Posted on

RING PAYMENTS- SAY HELLO TO RING PAY BY TRANSCORP

ring payments

ring payments

Contactless payments surged in popularity during the pandemic. The global demand for such payment methods rose sharply, with 79% of consumers preferring these modes due to their security and hygiene benefits. As the pandemic eased, people continued exploring contactless payment owing to the convenience and privacy features. If you want to leverage these benefits and stop carrying your debit and credit cards everywhere, a smart wearable ring can be your perfect choice. Ring payments ensure extra secure transactions in a convenient format. They help you send money on the go without unnecessarily touching unhygienic surfaces. At the same time, they can free you from the hassles of whipping out your smartphone every time you need to pay! Transcorp is revolutionizing everyday personal finance solutions with smart biometric rings for contactless payments. What is Ring Pay by Transcorp? Let’s break it down!

Contactless Payments: The Future of Personal Finance

Ring payments come within the ambit of contactless payments. Before delving into the details of these tech-enabled rings, let’s understand why contactless transactions will be the future of personal finance. Modern consumers want to send money anytime, anywhere. They seek payment solutions incorporating cutting-edge technology to facilitate fast and secure fund transfers. Contactless payments have become extremely popular due to their speed and convenience. Research shows that the value of contactless payments will rise from $1.05 trillion to $4.6 trillion between 2019 and 2027. These numbers attest to the growing relevance of these futuristic payment solutions. Here are the key advantages of contactless transactions that you can leverage using Ring Payments:

 

ring payment

  • Short Transaction Times: Gone are the days of waiting in the queue and counting your cash! A contactless biometric ring can help you pay with just a tap. You do not have to remember or type in your PIN. You simply have to tap your ring for quick authentication and immediate payment. Ring Pay from Transcorp can help you shorten transaction times and have hassle-free experiences at the checkout lines.
  • Secure Transactions: The tap-and-pay technology of rings can help you beat fraudsters. These transactions are more secure than traditional payment methods. Encryption technologies and dynamic data tools help to facilitate safer payment processes.
  • Flexibility: With Ring payments, you no longer need to carry heavy wallets full of cash and cards. The risks of losing your currencies or plastic money also lessen when you have a smart wearable device. You can step out with your NFC-enabled ring to experience the seamlessness of contactless payments.

Ring Pay by Transcorp: Wearing Your Wallet Everywhere You Go

Ring Payments use technology-enabled finger rings to facilitate quick payments. This wearable electronic device uses Near Field Communication (NFC) technology to initiate transactions. Any point-of-sale (PoS) terminal accepting contactless tap-and-pay methods will support Ring payments. This device looks like any conventional ring. It is a sleek and stylish wearable option that allows users to make discreet payments.

Ring Pay is an excellent choice for protecting you and your money. It uses biometric authentication to ensure that authorized users can make the payment safely. You do not need to type in a password or a PIN to enable this payment device.

Transcorp, the leading provider of top-notch payment solutions, has partnered with the Junio App and RuPay to enable secure transactions with Ring Pay. You can purchase a payment ring to add a convenient and discreet piece of jewelry that simplifies your PoS transactions.

pay with ring

Advantages of Ring Pay by Transcorp

When you buy a specialized ring for simplified payments with Transcorp’s technology, you can leverage the following advantages:

  • Extensive Quality Testing: The NFC-enabled ring by Transcorp and its partners has undergone extensive testing in the UK and France. The rigorous testing per European standards has ensured effective quality control for this personal finance product.
  • Usable Across Multiple Retail Outlets: The Ring Pay solution is usable in all top retail outlets. Any outlet that accepts contactless payments with its PoS device will accept Ring payments.
  • Sleek and Stylish Design: The payment ring is available in black and white shades. It has a unique design that you can style with all kinds of outfits.
  • Secured by RuPay: RuPay is one of the most trusted card payment networks. Transcorp’s Ring payment mechanism is powered by RuPay’s secure technology. This feature ensures the safety and privacy of your NFC transactions.
  • Offers and Discounts: Ring Payment by Transcorp comes with exciting cashback offers. You can pay with this one-of-a-kind device to enjoy special loyalty rewards.

Getting Started with Ring Pay by Transcorp

Why choose Ring Pay by Transcorp? Well, it’s fast, secure, paperless, convenient, and cost-effective. You can purchase a payment Ring by scanning this QR code! You can browse the different ring sizes to find your perfect fit and place an order at a discounted price. Check out the Ring pay option today to unlock the future of contactless payments!

Posted on

How Ring Payment is Changing The Game With Wearable Biometric Authentication

payment rings

As the world has transitioned towards complete digitization, people have become more tech-inclined, which has allowed the criminal hackers to earn undue advantage making various business sectors the victims of their unlawful demands. Thankfully, with AI picking up its speed, the smart ring payment has emerged as a game changer with wearable biometric authentication to defeat unethical hackers and curtail data manipulation, data breaches and digital ransomware attacks.

