A currency rate card basically reflects buy or sell rates of various currencies in terms of the home currency. So if you want to check Brithish Pound rate in India in terms of Indian Rupee, you can check the live rates by visiting the currency rate card. This article aims to explain concepts related to exchange rates in India along with the currency rate card.
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Exchange rates basically represent the value of one currency in terms of some other currency. So if suppose you want to buy a US Dollar, the amount of rupees that you need to pay to buy a US Dollar would be called as USD-INR exchange rate. Currency exchange rates or Forex Rates also represent the relative economic strength of a country in the international markets.
Currency can be either bought or sold in the forex exchange rate market. However, you can execute the buy/sell transactions through various modes such as cash, forex card, traveller’s cheques or wire transfers. A currency rate card basically shows the buy and sell rates of various currencies in terms of home currency for each mode of transaction. So if you want to buy Canadian dollars by loading your forex card, you can check the buy rates of Canadian dollars in prepaid forex card (CAD-INR) section of the currency rate card which reflects the live exchange rates.
Though you can buy 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.
Currency exchange rates keep on fluctuating all across the day based on supply and demand factors of the currency. However, you can save yourself from such complexities by locking in your transaction. When you complete your forex rate transaction the prevailing exchange rate gets locked in and your foreign exchange gets delivered to you on that locked-in exchange rate irrespective of how the forex rates move thereafter. So for example, if you have placed an order at BookMyForex to load your forex card by $1000 at a particular exchange rate, your card will be added with the same value at the same cost irrespective of the further fluctuations that may happen on USD-INR exchange rate.