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.

    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.

 

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. 

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! 

Here’s Why Taking a Rental Car Will be the Safest Option for All Your Travel Plans

car renting

Travelling is a delight. The wanderlust in your soul yearns to be tamed by your feet landing on the soil of foreign lands! All of us who travel take delight in packing our bags and hitting the road. There’s so much to see and such a big world out there. Be it the beautiful architecture in Jaipur or the echoing walls of Calcutta’s heritage, this country has diverse offerings! If you’re looking to witness the beauty of Incredible India with your own eyes, having a reliable friend by your side is essential! We suggest going for a car renting service!

What is a car renting service? 

Have you ever thought of travelling at your convenience? While making your bookings and taking your own time is a part of it, it’s not the entire picture. Have you ever thought about the number of small offbeat gems you miss out on? When travelling by train or bus, several locations may intrigue you. However, visiting them is not possible. 

That’s where car renting services give you the freedom of exploration. Stop at any place on your way in your car. Travel in your own time. Get lost in the vivid landscapes of our rich country! These services provide you with a driver-driven rental car. You just have to fill in your details and stipulate the duration of your requirement. That’s all and you get a car all to yourself. 

How do they keep me safe?

  1. Interconnected network offices – No matter where we set foot in this vast country, a good car renting service will always have an office there. This is helpful when it comes to issues that you may face with the vehicle. When travelling on highways it’s quite unsafe. Having a company on call for you at all times is helpful. Especially if such a company provides a range of travel-related services, it can allow you to explore freely!
  2. Drivers are seasoned companions – Traversing the twisting magical roads of our quaint subcontinent is a cumbersome process. The long endless highways that connect the four ends of our country can be quite tricky to manoeuvre. A car renting service makes this experience safer! Drivers provided by such companies are seasoned experts. Having driven time and again on highways, they’re accustomed to the uncertainties involved. Not only does this reduce the chances of accidents, but also ensures navigation is easy.
  3. A better option than owning a car – Owning a car is great, according to general opinion. However, we beg to differ. While owning a car may have its convenience, a renting service cuts the cost to give you the same experience. Car renting services don’t only provide cars on rent for travelling. You can rent them out for daily use as well. Additionally, a company that’s connected well across the country can offer its services in any city. However, it’s still a better option when travelling. Because cars, after intensive travel require maintenance. If you rent one, you won’t incur this cost. The company is solely responsible for maintenance.
  4. Immediate help at times of accidents – A car rental company can offer you roadside assistance services. Apart from having an experienced driver, who knows how to deal with mechanical failures, customer support is available too! At unfortunate times of an accident, the best car renting services can help you contact hospitals nearby. This is an essential benefit of taking cars for rent. 

Where can you find a rental car for travelling?

If you’re looking for a rental car to take on your wild travel itinerary, we recommend checking out leading travel service conglomerates in India. While finding a car rental service is not difficult, they’re often limited to that business only. Thus, such companies aren’t able to provide you with backend support beyond the domain of your car. However, a company offering conglomerate services in travel has integrated services. These firms can help you out with FOREX, travel, insurance, international remittance, etc. If you’re looking to get a car on rent we recommend hiring one from such a firm. 

One of India’s leading travel service conglomerates is Transcorp International Limited (TIL). This company deals with travel and financial domains. If you’re looking for car rental services, TIL is a reliable provider of the same! With a commitment to serving customers, you can get their assistance with ease. We recommend checking out their website today! If you’re planning to travel, having assistance all along the way makes it a safer experience. Not only is renting a car a boon to wanderlust, but it also keeps you and your family in responsible hands. Go online and rent your car today! 

10 Benefits of Renting a Car For Trips

renting a car

When travelling abroad, you may want to explore one city thoroughly, for you may want to spend a week or more and explore several other towns so that you can visit more of the place and get a sense of all that makes it touristy. After a busy lifestyle and the Chaos of work, holidays and renting a car for that are the best way to unwind yourself and get a little relaxation. 

 

If a long drive or a road trip means a vacation for you, consider renting a car instead of taking your personal vehicle. Travelling to another country leaves you with many options for transport such as bus, taxis, trains or two-wheelers. But the best option is to rent a car. Check out the advantages of car renting to make your next holiday a memorable one. 