Biometric certification like voice and face recognition, fingerprint and iris scanning was already gaining prominence over and above the primitive authentication methods like passwords and SMS passcodes. But, the biometric ring payment is taking the entire electronic payment industry by storm. The top global banks like Dutch Bank, Commonwealth Bank of Australia and ABN AMRO Group have already launched their wearable smart rings; you can link them with your debit or credit cards to make payments.

A Smart Ring: What is it?

A Smart ring is a wearable electronic device, which comes in the size of a conventional ring, incorporating advanced mobile components like NFC chips and sensors to perform various applications making it an ingenious substitute for smartwatches and fitness bands. However, the uses of smart rings are not limited to daily tracking activities. Rather, this mini device can also enable you to make contactless payments, restricting unethical access control with AI-powered gesture control and activity tracking.

Payment Ring: How does it work?

The smart payment ring has integrated fingerprint sensors that respond only when the authorized person uses it. Therefore, you can get Multiple-Factor Authentication (MFA) benefits and login support with no password just by a simple gesture while wearing the ring. After completing your shopping, when you go for payment, make a fist and hold your knuckles close to the card reader, and that’s all you have to do!

The smart ring is a new e-payment medium that can relieve you from the tension of losing your plastic money cards. Also, you can move anywhere without carrying thick wallets and a pile of cards. As the next-gen product, the smart ring brings a lot of advantages for its users. Nevertheless, it also upgrades your style statement as a tech-fashioned product. As one of the industry-leading Indian Financial Service providers, Transcorp has launched India’s first-ever Smart Payment Ring; grab the one for yourself and flaunt your fashion!

Smart Ring and its Advantages

Below mentioned are some benefits that Smart Rings assure:

  • Function: Whether or not a biometric ring is worth purchasing depends on the purpose behind its usage. If you are looking for a smart ring for fitness tracking or contactless payment, nothing can give a better performance than it. Sleek and compact in style alongside feather-like weight makes it the most comfortable option to seek.
  • Battery: Indeed, the battery life that smart rings have, is more in comparison to smartwatches and fitness bands because they do not include any screen. The small battery packs installed inside the mini rings can last up to a week before they require further charging.
  • Design: Generally made up of harmful chemical-free high-quality hypoallergenic clinical plastic, the tiny tech-fashioned biometric ring has an elegant design helping your fingers look stunning.
  • Privacy: In terms of privacy, nothing can beat smart rings. Even some smart watches speak out loud, which might disclose all your private information. But, the tiny electronic rings maintain the utmost privacy while securing your transactions and other activities.
  • Cost: The pricing of smart rings is on the higher side because it requires an integrated design to facilitate many functions. However, you will also get various budget-friendly smart rings that perform specific tasks like contactless payments, opening doors or controlling your smartphone and data storage. Do you wish to buy a smart payment ring but are worried about its price? Relax and contact Transcorp for the best-quality rings at affordable price ranges!

Types of Smart Rings

You will be dazzled by the myriad smart ring collection available on the market. However, get yourself the one that serves your purpose. Here are the most preferred ones:

  • McLEAR Ring: As a tech-fashioned product; introduced for the first time in the market, this Near-Field Communication (NFC) smart ring assures contactless payment for iOS and Android devices. Fashioned from premium-quality zirconia ceramic, the McLEAR payment ring requires connectivity with the user’s Debit or Credit Account for proper application.‍
  • Token Ring: Taking a step forward, the Token Ring can ascertain whether or not the actual user is wearing it. It has optical sensors fitted inside, making it safer for transactional purposes. Once you take off the ring, it automatically slips into the lock mode safeguarding your accounts and personal information from illegal access.
  • Oura Smart Ring: Different from the first two categories, the Ouray ring is basically a sleep tracker developed for keeping an eye on your circadian rhythm and nightly rest. It can also track your other day-to-day activities, pulse rate, body temperature etc. Available in many color options, this smart device is a must-have if you are a fashion-cum-fitness enthusiast.
  • Motiv Ring: Another type of smart fitness ring that is slim and lightweight is the Motive Ring. This type of AI-powered ring usually assists you in keeping track of your calorie intake, footsteps and distances you travel alongside heart rate, sleeping habits etc. It goes further, allowing you to access different websites. So, if you are a fitness lover, this deluxe-looking tiny tech device is bound to attract your attention.
Conclusion

A new addition to the world of technology, the smart rings are blowing people’s minds with their stunning styles and features. Drawing the attention of all fashion and fitness enthusiasts, the minuscule electronic device is working wonders breaking all the boundaries and taking e-payment to the next level. Recently introduced to the Indian markets, the smart rings are obvious to benefit many consumers, including those who encourage health and fitness and others involved in daily business transactions. Do you need detailed information about biometric ring payments? Consider visiting the Transcorp official website and dial the helpline number!

