South Indian Bank Forex Rates 08-05-2023
Daily Forex Rates South Indian Bank
South Indian Bank Forex Rates Here
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.
Foreign Exchange
Advisory services on FEMA and Trade Finance activities shall be provided through the Cell to the general public.
Bank’s customers as well as general public can avail the service of Foreign Exchange Advisory Cell at Treasury Mumbai and International Banking Division, Kochi.
TRAVEL CARD
South Indian Bank ties up with M/s Thomas Cook (India) Ltd for the travel card issuance. Thomas Cook-Travel Card is a Multi Currency Card which can be loaded with multiple currencies in single wallet for the journey to different destinations. Thus it eliminates the need of carrying multiple currencies and makes the journey hassle –free and convenient while abroad. Travel Card also helps to lock in the exchange rate and protects from currency fluctuations. Thomas Cook Travel Card comes in 2 variants: Borderless Prepaid card and One currency Card.
How To Calculate GST on foreign Currency Conversion – Calculate GST on Inward Remittance
| TT | BILL | TC | TT | BILL | TC | DDSCQ | |
|---|---|---|---|---|---|---|---|
| AED( UAE DIRHAM ) | 22.46 | 22.48 | 0 | 22.02 | 22 | 0 | 22 |
| AUD( AUSTRALIAN DOLLAR ) | 55.82 | 55.84 | 0 | 54.72 | 54.7 | 0 | 54.7 |
| CAD( CANADIAN DOLLARS ) | 61.7 | 61.72 | 0 | 60.47 | 60.45 | 0 | 60.45 |
| CHF( SWISS FRANCS ) | 92.59 | 92.61 | 0 | 91.21 | 91.19 | 0 | |
| EUR( EURO CURRENCY ) | 90.83 | 90.85 | 0 | 89.48 | 89.46 | 0 | 89.46 |
| GBP( GREAT BRITAIN POUNDS ) | 104.08 | 104.1 | 0 | 102.53 | 102.51 | 0 | 102.51 |
| JPY( JAPANESE YEN ) | 61.19 | 61.21 | 0 | 59.98 | 59.96 | 0 | 59.96 |
| SAR( SAUDI RIYAL ) | 21.99 | 22.01 | 0 | 21.56 | 21.54 | 0 | 21.54 |
| SGD( SINGAPORE DOLLAR ) | 62.28 | 62.3 | 0 | 61.04 | 61.02 | 0 | 61.02 |
| USD( UNITED STATES DOLLAR ) | 82.31 | 82.33 | 0 | 81.09 | 81.07 | 0 | 81.07 |