 
  • Freedom of travelling:Choosing public transportation when you are travelling offers a lot of limitations. The buses may not take you to rural places where you might find a historic site. Subways are typically confined to major cities, and trains only offer one stopper City. Therefore, when you avail of intercity car rental services, you have the freedom to go wherever you want, visit out-of-the-way locations, and change your itineraries as you go.
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  • Budget-friendly: Train trips and bus routes on your travels not only add up to a lot of wasted time but also a lot more money. The cost is also likely to rise unexpectedly if you take a taxi to travel around the city. Renting a car can consequently save you a lot of money, which will help you stay on budget.
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  • Memorable experiences: When you rent a car in a different country, you can experience new and memorable moments that become great stories moving forward. As a visitor, you get a better sense of the place and its culture when you stop by sites and learn new things that catch your attention. Using public transport won’t allow you this freedom. 
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  • Convenience: Renting a car is the most sensible option when travelling abroad:
    1. You do not need to worry about insurance as car rental services already have it covered.
    2. Cars would have updated navigation, making it easy to roam securely.
    3. You can travel like a local as people are less likely to perceive you as a tourist.
  • Comfort: Even though long-distance buses and public transport are cheap, you might find yourself uncomfortable squeezing with dozens of other tourists who want to get on the bus first. Choosing to buy a car on rent ensures that your vacation is comfortable and you have the privacy you want. 
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  • Better safety: Driving can be an excellent way to experience your vacation since you are in control of the vehicle. However, in the event of an unfortunate breakdown, you can depend on the rental assistance given under the terms & conditions of car rental services. Rental assistance generally includes towing services, flat tyre assistance, and emergency fuel delivery. 
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  • Lot of choices to choose from: Intercity car rental services are the best options as they offer a wide range of car options to choose from. You can select a car that fits the nature of your vacation and your capability. Renting a car gives you the chance to try a vehicle you have wanted to drive for a long time and gives you hands-on experience in driving, testing its performance and comfort.
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  • Easy for international tourists:Renting a car is the easiest and cheapest mode of transport when visiting a country for the first time. If you are travelling internationally, you may face some difficulty finding your way to a new place. Therefore, when you buy a car on rent, services like GPS, pick up and drop will make your travel experiences more convenient.
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  • Get some ‘me-time’:Vacation means relaxation. When travelling hundreds of miles away from home, renting a car can give you more time to enjoy yourself. You will also spend less time finding your vacation spot and more time relaxing and exploring the new place. However, remember to have a driver’s licence before you buy a car on rent.
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  • Prior experience: When you rent a car, even when travelling, it gives you a rough idea of the type of car, SUV or truck that you want to purchase after you get back home. If you had an initial plan to buy a new car, you can do a test drive on your rented car and see how it goes for you.
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  • Conclusion:All in all, the comfort and benefits of renting a car is huge. With the brilliant car rental services these days, you can make easy car booking and payments. However, make sure you have a driver’s licence and understand the driving regulatory actions of the place you are travelling to you. So, rent a car and make your next holiday a memorable one. 

What are the uses of Prepaid Cards – A Complete Guide

uses of prepaid cards

What is a prepaid card?

Debit and credit cards can smoothly take care of money transfers and payments, but the scope of these cards are limited when it comes to budgeting your expenses or protecting you from fraudulent activities. Prepaid cards, in particular, can be more helpful if you wish to set a limit to the expenditure or allow its usage only up to a certain amount.

Uses of prepaid cards

A very popular alternative to credit cards, a prepaid card can be used by individuals as well as businesses to dispense with their daily functions. The flexibility and ease-of-use of a prepaid card enable it to serve various functions:

  • A prepaid card can double up as a very useful and heartfelt gift. A prepaid card is a suitable gift for every occasion: a birthday, anniversary, graduation, or retirement. Giving the recipient the freedom to purchase anything they wish through a prepaid card makes the act of gift-giving much simpler for you.
  • A prepaid card is the most hassle-free option for providing incentives and gifts to their employees for businesses and corporates. It makes the management’s job easier by doing away with the need for monitoring individual accounts.
  • Further, a prepaid card also facilitates smoother transactions between corporates and their employees. It can be used to take care of all kinds of allowances related to medical expenditures, meals, fuel provisions, and travel expenses.
  • As a parent, you may wish to keep an eye on the amount of money your child is regularly spending. A prepaid card places an absolute limit on the finances available to the cardholder at any time and is an easy way to ensure that your young ones spend with discretion.
  • A prepaid card can help you keep track of your expenditures for specific purposes. For instance, if you have found yourself often struggling to limit the amount you spend on clothing or other lifestyle items, designating a prepaid card specifically for those purchases can give you a sense of control.