Posted on

Top Money Transfer Companies in India

money transfer

When it comes to travelling outside the country or sending money to your loved ones, using the best money transfer services is essential. However, when choosing the best company, you’ll need to be diligent. Conducting proper research and knowing about the best services can guarantee safe and secure transactions at all times.

That’s why, today we’ll be looking at the some of the leading money transfer services in the country, the RBI guidelines for money transfer and Transwire – the easiest way to transfer money internationally.

The Leading Money Transfer Options in India Wise

Wise can be a wise choice when it comes to transferring money. The app is considered to be the leading authority in global remittances. Wise is a UK-based business that’s growing at an astronomical pace in the Fintech.

Wise is known for using a transparent approach to global payments alongside offering a multitude of transfer options. Coupled with these features, its online platform and mobile app are easy and simple to use. The business’ promise is to offer transfers at a rate that’s 2x lower in comparison to its competitors.

  1. Instarem

Instarem is highly-rated in the money transfer industry. This firm based out of Singapore handles remittance requests across APAC, India being one of its main markets. The business stands out by offering minimal transfer charges and offering a near-to 0 exchange rate margin. Their customer service is available around the clock with a number of their service teams based in India. All-in-all, Instarem is one of the most credible brands in the market.

  1. Ria Money Transfer

With a global agent network, Ria Money Transfer offers its customers options to transfer funds online and offline! The company earned its goodwill primarily due to its cash payout system. With home delivery and collection services offered across 400,000+ locations worldwide the accessibility Ria provides is high. Additionally, against the industry average of 3-5 days of processing debit and credit card payments, Ria makes them available instantly to their customers. Summing it up, Ria makes it to the top-3 services in India.

Now that you know about the international money transfers, let’s take a look at RBI and its AD 2 guidelines.

RBI – Authorised Dealer Category II

The Reserve Bank of India provides a category for NBFC institutions under category 2 to deal in foreign exchange. The list of vendors allowed to deal in foreign exchange currently is:

  • Upgraded FFMCs,
  • Select RRBs
  • Select UCBs
  • Other entities

Due to a large portion of the Indian diaspora being connected to foreign remittances and other FOREX transactions, RBI has taken an initiative to expand the current network and include selected organisations into the network. It translates into greater opportunities for Indian business to offer FOREX services.

Additionally, the RBI mandates that NBFCs offering FOREX services need to have a board approved policy on the management of risks and handling customer grievances that arise out of any such activities. The RBI also has set up the requirement of a monitoring mechanism that needs to be in place for monthly audits.

In spite of expanding the ecosystem, RBI has maintained that there will be a tight leash on the leeway given to such organisations on handling FOREX transactions on a daily basis. The process of granting licenses reflects this thoroughly. RBI is only granting licences to those NBFCs having a minimum investment grade rating.

Lest assured, this is good news for customers. You can now transfer money via local authorised dealers of RBI category II without any stress. The extreme level of oversight put in place by the central bank ensures secure and safe transactions without any delay. Additionally, the authorised dealers you can access locally will also be NBFCs of the highest order in the country.

Transwire – Your Next Step to Easy Money Transfers

Transwire is an AD2 as authorised by RBI. The business seeks to simplify FOREX transactions for customers using AI integrated software to single out the best rates available 24/7. By using Transwire, you can transfer money simply by singing on, booking a currency and paying the amount.

Some of the top reasons for which we recommend choosing Transwire are:

  • Category II Authorisation by RBI makes the service one of the most reliable services in the country,
  • 500,000+ satisfied customers pan-India,
  • The business has roughly 22 branch offices across the country to ensure each customer is within reach,
  • SaaS based systems employed by the business makes FOREX transfers safer by taking advantage of cloud based two-factor OTP authentication and other security protocols,
  • Transactions are made quicker as the pipeline is completely automated and self-reliant,
  • 24/7 customer support for instant query and grievance resolution.

Thus, Transwire is a next-level method to transfer money across borders easily. By using Transwire, you as a customer reap the following benefits:

  • Best currency deals are available at all times due to the live tracking system of Transwire
  • You can block your desired currency rate for up to 3 working days.
  • The transfer rates you access at Transwire are cheaper than most banks,
  • The Swift Wire Transfer system is super-fast and gets your FOREX transactions completed almost instantaneously,
  • There are no hidden costs at all

Thus, using Transwire can change the way you transfer money completely. With the 2-factor authentication and lightning fast transaction process, transferring money to your loved ones, for education, or travel can be done from the convenience of your home.

Transfer Money without the Stress

Going to a physical store or navigating a complex app may often be challenging when transferring money. That’s why we urge you to choose Transwire – an absolutely home-grown FOREX service. Transfer remittances and other payments from the convenience of your home in no time.

