Tips on how to get the best exchange rates on transferring money between India and Australia
In spite of so many drawbacks and faults of exchange rates, India is gradually rising its head up as one of the fastest growing currency giants of the world. With an annual turnover of nearly 400 billion Dollars annually, India has been able to create a niche in the economic sector of the entire global economic platform. This sum of 400 billion Dollars does not include the transactions between the banks of the country. As mentioned earlier, with so many setbacks, the area of foreign exchange in the country is witnessing a continuous growth. According to the latest financial report submitted by the Reserve Bank of India, the turnover of 2017, in the last financial year, came out to be in the figures amounting to nearly 159 million Dollars in the inter-banking sector, and nearly 70 billion Dollars without the inter-banking sector.
The currency swap is the basic criteria of the spot forwarding transactions. The financial market comprises of the sellers, buyers agents, and intermediaries of Indian Foreign Money Exchange. India’s financial capital, Mumbai is the hub of the exchange market of the country. Other than this city, the other areas of the vital foreign exchange services are Kolkata, Bangalore, Delhi, Pondicherry, and Cochin. In all of these places, the processes of foreign money exchange are done.
A few years back, due to the lack of proper infrastructure, it was difficult for the Indian Monetary Market to establish proper means of communication with foreign financial markets. But now, with the introduction of modernized technology along with high-speed internet, the forex trading centers of India’s financial markets are together working on the collective basis. This entire market is controlled by the Reserve Bank of India with the help of the Exchange Control Board. A portion of assistance is also offered from the side of Exchange Dealers Association or the FEDA when it comes to the regulating the practices of foreign trading within the perimeters of the country. The dealers of the foreign currency exchange are certified by RBI before they can take part in the trade for the Foreign Exchange of India.
How can you get the best exchange rates in currency exchange between Australia and India?
Not only Australia, but India offers the best rates of exchanging money between any countries. You all know that the very phenomenon of transferring money from one country to another comes with so many different complications, which cannot be avoided at any chance. But, even after following the protocols, India can offer the best rates to an individual who wants to send money to another country. It is crucial for you to know in this case that the transferring of money includes two basic costs – the advertised charge which includes the fee for carrying out the transaction and a hidden charge. The Hidden charge is usually the amount which does not have any given competitive rate of exchange. This is no doubt, a great malpractice in the Indian economy, where the dishonest money traders advertise by claiming that they do not have any fund transfer fees. They get hold of the customers with this false motto and then offer them a scheme where the customers have to pay a huge amount of money. These companies curb out a fair amount of money from the entire amount to be sent. So to get the best rates, you simply have to know the rates of the money yourself and then take help from a financial exchange center who are popular and branded and also reliable. These financial centers can very much give you the best rates of exchange when you want to transfer your money to Australia or other different countries.