The Most Secure Way To Exchange Foreign Currency

To stay safe during a currency exchange transaction, there are multiple precautions you should follow.

First of all, to protect your identity, you should share your personally identifiable data & documents via secure channels only. Avoid sharing your PII data & documents over Email, Whatsapp and other informal channels. A platform like BookMyForex will encrypt your data & documents and also watermark your documents so that they cannot be used for any fraudulent activity.

Secondly, payments for forex purchase should be made in a secure manner. Avoid making payments into bank accounts whose details are shared over Email, Whatsapp or other informal channels. We recommend using a secure payment gateway such as the one found on BookMyForex to complete all payments. Secure payment gateways ensure that you receive a payment receipt instantly after your payment is made and you can be confident of making the payment to the correct beneficiary.

Thirdly, when taking delivery of foreign currency at your home, to avoid impersonation frauds and receiving counterfeit currency, you should verify the identify of the person delivering the forex to you. Ask the delivery person for identification and proof of employment with the forex vendor who is supposed to deliver your forex. When transacting with BookMyForex, the delivery person will share a link with you to accept delivery of the order. On this link, you will need to provide an OTP to confirm that your delivery is complete. We highly recommend that you complete this step after verifying that you have received your currency in full.

Yes BookMyForex’s uses a secure payment third party verified (TPV) gateway to capture all payments. TPV payment gateway terminals are used exclusively by banks and financial institutions to identify the source of funds from where the payment is coming, which is required as per RBI regulations.

Furthermore, we use the most advanced security tools to keep our applications and platform safe. Our application and infrastructure are also thoroughly tested for vulnerabilities and security issues on a regular basis.

Payments made on BookMyForex are routed automatically and seamlessly to the RBI authorized forex dealer assigned for executing your order. The payment routing happens automatically, in a fully secure and compliant manner, through our API integrations with our payment gateway. The respective forex dealer gets full and immediate visibility into your payment as soon as your payment is complete

When selling your foreign currency, you may be required to surrender your foreign currency first and receive the INR funds in lieu of your foreign currency later via a bank transfer effected by the vendor who collected the currency.

Naturally the idea of surrendering foreign currency without getting your INR back at the same time can sound uncomfortable. However, if you take the necessary precautions, you can safely sell your currency without any hassles.

First and most importantly, you must verify the identity of the person delivering the funds to you and confirm that they are employed by the forex partner who is responsible for executing your order.

Secondly you must insist on receiving an invoice for your forex sale at the time of foreign currency surrender.

Thirdly, if you placed your order via BookMyForex, the delivery person will send a link to you to provide confirmation of the foreign currency pickup. We highly recommend that you open this link and enter the one time password (OTP) sent on your registered phone number to confirm delivery of your order ahead of surrendering your foreign currency.

BookMyForex guarantees that you will receive the funds in lieu of your exchange, provided you follow all of the precautions stated above.

BookMyForex guarantees that the foreign currency notes/ bills that you receive via us or any of our onboarded partners will be genuine in nature. Any bill/ note found to be counterfeit would be subject to replacement. Due to the nature of foreign currency as a product, the “Genuine currency guarantee” can only be offered prior to the collection/ acceptance of the foreign currency at the customer’s or the vendor premises. The “Genuine currency guarantee” cannot be availed post collection of the foreign currency. Any note/ bill found to be counterfeit may simply not be accepted at the time of delivery/ collection. Furthermore, the “Genuine currency guarantee” only applies to orders booked on the BookMyForex website/ mobile app and where the delivery has been accepted by the customer via OTP authentication and where an invoice proving successful completion of the order is shared with the customer.

Yes. BookMyForex has taken several measures to keep your personally identifiable documents safe. We use bank grade encryption when storing or transmitting your documents. We also watermark all your documents to ensure that they cannot be used for any other purpose except for the execution of your forex order. Additionally we restrict access to your documents internally to only limited people who need your documents to complete your order.

We highly recommend you upload all documents via the BookMyForex platform and do not share documents via any informal channels such as Emails, Whatsapp etc. in order to leverage the advanced document security that BookMyForex provides.