Check out Transwire and services you can avail. In case you have further queries, feel free to reach out to their customer service that’s available 24/7. Make transferring money to your loved ones a process that’s as smooth as silk. Ensure that your money is safe hands with Traswire’s top-notch RBI-authorised secure payments service!

Posted on

Travel Insurance: The Item That You Should not Miss on Your Next Travel Checklist

Travel Insurance

Post-COVID-19, more and more travelers are taking travel insurance seriously. An increasing number of domestic and international travelers are buying travel insurance to cover the risk of unfavorable and unexpected events on a vacation or a business trip. Based on recent research, an increase of 215% in the purchase of single-trip policies was observed in FY 2021–22 from FY 2020–21. The research also mentions that trip cancellations, flight cancellations, and flight delays are the most common reasons for a claim.

Let us understand the meaning and importance of travel insurance in detail.  

What is Travel Insurance?

In simple words, travel insurance is a type of insurance that covers expenses and risks against a variety of dangers connected with travel. It protects a traveler from damages that may occur during travel, including medical costs, lost luggage, canceled flights, and other misfortunes. The insurance can be obtained for both domestic and international travel. International travel insurance is often purchased from the day of departure until the traveler returns to India. Purchasing travel insurance guarantees complete coverage in the event of an emergency abroad. There are various companies that offer travel insurance for domestic travel; however, it is a more common choice for international travel.

Depending on the traveler’s needs, specific plans may cover a wider range of hazards. The policy and plan that the traveler chooses will determine the extent to which these risks are covered. At an additional cost, travel insurance also includes other hazards. Some of these dangers are unique to the traveler or the destination they are visiting. In general, some of the risks covered under travel insurance are personal accident cover, permanent total disability, accident & sickness medical expense reimbursement, repatriation of remains in case of death, dental treatment relief emergency evacuation, baggage delay, loss of checked baggage, loss of passport, flight delay, home burglary, trip cancellation, bounced hotel booking.

Types of Travel Insurance  

There are travel insurance plans created specifically for single trips. However, purchasing a multi-trip travel insurance policy is a recommended alternative for travelers who travel abroad frequently. There are also insurance options that cover multiple visits to the same location for the duration of a whole year. For businessmen and frequent visitors to a specific location, choosing such plans is considerably more cost-effective. Many companies also offer student plans at a reasonable premium that are specifically created for students traveling overseas to pursue their studies. Group travel insurance coverage is another variety of travel insurance. These plans are affordable and provide advantages compared to those single-trip travel insurance plans. Policies for group travel insurance are based on the ages of the travelers, making them more affordable for each one in the group. When a travel agency is leading tours across multiple geographies, most of them choose to purchase group travel insurance plans.

Is Travel Insurance mandatory?

For many countries, travel insurance is mandatory and they may decline you to enter their country without valid insurance. But why purchase insurance only because it’s mandatory for an international trip, flight tickets, health, and luggage are all equally important regardless the travel is domestic or international. 

Why is it crucial?

Unforeseen medical emergencies: While planning for a foreign trip, you want to be least concerned about an unfortunate medical situation such as a severe medical emergency, disability, or death. Additionally, healthcare services on foreign soil are expensive. Accordingly, it becomes crucial to consider covering the risk of medical crises and unforeseen costs during a foreign trip. Thus, appropriate travel insurance could save your wallet.

Loss of luggage: Losing your luggage, passport, or other crucial travel documents when traveling puts you in a concerning state. It can land you in a complete mess. But if you have travel insurance coverage, you can receive a certain, agreed-upon amount of compensation in the event of loss of possessions. You could also submit a claim in the event that your luggage is delayed. If you lose your passport, you may be reimbursed for the cost of getting a replacement or duplicate passport.

Flight cancellation or delay: Using travel insurance coverage, you can save your pocket by receiving compensation or a refund for at least a portion of the ticket cost when there is a delay or cancellation of a flight. Without insurance coverage, you would forfeit this benefit and incur a loss. 

Loss of a debit or credit card: It is a common worry to lose a debit or credit card while on vacation and become a victim of card misuse. But you don’t run the danger of losing that money if you have reliable travel insurance coverage. Based on the policy chosen, you can get your money back if the issue is reported within 12 hours of the loss of the card.

It’s all about overcoming the unexpected in life. Even if you have never considered purchasing travel insurance before, we recommend you to consider it now for your upcoming travel plans. Any of the above can happen when you travel, especially to a foreign country: illness, accidents, theft of your personal property, lost luggage, or any other problem. Getting travel insurance for you and your family is the best approach to reducing the dangers that could ruin your travel plans. Depending on the service provider, the price, exclusions, and coverage of travel insurance will vary. Before buying the insurance, the buyer should carefully read through all disclosure documents.

