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Customers looking for forex rates have to constantly struggle to find the actual US Dollar rates today in Chennai. This is because most of the rates you see online are just interbank or base rates, which aren’t actual currency exchange rates. But now live and real time US Dollar exchange rates today in Chennai are available 24*7 on BookMyForex’s website for all to see. Customers can buy/ sell their currency at live rates or at a rate they can ‘lock-in’ using the “Freeze the rate” option on the website to avail the best US Dollar exchange rates today in Chennai. Our other forex related products and services include USD forex cards, USD traveler’s cheques, money transfer and remittance services. Product delivery is done at our branches or at all Axis Bank and ING Bank branches, our nation-wide banking distribution partners.
While BookMyForex’s charges are based on live rates, other currency exchangers base their charges on ‘daily rates’ or “today’s USD rate in Chennai” which are much higher. Charging “today’s USD rate in Chennai” provides a cushioning effect to avoid incurring losses due to USD price fluctuation in the market because just like stocks USDs are also traded electronically across the globe like any other financial security. Customers are simply being taken for a ride and exploited, when foreign exchange dealers base their forex rates on “today’s USD rate in Chennai”. Little do customers know that in the the name of “today’s USD rate in Chennai”, the rates charged by the currency exchanger are higher because they have to protect themselves from any losses owing to USD price fluctuation on account of the USD being traded globally just like any other financial security. In the name of “today’s USD rate in Chennai”, most currency exchange companies charge higher rates for forex so they can cushion themselves in case of losses owing to USD 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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