HSBC Bank Forex Rates 08-05-2023
HSBC Bank Forex Rates
HSBC Bank Foreign Exchange
How to exchange foreign currency
1: Exchange currency at your local bank
This is one of the easiest ways to exchange currency. Many authorised dealers sell foreign currency, so you can place an order and pick it up from your local branch.
2: Withdraw from your bank’s ATM while abroad
You can use your debit card to withdraw from ATMs at international locations for local currency, but it might cost you extra. You also need to activate your debit card for international usage beforehand. Contact your bank to know more about the availability of such feature and related charges.
Tip: minimise the transaction fees charged by withdrawing larger amounts in one go, instead of making smaller, frequent withdrawals.
3: Buy foreign currency online
There’re different vendors offering this service. Log on to the website of your preferred vendor, choose the required currency, specify how much you need and make the payment in your local currency. The vendor then sends the foreign currency notes directly to your address.
Though convenient, this may not always be the best choice, as it incurs delivery fees, transaction charges, and sometimes poor exchange rates.
4: Use currency exchange vendors at airports, hotels and other tourist spots
Most international airports, hotel chains, and famous tourist spots have currency exchange desks with currencies available at a specified rate.
This also might not be the best choice, since their rates are often poor and the exchange desks may not accept your currency.
5: Buy a prepaid travel card
Prepaid travel cards often appear on tutorials on carrying money abroad from India. Though there could be withdrawal limits and daily transaction limits, you don’t need to carry foreign currency in cash and if the card is lost or stolen, you can report it just like a lost credit card.
What Is Foreign Exchange (Forex)?
Foreign Exchange (forex or FX) is the trading of one currency for another. For example, one can swap the U.S. dollar for the INR.
A foreign exchange rate is the price of the domestic currency stated in terms of another currency. In other words, a foreign exchange rate compares one currency with another to show their relative values. Since standardized currencies around the world float in value with demand, supply, and consumer confidence, their values change relative to each over time. For instance, one US dollar in 2011 was worth about .68 Euros. In 2014, one US dollar is worth .75 Euros. This means the dollar has increased in value over this three-year span, but the Euro is still 25% more valuable
The forex market is the largest, most liquid market in the world, with trillions of dollars changing hands every day.1 There is no centralized location, rather the forex market is an electronic network of banks, brokers, institutions, and individual traders (mostly trading through brokers or banks).
Explanation of Terms:
T.T. Buying -Rate at which a Foreign Inward Remittance received by Telegraphic Transfer, Foreign DD or Foreign Cheque is converted into Rupees. In respect of Foreign DDs & Cheques, interest/charges at the ruling rate will be deducted towards transit period/collection as per FEDAI guidelines.
T.C. Buying – Rate at which Foreign Currency Traveller’s Cheques are bought from the customer.
Currency Buying – Rate at which Foreign Currency Note is bought from the customer.
T.T. Selling – Rate applicable when a customer sends an outward remittance through Telegraphic Transfer or through Issuance of Demand Draft.
T.C. Selling – Rate applicable when a customer buys Foreign Currency Traveller’s Cheques from the Bank. The same will be arranged through TC issuers.
Currency Selling – Rate applicable when a customer buys Foreign Currency notes from the Bank. This is however, subject to availability of currency notes at the Branch concerned.
Note: All Rates Displayed below are directly taking from respective websites of bank, For more exact details, Please contact Concern Bank.
HSBC Bank Forex Rates
How To Calculate GST on foreign Currency Conversion – Calculate GST on Inward Remittance
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