Call to Action

Once you are familiar with the definition of travel insurance, choosing coverage is simple. Choose a travel insurance policy that offers extensive coverage for your overseas vacation. Transcorp International Limited (‘Transcorp’) provides both domestic and international travel insurance policies for medical treatment, luggage, etc. The insurance policies from Transcorp can be purchased for INR 300–400. Transcorp provides a range of travel-related services including foreign exchange, outward remittance, student loans, travel services, etc. They envision delivering the best travel and financial services across demographics.

Posted on

Transcorp – How It Helps in Fulfilling The Financial Requirements?

financial requirements

Gone are the days when people only solely relied on paper bills and banks for their money transactions. As digitization takes over, people prefer carrying out transactions and other banking services through digital platforms. Here, Transacorp emerges as a one-stop financial services provider serving across India. They offer a unique integrated platform where one can fulfill their important financial transactions right from domestic money transfers to insurance services, mobile & DTH recharge, and even Indo-Nepal money transfers.

But what makes them ahead in the competition? What benefits can your business reap by joining hands with Transcorp? Let’s take a quick look at their fast, easy, and efficient financial services.

What services can be enabled by Transcorp?

By becoming a partner agent with Transcorp, your customers can forget the hassles of running door to door since they get the following range of services at the ease of their fingertips.

  • Domestic Money Transfer – Transcorps’s seamless money transfer portal helps your customer achieve fast and timely money transfers no matter where they are located in India.
  • Cash Deposit/Withdrawl – Your customers can enjoy 100% secure and timely cash deposits and withdrawals in one go. Since all their services are RBI-approved, you can stay assured of secured transactions.
  • Insurance Services
    Whether your customers are looking for student loans or insurance, you can fulfill these financial requirements through Transcorp’s one-stop platform.
  • Indo-Nepal Money Transfer
    Transcorp also enables your business to execute secure Indo-Nepal money transfers along with domestic money transfer services. In addition, their foreign exchange and outward remittance services emerge as a helping hand for international financial requirements.
  • Mobile, Bills, & DTH – Most customers these days like to pay their bills, mobile recharge, etc., through digital platforms. By integrating their unique one-stop solution dashboard for your business, you can cater to your customers’ needs.
    What are the benefits of using Transcorp financial solutions?
  • Faster transactions – By incorporating Transcorp financial solutions, you can expect lightning-speed services for your customers. Eventually, no one can stop you from growing faster than ever.
  • Seamless integration – By becoming their partner agent, your businesses can rest assured of other essential operations without any interruption. All thanks to their robust SOPs and seamless integration process.
  • Extended services – You can choose to expand your services to new dimensions since they offer many financial services like foreign exchange, insurance, loan procurements, money transfers, KYC services, and much more!
  • 24/7 customer care – Transcorp deploys a robust customer care team that ensures smooth and punctual operations of its services with you.

Fulfil your financial requirements with Transcorp International Limited

With their aim of transforming the financial landscape in the country, they have never failed to meet the expectations of those who want to change. Transcorp International Limited emerged as a top digital financial services provider across India. Their one-stop banking solution platform is easy to integrate and can fulfill a wide range of services in one go! If your business is looking forward to making a difference with their top-notch financial solutions, get in touch with them today by visiting their website or walking in your nearest branch! Take the change now and stay ahead of the curve.

Posted on

How Does a Travel Money Card Work?

travel money card

The breakout of the covid-19 pandemic has not just put the entire travel industry into significant difficulties; the challenges that the travel lovers faced were also equally noteworthy. However, many countries are emerging from their lockdown; as the situation is taking a turn for the better, giving a chance for the tourism industry; to come to full bloom once again. If you are a travel addict, without question, this is an opportunity for you to get ready for the next trip. While you might focus on packing luggage and arranging for visas, you should be even more thoughtful about acquiring foreign currencies. What comes in handy here is the Travel money card. 

What is a travel money card?

Money is an important thing to consider when travelling abroad, but carrying a lot of cash would not be safe. On the other hand, using your credit card in foreign states would not also be cost-effective. A travel money card thus helps you to keep multiple currencies while travelling abroad. With this card, you can store different mediums of exchanges at one time without any fees hidden. Hence, if you have a particular currency on your card, it will automatically be used for that country you have visited. 

How does a travel money card work?

With the development of modern technology, foreign currency exchange is not a big deal now. The travel money card has become a boon for people having an overseas visit. Generally, it is a prepaid card, which you have to fill with the currency of the country you are visiting. Therefore, you can use the card the same way you would use your credit or the debit card back at home. For instance, if you already have loaded USD, Euro and some other foreign currencies in your card and you went to the USA, the card will automatically use the USDs first whenever you pay for anything.

Following are the benefits of having a travel card:

  • You can load several foreign currencies into one travel money card. It is beneficial if you plan to visit a few different countries.
  • You have the facility to lock the exchange rates before you travel, giving you certainty over your money. 
  • You don’t have to pay conversion charges. Hence, it is a gainful option; if compared to a travel credit or debit card.

