How safe are currency exchanges in bangalore

How safe are currency exchanges in bangalore

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Livelihood has taken us to another land away from our home country. We need to send money home to support our family.  Will the money that we send, reach our dear ones safely? Who takes up the responsibility of transferring our money? How it gets transferred? How it gets delivered? What is the best way to do it safely? All sorts of questions haunt us.

But solution is out there for us to experience and trust. Money that moves the entire world is moved from one country to another through banking and non-banking financial institutions, which come under organised remittance sector. Currency exchange in Bangalore helps to Transfer money in different part of the world.  The various methods that these institutions adopt are mentioned below.

Bank Transfers

One of the safest methods is currency exchange for  across borders is through a bank wire. Being highly regulated in nature, banks ensure that the identity of the sender and receiver is known and tracked. Hence the degree of safety is higher. The banking institution is generally backed by larger financial entities like Central Banks, which again is an assurance to those, who send money through banks. To transfer money through banks, first we need to have a bank account. Similarly our dear ones too require a bank account to receive the amount. The funds are tranferred electronically where associations like SWIFT play a vital role. Banks generally charge a certain amount as fee for the currency exchange. The transfer generally takes one to two days, but thanks to the strides taken by technology, today there are facilities that enable currency exchange in real time. FLASHremit, from UAE Exchange, is an example of such a service.

Currency exchange sign

Instant Currency exchange

As the name suggests money can be transferred to our dear ones, instantly, using this service. It is generally offered by non-banking financial institutions, where the sender can walk in and make a transaction for a fee. We don’t require a bank account to use this service.

The information of the transfer is instantly sent to the receive agent of the remittance house through which the money is being transferred. As senders, we receive a coded personal identification number, which we are supposed to share with our dear ones, who will be receiving the money. Our family members then have to go to the currency exchange agent in our home country, submit an identification document like a passport or driving licence along with the coded personal identification number, and collect the amount sent by us, within minutes of our sending. Since the identity of both sender and receiver is pre-defined, the safety is assured. Unlike a bank transfer, where the money reaches bank account, here the recipient gets hard cash, across the counter.  Currency Exchange in bangalore, MoneyGram,Western Union, Xpress Money etc., are the major players trusted by millions. The illustrious track record of these service providers goes to show the safety of the process.