What are forex prepaid cards?

Forex prepaid cards function somewhat differently from regular prepaid cards. A forex card is tailor-made for those who regularly travel abroad and require easy access to different types of currencies. Some uses and benefits of this card are:

  • A multicurrency forex card gives you the unique advantage of loading several currencies at once in a single card. For those who need to travel over long periods over various countries, having a forex card does away with the need to carry multiple cards for different currencies.
  • Forex prepaid cards make your travels safer and lower your risk of misplacing the three or more cards you would have had to carry otherwise.
  • You can withdraw cash from ATMs, pay online merchants, or shop at local markets using a forex prepaid card. In short, you can perform all the necessary transactions through a single prepaid card.
  • Like any other debit or credit card, a forex prepaid card can be used to make purchases up to the limit specified by you. The added benefit is that you do not need a bank account to avail of prepaid card services.
  • Since a forex prepaid card gives you the flexibility to load several currencies at once, you no longer have to go through the tedious process of currency exchange. If your travel plans are spread out all over the world, a forex card makes your journey more economical. 
  • Aside from its convenience and safety, a forex card also helps you monitor your personal finances better. Aside from the hassle of carrying loose cash, exchanging currency multiple times can make it very difficult to keep track of your expenditures and savings. With a forex prepaid card, you can check your online statement at any time and go through all your transactions.

Getting the manifold benefits of prepaid cards is now just a few clicks away with the help of online services like Transcorp. Applying for a prepaid card is fairly simple, although the steps differ depending on whether it is for personal or business use. For secure, reliable, and professional service, choose a company like Transcorp that will help you navigate the necessary formalities of swiftly getting a prepaid card.

International Money Transfers – How Transcorp Plays a Crucial Role in Currency Exchange?

International money transfers

If you have financially dependent family members living abroad, you must be familiar with the hassle of sending money to them. International money transfers refer to this process of sending money internationally, in the currency used in the country you are transferring the amount to. In the digital age, money transfers have become more accessible through the help of money transfer services.

 

Sending money overseas is taken care of by online service transfer providers in the following ways:

 

    • Online transfers are entirely safe and reliable methods of sending money abroad. The transfer service will ask you for the recipient’s bank account details, along with other relevant personal information and financial details.  
    • Online transfer services are very swift in completing the process. The recipient can expect the money to reach them in the destination country instantly or within 48-72 hours from initiating the transfer.  
    • The services offered also include currency exchange. The money you send abroad will be converted to the destination country’s currency, for example, dollars or euros. The amount you have to pay largely depends on the prevailing foreign exchange rates between India and the country in question.  
    • As per official regulations, you will be required to provide your PAN Card details along with other KYC documents as listed according to government regulations. These formalities will be taken care of by the online transfer service. They will inform you about the necessary steps depending on the amount you wish to send, and the laws of the destination country.

 

What is the process of exchanging currency?

Going through an online transfer service like Transcorp can make exchanging currency significantly easier. It eliminates the need of intermediaries, agents, and intermediary banks. Here is some basic information regarding the same:

 

    • Transfer rates and exchange rates might vary from service to service. You must be careful to compare the prices of all the well-known transfer services before selecting the provider you wish to engage with for sending money overseas.  
    • The taxes will vary from one transfer service to another. These rates are also liable to change over time depending on several socioeconomic factors. You are recommended to examine the exchange fees of different platforms prior to making the money transfer.  
    • The location to which you wish to send the money also determines what the exchange rate is going to be. Based on whether or not the currency has been devalued recently, you may be asked to pay at a higher or lower rate while transferring money abroad.  
    • The best international transfer services deal with all major global currencies, and you can complete all your transactions through a single provider. If you are required to send money to several countries every month, it is easier to keep track of your finances and complete the transfers at the earliest by going through one such service.  
    • Easy and swift currency exchange at the best rates has been made possible by online transfer services. You can now send money overseas at the most exchange and transfer rates because of these providers. For transferring money internationally in emergencies, online service providers offer you the smoothest means of exchanging currency.