FAQs

Are online facilities available for reloading my travel money card?

Yes, online facilities are available for reloading your travelling card whenever you need them. 

Is taking out money from a travel card difficult?

No, withdrawing money from your travel money card is easy. You can withdraw from ATM or through a Bank transfer.

Is having more than one travel card beneficial?

You can use multi-national currencies with one card only. Hence, you would not need more than one.

Conclusion

A travel money card has become a suitable and safe way to buy foreign currency, devoid of expensive conversion charges. There are several travel money cards available in the market. The experts at Transcorpint can help you choose the one right for you.

Posted on

Currency Exchange Risk – What is it? How to minimize currency risk?

Currency exchange risk

Do you think currency exchange rates are only a concern for bankers? No. Currency risks affect all international enterprises as well. Many organizations across the globe are exposed to currency risk, irrespective of whether they realise it or not. With the ongoing wild swings in economies, currency exchange rate risk is back on the agenda. So, let’s explore more about what currency exchange risk is and how to minimise it. 

What is currency risk?

Otherwise known as exchange-rate risk, currency risk arises from the change in the price of one currency concerning the other. Enterprises or investors that have business operations or assets across cross-country borders are exposed to currency risk. The exchange rate risk typically creates unpredictable fluctuations in profits and losses. 

Why managing currency risk is imperative?

As per a survey of HSBC conducted by 200 chief financial officers and about 300 treasurers, about 70% CFOs asserted that their company struggled with reduced ROI due to the unavoidable risk of currency exchange rates. Managing the currency risks can bring an extensive range of advantages for enterprises. Some of them are listed as follows:

  • Enhanced borrowing capacity
  • Improved understanding of how fluctuations in currencies influence business balance sheets
  • Safeguarding cash flow and profit margins
  • Improved budgeting and financial forecasting

The rule of thumb states that businesses try to avoid any potential losses when currency exchange rates fluctuate. Wondering what currency risks are and how to minimize them? Here are some tips for you. 

Tips to Minimise business currency risk

Having a comprehensive idea of how and where currency fluctuations impact a company’s cash flow isn’t a cakewalk. Different macroeconomic trends and competitive behaviour within market segments define how currency rates tend to affect the cash flow of any business. To minimize cash flow, enterprises need to:

  • Re-analyse your operating cycle

Review your company’s operating cycle to find out what FX risks exist in your financial system. 

  • Determine the rules that you want to apply to your currency exchange risk and stick to them

Understand the company’s financial objectives and draft an effective FX policy that outlines the operative cash outflows and inflows. 

  • Make peace with the fact that you have unique currency flows

Every business is unique and your currency flow affects that. Depending on the structure of your liabilities and assets, understand that currency fluctuations might have a certain impact on your funds. 

  • Handle your exposure to currency risk wisely

While the currencies are constantly appreciating and depreciating, determine the financial instruments that can help you mitigate uncertainties which may jeopardize the company’s financial objectives. 

  • Automate the process

Automate the process with the help of a renowned financial service provider. 

Conclusion

There are three types of currency exchange risks: transaction exposure, economic or operating exposure and translation exposure. Dealing with currency exchange risks financial assistance and if you want you can also reach out to foreign exchange experts to help you glide through the FX process seamlessly. Irrespective of whether you are a budding business or an enterprise giant, don’t let your finances hold you back. Seek professional expertise and overcome FX risks like a pro. 

Posted on

Forex card or credit card? – Which is better while travelling abroad

Credit Card

When travelling abroad, one of the major financial concerns is how you should carry your money safely. There are several options, including cash and debit cards, but the most secure choices come down to forex card and credit cards. Of these, the former is the smarter and more affordable choice.

How is a forex card any different from a credit card?

In simple terms, it is an international prepaid card that can be used to carry multiple currencies during travel. Since it has a chip and a unique pin, your money will remain just as safe as in the case of credit cards. Like a credit card, you can use it to make payments at all local vendors. There are single and multi-currency options to choose from, so the card comes extremely handy if you are planning to visit several countries during your trip.

Should I use a forex card instead of a credit card?

Although, in essence, the two kinds of cards serve the same purpose, there are quite a few significant benefits of using a forex card to cover all expenses while travelling. Some of the crucial areas in which a credit card falls short are:

  • Overall expenditure – A credit card does not allow you to carry multiple currencies at once. So every time you visit a new country with a different currency, you have to exchange the money at the prevailing conversion rate. It can be very expensive and time-consuming to go through the conversion system every time you make a purchase.

  • Cash withdrawal – A credit card cannot be used to withdraw cash at all ATMs, and the ones that have this provision may not always be compatible with your card. On the other hand, a forex card doubles up as a debit card. You can use it to swiftly withdraw cash from any ATM at very nominal prices and get all your payments done smoothly.

