What Are Some of the Top Ways to Exchange Foreign Currency in Jalandhar?

Author : Divya Sharma | Published On : 16 Jul 2021

Caught in the web of life, many travels abroad on a frequent basis. On the other hand, there are some who prefer to spend their holidays in foreign destinations. As a result, the foreign currency exchange sector is blooming. Moreover, the foreign currency exchanges in Jalandhar are popular forums for those who like to invest in foreign money. There are many ways to exchange foreign cash in Jalandhar. The difficulty is choosing the right and reliable one. Before knowing those ways in detail, one should be aware that India’s foreign exchange market has two categories - the market for selling currency and the market for buying the same. The first one deals with traders who want to sell the currencies they have bought or acquired previously. The second one deals with them who are eager to buy or invest in the foreign currencies.

Now that you have understood the primary things, here is a list of five ways to exchange foreign currencies in Jalandhar -

  1. A trustworthy bank - The first choice comes to people’s mind when they want to exchange or invest in currencies is a trustworthy bank. Visit any national bank you have an account in and ask them about the rate they offer. If that offer sounds convenient to you then go for transactions with that bank. Along with foreign exchange you can opt for sending money abroad from Jalandhar from that bank too. However, you should keep one thing in mind that you might not get the best deal. Since selling and buying foreign currencies are not prime businesses of a bank, they do not provide a lucrative offer generally.
  2. Foreign exchange or Forex companies with RBI authorization - One of the best ways to exchange money in India is through a forex company that has RBI authorization. An RBI authorized money changer will provide you with an attractive rate. Before availing yourself of their service make sure to check whether they occupy Full Fledged Money Changers license or not. To send money abroad from Jalandhar, you can choose for this option as well. You do not need to have an account to get the transaction. The procedure on the other hand is the same as that of any national bank.
  3. Any foreign bank branch - If you are someone who goes on travelling to foreign destinations more often, this option would be perfect for you. If you have a perfect country in mind where you go often, then creating an account in a bank of that country would not be a trouble for you. You can opt for this option since you can get discounts and many other added benefits because you will be an account holder.
  4. Currency Exchange at the airport - This is the place where people rush for exchange at the eleventh hour. You might not get a very handsome exchange rate, but this place is your last-minute saviour. Since airports are the main gates of trespassing, mainly the travellers prefer to have transactions from here. You would not lose anything by doing transactions here because they work like the banks. Neither you will be getting any special rate nor any added benefits.
  5. ATM Withdrawals - This is, another convenient way of doing foreign currency exchange through ATM. Simply with your debit card of the special country of residence and withdraw your required amount. However, the banks generally cut extra charges for service fees in these procedures because of offering transactions overseas.

These are some of the most convenient ways of doing foreign currency transactions in Jalandhar. It is however recommended that you should go for the foreign currency exchanges in Jalandhar. You will get better rates and other benefits. As suggested above, choose one who has proper RBI authorization.