With more people showing interest in currency trading, the foreign exchange market of India is blooming. However, fraud and unauthorised enterprises for currency trading and money remittance are rising too. As a result, many have lost their hard-earned money by falling prey to cheat funs and data breaching. Since risks associated with this sector are increasing, it has become quite difficult to find reliable money transfer services in Punjab. The reasons why many are sceptical about availing of money transfer or currency exchange services are -
- Cancellation of transactions without any refund
- Third-party intervention and data breaching
- Cheat fund
- Delayed transaction (normally it takes five to seven business days, many companies even transfer money within one to three business days too)
Bid adieu to your anxiety by opting for the best and reliable money exchange service near you. Consider the following factors to find the most reliable one -
1. Authorisation with the RBI - One of the ways to make sure that you are putting your money in the safe hands is finding an RBI authorised money transfer/currency exchange dealer. The reserve bank of India regulates the activities of the foreign exchange market of India. To check a company’s authorization with the RBI, check whether it has the certificate of “Full Fledged Money Changers” or not.
2. The difference between the Real-Time Forex rate and the rate provided by the dealer - Another important factor to consider to find dealers of the best currency exchange in Punjab is rates. The real-time forex rate is provided to the customers without adding any mark-up of the profit margin by the provider. Banks and other authorised financial institutions generally add a sum as their profit to the existing rate. It is not illegal. However, many financial institutions charge steep amounts, which are unreasonable. It is best to check and compare conversion or remittance rates provided by different banks and forex companies.
3. Market Reputation - Choose a company that is serving for more than ten years in the market. Read customer experiences through different utility and search portals. You can find reviews on companies’ websites too. A newly launched company is likely to charge higher than that of the existing ones. Moreover, time for money transfer and rates matter too.
4. The ongoing fluctuation rate - The foreign currency exchange market is an extremely volatile market. The conversion rates are supposed to change every three seconds. If you want to invest in currency trading, you should be aware of the ongoing rates on a particular day you will be trading.
Role of RRSB in being one of the best currency exchanges in Punjab
RRSB Forex started its journey when India was still under British rule. Started in the year 1912, the company is a century-old legacy of trust. Alongside RBI authorisation, the company offers lucrative rates, rewards and fast remittance services. They offer a currency trading platform, insurance and loan services. Clients get to choose from more than 30 different foreign currencies. Most importantly, they have a customer care team who are available at their customers’ convenience. Any kind of queries and complaints are resolved promptly. The most important feature of all is their online forum where they update their rate chart on a daily basis. Their online currency trading platform is easy to access and operate. Above everything, it is the trust and reputation they have achieved over the years, which have made them one of the premium service providers of money remittance and currency exchange.
For opting money transfer services in Punjab, never compromise by choosing an unauthorised enterprise that is offering you a lucrative deal. Your hard-earned money should not go into the wrong hands. Stay aware of frauds and invest wisely.
Summary - Are sceptical about availing of money transfer or currency exchange services? Stay aware of frauds. Choose an RBI authorised enterprise, compare rates and see a market reputation. RRSB Forex has a century-old reputation and lucrative deals to offer.
Aug 28 2021