  • Withdrawal fee – Even if you find an ATM that accepts a credit card, the withdrawal fees can be exorbitant. You also have to pay the charge for the conversion rate, which only increases the total amount you have to pay. If your trip is for more than just a few days, then withdrawing cash from the ATM with a credit card repeatedly will become unaffordable.

  • Unstable exchange rates – Another major disadvantage of using a credit card while travelling abroad is that you might have to pay higher charges every time you make a purchase. The amounts you incur will rise rapidly on occasion with fluctuating exchange rates. Using a loaded prepaid card ensures that you do not have to pay extra money to keep up with the forex rate.

  • Late payment charges – If you plan to travel for several weeks and have a hectic schedule, keeping a credit card increases the risk of incurring late payment fines. You might be travelling in an area with a poor network connection, or you may just be too busy to meet all your deadlines. Having a prepaid card ensures that your money is always safe, and you never have to worry about forgoing large amounts due to late payment.

  • Bank account link – Credit cards must necessarily be linked with a bank account. Prepaid cards offer greater flexibility in that you do not have to have an existing bank account to use one.

    How can I get a forex card to cover my travel needs? 

    You can apply for a personal card at banks or private financial organizations. Opting for a private service might be the better choice because you have access to all the best deals, and your case is dealt swiftly. If you urgently require a card for your travels, it is recommended that you go through a private institution. While choosing a card provider, you should ensure that the company offers the following services:

    • The service must have a very strong customer support system. In case you face any difficulties with your card while travelling abroad, you must be able to access their expertise freely.
    • Their services must be transparent. Managing finances while travelling abroad can be a daunting task, so you need a professional and secure service provider that makes the process easy to handle.
    • You should choose a reputed company which offers the best deals. Living and travelling abroad is an expensive affair because of the high conversion rates. While getting a prepaid card, you need to ensure that the card provider makes your trip more affordable.

    A forex card can make your travels much more cost-efficient and hassle-free. While planning your trip, it is essential to figure out your finances and spend wisely. Contacting a private card provider and getting their assurance can ease most of your troubles and make your journey financially secure.

 

Posted on

Benefits of Health Insurance policies for a Family

Health insurance service

Medical expenses in India are not affordable when you consider private hospitals. Around 30% of the population in India is middle-class families. It is difficult for them to avail top-class medical services considering their income. Health Insurances plans are the solution for that. Usually, this insurance covers medical expenses for one individual, but what about your family? Rather than taking multiple individual policies, it is wiser to take a family plan which covers the medical expenses of everyone in one policy. In this plan, a fixed sum insured is shared by the entire family, assuming everyone will not get sick at the same time. 

Health Insurance policies are necessary for this day and age. Amidst this pandemic, the future has become so uncertain. To cope, everyone should be insured, so that in any unfortunate times you don’t have to worry about the monetary component. Health insurances are much more accepted and sought after now. Read this article till the end to know about all the benefits of a Family health insurance plan and what they cover. 

Benefits of a Family Health Insurance Policy

As the name suggests, the plan is best suited for a family. Let’s see how the benefits are different from an individual health insurance plan.

  • One policy for all: You can cover the entire family with a single policy which will include you, your spouse and dependent children.
  •   Affordable and hassle-free: Rather than tracking and handling three individual insurance it is better to go for a family health insurance plan. That way premiums will be affordable and, you don’t have to keep in check with three individual policies, which will make your life easier.
  • Adding new family members to the plan is easy: You can not add new members to an existing individual insurance policy. You have to take an additional insurance policy for a new member. That is not the case with a Family health insurance plan. For an added premium you can add another member to your existing plan.
  • Option for adding additional benefits: You can easily add benefits like ‘critical illness cover’ or ‘maternity cover’ to your family health insurance plan and, you can avail of discounts on premiums depending upon the number of members and their ages. 
  • Tax benefits: Premiums paid up to Rs.25,000 for yourself and Rs.30,000 for parents in one year can be claimed as Tax Benefits under section 80D of the Income Tax Act of 1961.

These are some benefits that a Health insurance policy for a family has. Make sure you have availed of all these benefits when you take the policy.

Features of a Good Family Health Insurance Plan

Family health plans are a big deal for a family, the entire medical expense depends upon it. Here are some features that a policy should have:

  • Option for Cashless settlement: In a Cashless Settlement scenario, an Insurer is not required to pay any amount to the hospital for the medical services. The Insurance company directly settles the transaction with the hospital. 
  • Increased Sum Insured: Health insurance policies are usually done for a long time, so the Sum insured at the beginning has a risk of getting affected by inflation. So always make sure to opt for a policy that will increase your Sum insured over time.    
  • Renewability: Always choose a policy that has a lifetime renewability feature so that you get cover for your entire life.