 

How can I apply for online money transfers?

In earlier times, sending money abroad was an arduous task and involved a lot of paperwork and official obligations. Applying for international money transfers is simple on online platforms and can be done in a few easy steps.

 

    • It would be best if you first determined whether the provider exchanges currency for your desired destination country. Then sign up or write your necessary details on the website of the online transfer service. 

 

    • Follow up with the information requested of you after this step. You can either perform these steps online, or over email, or phone call. This depends on the service of your choice and the official procedure followed by them. 

 

    • Be ready with all the bank details and documents necessary to complete the transaction. 
    • In case of any doubts or mistakes, do not panic. International money transfers generally have a chat support system where you can reach out to an agent in case of any questions. There is also the option of contacting them over mail or a telephone call. You may also get in touch with their social media profiles on Twitter, Instagram, or Facebook if there is an emergency.

      Conclusion

 

International money transfers has a complicated procedure and can take a long time if you go through your bank. Instead, choosing an online money transfer service like Transcorp can save you a lot of time and energy. Not only will your finances be handled smoothly and quickly, but you can also rely on them for maintaining absolute discretion.

10 Key Benefits of Domestic Money Transfer Services

benefits of money transfer service

Money may not run the world for the better part of our conscience, but it sure is essential. You may need money at anytime and anywhere. If you’re an investor you’d like to have money accessible at all times to grab onto market opportunities. Alternatively, if you’re traveling and run out of cash, you’ll need money immediately. Thinking of getting a new dress? Money is exactly what you need. In a world where money is so important, not having an adequate amount may be troublesome. That’s why we recommend you opt for domestic money transfer services. Money transfer services allow you to get instant access to funds whenever and wherever you want. They are quite handy when sending a remittance to friends and family as well. Let’s dive into the top 10 benefits of money transfer services!

 

  1. Increased Flexibility: Gone are the days of sending cheques via post and having to approve transfers at your bank branch. Domestic money transfer services provide convenient and flexible options for you. You can tap on the screen of your phone and send a remittance or essential funds.
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  3. Historical Record: The money that you transfer remains on record the entire time. This is because domestic money transfers use digital signatures. This enters the amount transferred to and from your bank digitally. It ensures that all the money that’s been transferred is recorded immediately reducing chances of account imbalance.  
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  5. 24/7 money transfer facilities: All of us are tired of long queues and waiting to transfer our money at banks. Money transfer services eliminate this ordeal. They allow you to transfer money whenever you want to at your convenience. This doesn’t only ease your worries but also saves you a ton of time. You’ll not need to worry anymore about sending or receiving money at any given time of the day.  
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  7. Prevention of fraudulent activities: The reason we recommend domestic money transfer is because it helps prevent fraud. Since the money is being wired electronically from your bank account to another one, the record is quite easy to trace. Thus, in cases of fraudulent activities with your account, you’ll be able to report it immediately. Today the world of technology has evolved so far that the moment your account is debited, you get SMS and app alerts from your bank. It ensures that you know what’s going on with your account at all times.  
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  9. It’s an instant process: Transferring money through electronic methods results in zero delays. A money transfer service puts in a request with your bank to send money to your desired account. The amount is deducted from your account balance and updated in the receiver’s account. What’s more, is that the entire system is automated now! 

     

  10. There’s no bank out of the loop: No matter which bank you have an account with, all of them have money transfer facilities. Thus, if you’re using a domestic money transfer service, you needn’t worry about affiliations. You can transfer money from and to any bank account, whether regional or national.  
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  12. Bank Holidays are no restriction anymore: Using a money transfer service allows you to transfer on the bank, international, and national holidays. Since there’s no need for a person to be physically involved with the process, the system is fully operational around the year. If you’re running short of cash or sending remittances to your grandkids during festivities, a domestic money transfer is the best option for you!   
  13. Security is premium: While transferring money domestically, security may be your biggest concern. Whoever, these days tokenization, and verification systems are in place to ensure that your money is transferred securely. The process uses high-end encryption to ensure that it’s impossible to hack. It ensures that your remittance is safe and reaches the person intended to receive it.  
  14. Can be used for multiple purposes: Domestic money transfer services are used for a multitude of purposes. You can send money to family and friends, pay your bills, send business payments, etc.  As long as you’re sending money within the boundaries of the country, you’re good to go!  
  15. A boon to working professionals: Being a working professional is difficult as it is. Time is always short at hand. If you are someone who travels a lot, sending money via cheques is almost near to impossible. It’s where a domestic money transfer service comes in and allows you to make payments on the go.
     

