (LRS) of the RBI, resident individuals are allowed to remit the US $ 2.5 lakh or its equivalent in a financial year. However, this is the cumulative limit of foreign exchange conversion in a financial year. Suppose you have already transferred US $ 1 lakh as remittance to some foreign country in the current financial year, then you are eligible to convert US $ 1.5 lakh in the year which is the residual amount of LRS limit.
Q3. Why should you buy your forex online?
Though you can buy the foreign currency from multiple places such as from the nearest bank, local foreign exchange vendor or even airports. However, it may cost you higher because of inherent fixed costs involved with these foreign exchange avenues.
On the other hand, if you buy or sell your foreign exchange online through a trusted source such as BookMyForex, it not only saves you money but also provides you with the benefit of executing your transaction from the comfort of your home. Further, you can check the live currency exchange rate online and lock your transaction at a particular exchange rate.
