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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.

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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!