    We recommend using a money transfer service to your advantage. Domestic money transfer offers a significant amount of convenience. Whether you’re a parent with a child, or a youngster sending a remittance to their parents, money transfers take the stress away from caring for your loved ones economically.

Currency Exchange Services at Transcorp – Process & Benefits

Currency exchange

Currency exchange services are essential for anyone who travels abroad. Whether you travel overseas for business or leisure, having foreign exchange is an absolute must! When you travel internationally, you need foreign currency for all your transactions. Currency exchange can help you convert your native currency to money accepted in foreign lands. Transcorp is a company that offers reliable currency exchange support. With their help, you can get forex travel cards, travellers’ cheques, and foreign currency maintenance services. Unsure about how it works? Let’s break it down and analyse the process and its benefits! 

What is a Currency Exchange Service?

A currency exchange service is a licensed service that helps customers exchange different currencies. Customers can swap currencies before they take on international travel and transactions. A service provider usually charges a small fee for making the swap and adjusts it with the conversion rates. Foreign exchange currency notes can be swapped to get the corresponding amount of domestic money or vice versa. In earlier days, many of these exchange services had teller stations for the physical exchange of currency. But now, most transactions have shifted online for maximising convenience! 

What Types of Foreign Exchange Services does Transcorp Offer?

Transcorp is authorised by India’s central bank to provide currency exchange services. It holds the license of “Authorised Dealer Category II”, given by the Reserve Bank of India (RBI). This license allows it to buy and sell all sorts of foreign currency. In this category, Transcorp offers 3 main services: 

  • Foreign Currency Maintenance: People who frequently travel abroad may need to maintain a certain sum of foreign currency at all times. When people regularly travel back and forth from their home country to a foreign land, they need foreign currency at all times. Transcorp offers this service for ensuring a seamless experience. 
  • Travellers Cheques: Travellers’ cheques are paper cheques that can be encashed for foreign currency while travelling abroad. You can purchase these cheques for a certain amount before you travel. Each cheque has a stipulated sum of foreign currency assigned to them. These cheques eliminate the need to carry large sums of currency and maximise convenience while travelling. 
  • Travel Cards: Travel cards are the most advanced mode of carrying foreign exchange while travelling. These are prepaid cards loaded with your preferred foreign currency. Travellers can swipe them at ATMs and POS terminals for transactions overseas. 

What is the Process of Getting Quick and Convenient Currency Exchange Service?

The process of getting currency exchange services from Transcorp is super simple. You must first visit their website and fill up the contact form. The personal details you need to add are: 

  • Name: Fill in your first name and last name for efficient processing of your application.
  • Email: Fill in your email ID so Transcorp can contact you to help set up your foreign exchange service.
  • Location: Specify your current location in the form so the staff members of your nearest branch can contact you for helping to set up your service.
  • Currency: Specify the currency type you want to exchange so Transcorp can get back to you with a precise and detailed response.
  • Service Needed: Choose if you want to get a forex card, travellers’ cheques or foreign currency notes so the right team at Transcorp can reach out to help.
  • Comment: Here, you can add details about any other needs you have so Transcorp can offer you tailored services. 

Once you fill this form, you can sit back and relax. Service agents from Transcorp will contact you soon to help you find a plan that suits your needs.

What are the Benefits of Currency Exchange Services at Transcorp?

If you avail of this service, you can unlock the following benefits: 

  • Quick and Transparent Communication: The well-trained staff and the highly connected network centres ensure that you get speedy and transparent updates. The seamless communication channels help you stay in the loop.
  • Branches Near You: Transcorp has 22 service branches. The presence of multiple service branches ensures that your requests can be processed and managed very quickly and efficiently. 
  • Selling and Buying all Foreign Currencies and Travellers’ Cheques: Transcorp buys and sells every type of foreign currency. It also purchases and sells all travellers’ cheques. This benefit gives you a secure foreign exchange option no matter where you go!
  • Easy Stock Maintenance: Transcorp allows you to maintain foreign currency stock. This service reduces your forex fears and lets you make your travel plans in peace. 
     