Health Insurance plans are designed to be as comprehensive as possible to provide a holistic cover to the Insured. Let’s take a look at things a Family health insurance policy covers:

  • Patient Hospitalisation expense: All expenses made towards hospitalisation (like Room rents, ICU charges, Doctor visits and OT Charges) of any family member who is insured under the policy will be covered.
  • Day care Procedures: Minor operations which do not require an extended stay at the hospitals are also covered. 
  • Ambulance Charges: The policy covers the expenses made towards availing of an ambulance.
  • Maternity Cover: Most health insurance plans offer to cover the pregnancy-related medical expenses of the insured.
  • Mental Illness cover: Mental health issues of persons insured under the policy is also covered in this policy

Choosing a good family health insurance plan is very important. Make sure to check for these benefits in the policy you choose. The best place to look for a policy is now online. Search for the best Family Health insurance plans by Transcoprint right now! And protect your family from any medical emergency. 

Posted on

How to choose the right vehicle insurance policy?

transcorp vehicle insurance

Our world is finite and small. However, the population and the status of living are both on the rise. This is leading us to a time when vehicles are a necessity instead of a luxury. In this world where everyone owns a car, convenience is a norm. However, alongside this, the rate of accidents is also increasing. 

Companies in the automobile manufacturing sector are increasing controls on safety. Every new car has a better safety net, designed to keep you safe. However, once you’re in an accident, financial loss is inevitable. Thus, getting a vehicle insurance policy is essential! Without vehicle insurance, you have to incur twice the loss during an accident. Come let’s dive into vehicle insurance and how it works!

What is vehicle insurance?

Vehicle insurance works like any other insurance across the world. However, this insurance policy directly deals with damage to your car and you, due to accidents, or theft. Insurance for vehicles covers damages that are caused due to tangible and unforeseen events. A vehicle insurance policy is geared to provide financial protection, offer protection for auto lenders, and protect the passengers. 

The different types of insurance policies

We often have different reasons for owning a car. Some of the most common reasons are personal use, business use, etc. For diverse needs, insurance companies in India have arranged a wide range of vehicle insurance policy offerings. Let’s take a look at the five distinct types of insurance plans available in the country!  

  1. Third-party liability only plan – The third-party liability only plan is mandatory as indicated by the government. If you get this insurance you’ll be covered for the cost of repairs and replacement damages to the vehicles of a third party. Additionally, this plan covers the cost of treatment and hospitalisation of third parties and liabilities that arise out of damage incurred by third parties. The sum the insurance covers need to be an amount that helps avoid out of pocket expenses.

  2. Collision or Own Damage Cover – This insurance is a bit different. It reimburses the cost of repairs that your vehicle needs after getting damaged. The insurance declared value and the age of a vehicle are taken into account for cost determination.  For people who own a vehicle that’s on loan, this cover is essential. It helps you prevent unnecessary complications and pocket expenditure.

  3. Personal Accident cover – Accidents don’t only cause damage to vehicles. In the unfortunate event of personal injuries, personal accident coverage can help you. This vehicle insurance policy is designed to cover any medical expenses that you may incur upon meeting with an accident in your vehicle.

  4. The Zero Depreciation Policy – This policy is generally an add-on to insurance in India. The purpose of this insurance is to negate depreciation value. For instance, if you need to replace car parts due to damage, the insurance company generally covers the cost after adjusting for the depreciation of those individual parts. However, with this policy, the company reimburses the gross amount of the parts, in their original condition, with no depreciation accounted for. The reason we suggest opting for this add on is new parts for your car will not come at a depreciated value.

  5. Comprehensive cover policy – A comprehensive policy lives up to its name by covering most of the aspects of insurance!  It includes third-party liability, personal vehicle damage, personal accident cover, and non-collision damage due to natural events. Such events may be floods, fires, theft, etc. You can also apply a range of add-ons to your comprehensive cover policy as you deem fit!

So how do you choose the correct insurance plan?

We’ve informed you of the different situations where insurance is essential. Thus, while choosing a plan, the first thing you need to decide, is what coverage you need. Personal vehicles are better off with comprehensive plans, while third party liability is good for commercial vehicles. Keep your choice affordable and choose plans according to who uses your vehicle. If your family does too, then getting a family plan is beneficial. Choosing a plan with lifetime renewability saves you trouble in the long run. 

It’s recommended you compare quotes before going for insurance. Additional details you should check are the network hospital coverage provided by the insurer and the claim settlement ratio. The higher the ratio, the better an insurer is. We recommend checking out Transcorp International Limited (TIL). They’re a leading vehicle insurance policy provider in India. The company has a stellar track record and can help you find the right plans. They also offer a suite of services related to tourism, FOREX, finance etc. You can check out their website for more information. Get yourself an insurance policy that suits your needs and enhances your safety today!