Foreign exchange market today is a well developed and actively traded market in the world today. There are various services related to foreign exchange that are available worldwide. These services make dealing in foreign exchange easy in one way or the other.
The various foreign exchange services available in India are:
Transaction Process Outsourcing
Transaction Process Outsourcing works with the target to help companies and organizations minimize their cost of transaction in the less-transparent forex markets.It enables B2B clients to outsource complete rate booking activity with their banks to dealers in the foreign exchange markets to ensure zero pilferage in terms of rates offered by their banks.
In turn, clients get complete information on their transactions including – Voice recordings of the trader’s discussion with their bank, exact time of transaction, corresponding charts etc.
Rate Audit allows guests to check forex margins/spreads on past transactions done with their banks. It is the initial step in the correct direction for users and clients to verify revenue pilferage from forex transactions. Users can check forex rates for Cash/Spot/Forward/Cancellations using Rate Audit function
Rate check service allows traders and firms to check exchange rates in real-time while dealing with the banks. The tool in Application allows users to check rates for nearly all transactions done by clients in India – Including Cash/Spot/Forward/Forward Cancellations/EEFC Conversion and Export Bill discounting transactions.
Money exchanging is a common service available these days. There are many financial institutions and firms that are Full-fledged money changers licensed by RBI and offer their services to clients in various regions of the country. Users can buy/sell foreign exchange, buy multi-currency prepaid forex cards which is available in 16 currencies and transfer money online with the help of portals.16 currencies including USD, GBP, EUR, GD, AUD etc. are available in the forex cards. Foreign exchange currency notes are available and can be availed in about 40 different currencies traded in the forex markets.
Transaction Forex Risk Advisory
Companies, firms and big investors today require professional assistance to manage high volatility in forex markets. Such Forex Advisory Services are provided by some foreign exchange dealing organizations and institutions. A client can seek online advisory without paying monthly/annual retainer charges. The service enables clients i.e. traders, investors and firms to seek advisory on Fundamental and Technical analysis in foreign exchange markets.
Traders and people in the field of international trade can fetch trade finance services from various institutions that help to get credit at reduced costs and help to avail the best deal in the market. The foreign exchange service of trade finance permits users to place orders with the dealers in this field, get documents, track funding, get updated and manage the trade transaction easily.
Read more about Foreign Exchange Risk & Exposure