  • Getting Travellers’ Cheques from International Brands: Travellers’ cheques from brands like American Express are available with Transcorp. This service helps you leverage the famous network of this international brand. 
     
  • Converting and Re-converting Foreign Currencies: Transcorp offers both conversion and re-conversion support. This service lets you swap your excess foreign currencies back to domestic money whenever you need it.

    Conclusion

    The currency exchange services offered by Transcorp are perfect for all your foreign exchange need. With their help, you can get seamless currency exchange whenever you travel internationally or complete a foreign currency transaction.

Foreign Demand Draft – An Overview

Foreign demand draft

Do you have friends, family, or an acquaintance living abroad? Do you need to send money to them monthly or occasionally? There are various ways that you can transfer money to a foreign recipient. You can;

  • Transfer the money via online remittance;
  • Wire the money online; 
  • Send an international money order; or
  • Transfer via an international demand draft.

Although online remittance and wire transfer are the most preferred means on cross border transactions, some people still use foreign demand drafts to send money to a friend, family, or someone else living abroad. Moreover, knowing about all the options that you have for cross border transfers always comes in handy; keeps your choices open in unforeseen situations. With that in mind, let’s give you a brief overview of the foreign demand draft and the process of sending one. 

What is a foreign demand draft?

Foreign demand draft or FDD is a negotiable financial statement or bank draft used by an individual to send money from a domestic bank account to a foreign bank account. Also known as foreign exchange demand draft, like a normal DD this too is drawn in favour of the beneficiary on whose account the sender wants to transfer the money. Both the sender and the recipient would need to have an active bank account on both sides of the border to transact seamlessly. You can either go to a bank or a financial institution that facilitate foreign demand drafts


What are the Advantages of Foreign Demand Draft?

The FDD works both ways. Either you can send it to a foreign recipient or vice versa. Either way, when the money is withdrawn using the draft, the recipient will get the amount in the native currency of that country. Here are a few features and advantages of using a foreign demand draft for cross-border transfers.

  • Compared to the other options for international remittance, sending an FDD incurs a low cost. You would only have to pay the service tax and the fixed transaction fee, which is minimal.
  • Since the beneficiary’s account details are mentioned on the bill of exchange no one can forge or misuse the FDD.
  • The FDD can be issued in multiple currencies following the current foreign currency exchange rate. 
  • As per the remittance rules set by the FEMA (Foreign Exchange Management Act), the draft can be used to draw up to any amount. 

What is the Process of Sending a Foreign Demand Draft?

The most basic criterion for sending an FDD is to have an active savings account. For the rest, you would have to follow the steps below:

  • You reach out to a bank or financial service provider to send the money. 
  • The service provider would give you a form (online/offline) to enter the details of the sender and the recipient.
  • The FDD request form would require the following details; sender’s name, recipient’s name, transferrable amount, location of the transferrable amount, the mode of the payment (cash or bank account), bank account details of both the parties involved.

Once you enter all the necessary details, the FDD is remitted to the recipient. It usually takes a few days for the amount to get remitted across the border. 

Since the FDD is issued in the name of the recipient/beneficiary, it is absolutely safe to send a foreign demand draft. You can either download an FDD form or transfer it online, depending on the provisions offered by the service provider. Whether you intend to send tuition and conveyance expenses to your children studying abroad or make a loan repayment, FDD works for anything and everything. 

Conclusion

We hope that this write-up helped you gain some insight on foreign demand draft and how you can use the same in your cross-border transfers. On an ending note, before sending a demand draft you need to find a reliable intermediary that would liaison between you and your recipient’s account and facilitate the payment. A small tip here, you need a service provider that offers you flexible rates in terms of foreign currency exchange. If you are looking for a trusted partner to streamline your regular cross-border remittances then check out the financial services offered by Transcorp. They have multiple outlets across India, and one of the leading names specializing in outward remittances. Click here to know more and transact money with ease and safety!