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Customers will no longer have to struggle to find the actual Singapore Dollar exchange rates today in Chennai. This is because most websites only provide the base rate or the interbank rate on their websites. With BookMyForex now in the market, this is no longer a challenge. It is the only website in India that provides live and real time Singapore Dollar exchange rates today in Chennai. So customers can either buy forex at live rates or select the “Freeze the rate” option on our website to lock-in the Singapore Dollar exchange rates today in Chennai and exchange their currency at that rate within three days. We also offer other forex related products that include SGD currency notes, SGD forex cards, SGD traveler’s cheques, as well as money transfer and remittance services through SGD wire transfers and SGD demand drafts. Orders are delivered at our own branches or at the branches of our banking partners – ING Vysya bank and Axis bank.
While BookMyForex’s charges are based on live rates, other currency exchangers base their charges on ‘daily rates’ or “today’s SGD rate in Chennai” which are much higher. Charging “today’s SGD rate in Chennai” provides a cushioning effect to avoid incurring losses due to SGD price fluctuation in the market because just like stocks SGDs are also traded electronically across the globe like any other financial security. Being a technology company our offerings go beyond the standard “today’s SGD rate in Chennai”. Other foreign exchange dealers in Chennai are simply exploiting the customers through the concept of a static “today’s SGD rate in Chennai. Most money changers charge a fixed rate for a particular currency on a given day, whereas actually the SGD rates fluctuate constantly all through the day, as is the case with stocks in a stock exchange. In the name of “today’s SGD rate in Chennai”, most currency exchange companies charge higher rates for forex so they can cushion themselves in case of losses owing to SGD price fluctuation.
The foreign exchange market in India is fairly disorganized and there are several loopholes in the policies governing the market. Mr. Sudarshan Motwani, our CEO, who was earlier heading the foreign exchange division in HDFC Bank and ING Vysya bank, had established BookMyForex with a vision to revolutionize the forex market and make it more streamlined. Our services are already available across India.
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