BookMyForex.com introduces City Wise Rates across All Cities in India. Thanks to this new development you can now see the best rates across all forex products in any city in India in real time. We’re now able to source exchange rates from hundreds of currency exchange and banking locations in every city and automatically show you the best live exchange rate in your area. This development comes as a replacement of our recently launched feature of city wise discounts. We’re now able to build in these city discounts directly into our rates so you don’t have to drudge through the process of calling us and asking for a discount. With this new feature you can simply book an order on our site and be sure of getting the best deal. You can even freeze the best live rates in your city, set a rate alert for the best rate in your city and get all that BookMyForex goodness that you’re used to otherwise.
Forex rates vary inherently by geography and it is therefore important to have separate rates for every city. There are several reasons responsible for this variation all of which are described below:
Rate impact from demand and supply: Currency rates depend on demand and supply. The most common supply of foreign currencies in India is via inbound travelers who bring foreign currency with them. There are many foreigners, NRIs and returning Indian visitors that bring large amount of common currencies such as US Dollars, Euros, UK Pounds etc. and hence there is much better supply of these currencies in India as opposed to Thai Baht, UAE Dirhams, South African Rand etc. where the main supply may only come from returning Indian tourists. Similarly, outbound travel to certain countries such as USA, Europe, Canada is high and that too impacts the rate of cash currencies of these countries.
Seasonal impact: Come winters, people flock to destinations like Thailand, Dubai, etc. This creates shortages for currencies like UAE Dirhams, Thai Bhat etc. and hence these currencies are available at very high premiums in winters.
In summers very few NRIs or Foreigners visit India while too many Indians travel overseas and hence most currencies are sold on higher premiums in summer months and on discount in winters when the situation reverses on account of fewer Indians visiting overseas and more NRIs and Foreigners visiting India.
Regional impact: Major source of cash currencies is foreigners and NRIs. Further there are specific cities in India where NRIs are settled. For example, there are many NRIs from US, UK and Canada that visit various cities of Punjab, Gujrat and metros and while there are large numbers of NRIs from Middle East that visit Kerala and other parts of South India.
Hence the cash currency rates for US Dollars, UK Pounds and Canadian Dollars are much lower in Punjab and similarly rates of cash currencies for UAE Dirhams or Saudi Riyals are lower in Kerala. On the same lines cash currencies are more expensive in cities like Bangalore, Chennai and Mumbai.
How does BookMyForex.com City Wise Rates benefit customers?
BookMyForex.com is India’s first and largest market place for foreign currency products that tracks the best currency rates across several forex companies and banks in each city in real time and transparently exposes these rates to you.
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Note: While this feature helps you determine the best rate for cash currencies across every city in India, the cheapest and most recommended way to carry foreign currency is still by using Forex Card. Forex cards have no availability issues and the demand/ supply issue doesn’t exist at all in forex cards. BookMyForex.com now offers zero cash withdrawal charges at ATMs in 18 most popular currencies. Forex cards can thus provide sizable savings of 1 to 3% of your forex spend.
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